Gold has been moving up the last couple of days and has reached the first resistance 1730 June Futures. The pattern looks ready to breakout out to the upside and may be reversing the recent pressure it has been under. Remember, Gold has been consolidating with a lean to the downside since early April, but managed to hold support.
If Gold can break through the 1730 level in June futures, the next target is 1775. The fact that Gold has made higher lows for the last week adds momentum to a possible breakout. We remain long and will stay there until the pattern is violated to the downside.
Silver and Platinum remain in almost identical patterns, both looking like they are getting ready to make big moves. Based on our positions we assume these moves to be higher. However, the pattern itself is based on confusion which suggests that Silver and Platinum can go either way. Levels to watch, Silver 15.00-1600 July futures and Platinum 750 -850 July futures.
Todd Horwitz Chief Strategist BubbaTrading.com
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