The struggle for Gold continues, although it has held support the market looks bad. The only savior for Gold has been the battle at 1725 August futures. There appears to be a big seller in Gold that shows up daily, for now the bulls have been able to fend off the seller. However, Gold is now at another key point where the next big move will be defined. Although we remain long, I would guess the next big move will be down.
Silver doesn’t look as bad as Gold but has struggles of its own. All that is saving Silver is the ability to hold the 17.50 based on the September futures. We are long Silver, but like Gold expect the next big move to be lower. However, we will not try and guess and wait for the Algorithm to switch directions.
Despite a couple of rally attempts Platinum is headed lower. The trend is clearly lower and 850 October futures is key resistance. We are short and sellers of rallies into resistance, like Gold and Silver we will play the signals given by the algorithm.
Whether you are a trader or investor, the best investments or trades are the ones that go with the current direction. Trying to predict the next move or forecasting the next trend is a fool’s game. Whatever you are trading, discipline and money management are the key to success.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
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