On Thursday Gold and Silver tried to rally, although they finished higher the rally was weak. This morning Gold and Silver are higher once again making another attempt to reverse trend. Gold must close above 1860 February futures for a potential reverse, Silver above 25 March futures.
Once again, the current rally looks weak and more like a selling opportunity than a potential reversal. We will not act either way today, we will be short until at least Sunday night when the futures markets open. We do not get involved with the emotions during the trading day. All decisions are made based on closing numbers.
Platinum remains strong on its way to 1100 and higher. Platinum has all the makings of a huge, big market rally which could lead to significantly higher prices. We only look at one level at a time, our next target is 1100 January futures. Stay away from news and emotions and let price action guide you.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
“Futures and Commodities with Andy Hecht and Technomental: Our webinar on Saturday was fantastic, here is the recording