On Tuesday there was economic news on inflation, which at the time caused a sharp rally in Gold, Silver and Platinum. However, by the end of the day all three were higher but failed to break the down trend. In other words, the trend is still lower, and we remain short.
We have been short the Metals in general since January 7th except for the brief reversal in Silver around the WallStreetBets attempted short squeeze. But here we are short across the board with no change in sight. Although the metals continue towards a reversal they continue to fail.
The failure to take out resistance means that the next big move indicates lower. You can hope, pray, and wish a rally, however the trend is the trend and fighting it is sure to lead to losses. Eventually as traders we will get long again but for today short it is.
Todd Horwitz Chief Strategist BubbaTrading.com
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