This morning at about 5:00 am Gold, Silver, Platinum and Copper spiked, ten minutes later they collapsed. August Gold rallied to 1750, September Silver 18.07 and October Platinum 840 and now are all near the lows of the day. Silver is still higher, while Gold and Platinum have turned negative on the day.
Not much has changed in Gold, reached resistance this morning at 1750 and is now failing. The key levels remain 1725 support and 1750 resistance. The pattern is still ugly, although we are still long. This morning’s spike was more bearish than bullish. Obviously, we would love to see a breakout higher. There is a big move coming and the odds favor lower, however we will stay long until our signal changes.
Silver is in a similar pattern and must hold 17.75 September futures. We are long Silver as well but have the same concerns, the pattern is weak and the next move has a higher probability of being down. We are short October Platinum, the pattern suggests the next support is 800 October futures.
Todd Horwitz Chief Strategist BubbaTrading.com
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