On Tuesday Gold continued pushing through the 1840 level, trading as high as 1854. Support for Gold becomes 1940, which is a level to add on to long positions. This mornings sell off is natural and healthy for a continued rally.
Silver has now fallen three days in a row and is lower this morning, which could become the fourth. However, the selling has been small and on light volume. 2350 is the key support level and our expectations are a bounce is near and a run at 26 is in play.
Platinum looks almost identical to Silver with the exception that it has reached support and appears to be headed back towards 1100. We are watching three metals that are all long but in different points in their cycle. We are long across the board and are looking for a much bigger rally which could be triggered today with the FED meeting.
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
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