Metals lack conviction their current conditions; no matter the trend they are still directionless. Gold is in a loner term uptrend, while Silver and Platinum in downtrends. However, no matter the trend they are all stuck close to the mean.

We are in the dog days of summer; markets are consolidating making this pattern more miserable than usual. They will breakout of their ranges eventually but there is no way to predict when that will be.

Add in the Friday jobs number and you have the perfect recipe for Gold, Silver and Platinum to stall. The jobs number could be a reason to see some movement. We watched, on Wednesday, Gold soar early on the ADP jobs for the private sector only to return to unchanged.

Although we are always in the markets long or short, we are more in the observation mode with passive positions that we will not add to. There are times when watching is the best trade.

Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool’s game.

Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits


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