And they are off – Gold and Silver have broken through the key resistance levels and could run a long way. Platinum looks prepped to do so today. Today is Veterans Day, which could slow market action because banks are closed. However, the patterns are solid and poised to reach the next big levels.
Platinum which was the first to find the bottom is going to be the last to breakout from resistance. Platinum appears to be strong and a value play. Nothing is ever cheap because market participants are pricing the assets but in comparison to Gold and Silver, Platinum looks like the best value on the board.
We remain long Gold and Silver with the trends. Because Platinum is less liquid from a trading standpoint, we no longer trade the futures but do buy physical and would be long here. We assume nothing but we do expect a pullback to support soon which would be another buying opportunity.
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 BubbaTrading.com
Stop being a prophet and make profits
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