As we approach the end of the year, Gold, Silver, and Platinum have work to do on the downside. The dramatic drop last Friday, Monday and Tuesday did a lot of technical damage to the charts. Gold broke down from congestion and is now below 1800 based on March futures.

The next support level for Gold is 1750, if that fails 1700 is in play. If you have watched markets for any period of time everything is based on probability and the most money is made trading with the trend. The break from congestion was a possibility even though the trend at the time was higher.

Gold should find some support around here; the best action would be consolidation. A rally from here would be bearish and a selling opportunity. The steep drop could continue as well but a bounce is a day or two away. That bounce should be sold, resistance is at 1810.

Platinum has started to bounce once again and should find resistance at 1010. The rally came from a blow off to the downside, 940 is the next major support level. Although is a downtrend, Silver looks the best and is now in a range between 23 – 24. All metals are in a downtrend which gives you an opportunity to sell paper and buy physical.

In all markets, price action determines what will happen in the next day, week or months. Keep the two strategies separate, the worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.

Patience, discipline, and money management always win the day. Let the map of the markets show you the way.

Todd Horwitz Chief Strategist
Stop being a prophet and make profits

Join me Friday for our Black Friday Webinar where we will be introducing a new product and many other surprises. The webinar starts at Noon EST.

2021-11-26 Bubba’s Black Friday Webinar