Gold is relatively flat this morning working on both sides of change, but doing a great job defending the 1800 level August futures. We are rolling to the December contract which changes support from 1800 August futures to 1820 December futures.
The simple fact, gold is strong and looks to continue the major uptrend it has been in since mid-March. The consolidation we are seeing now is natural market movement as it waits for the next big move which appears to be higher. Based on current trade we expect gold to try and test all-time highs.
Silver looks stronger than gold and is now attempting to break above $20 September futures. We expect to see silver consolidate just under $20 before breaking out and making a run at the $25 level. The overall strength to perpetuate new money buyers.
Suddenly platinum may finally put in a bottom, although we are still short platinum, action looks more positive. We will remain short until we get confirmation, but things are looking better. The key level to watch and plan is 860 October futures to confirm a possible trend reversal. We will be watching, but as of today our positions across the board remain the same.
Todd Horwitz Chief Strategist BubbaTrading.com
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