It is about 2:30 am EDT, Gold Silver and Platinum are slightly higher this morning. The Sunday night open was slightly lower, after hours of consolidating they have started to breakout to the upside on a short-term chart.
However, the overall pattern has not changed, they all remain in a longer-term downtrend which we expect to continue. In other words, we are short and willing to sell more on this rally. The last few days Gold has been stuck between 1900 and 1920 December futures, Silver 23.60-25.00 December futures and Platinum 880-860 January futures. We are sellers of all three at the top end of these levels.
Nothing has changed with the long-term trend. We are short and will remain there until our signal changes. Remember, trading is about probabilities and win percentage. Our algorithm has a win rate of 66% which is significant and profitable. We know that we will not be always right, but we are profitable.
Too many get confused by the news or general economic conditions when it’s always about the price action. Too many combine investing with trading which usually spells doom for most. Personally, I own physical metals always and only buy to add on. However, I will trade either side of the market when trading, its that simple.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits