Gold has finally broken out to the upside with Thursday bullish action. The action has been attempting to breakout for weeks, but kept failing leaving a bearish tint around the yellow metal. We have reversed Gold to long.
Silver and Platinum are still struggling to hold key levels and Thursday’s action, until proven otherwise, was a dead cat bounce or short covering rally. Silver and Platinum are quite a distance from breaking out to the upside and we remain short.
Our expectations are mixed; the Gold rally could fail reversing Gold back to short joining Silver and Platinum. Or the bearish trends in the others could reverse and we could be long it all. There is no real way to tell but watching price action which is split.
Too many believe they can forecast the future which is an idiot’s game. Traders can follow trends and price action making the highest probability trade. We have stated on multiple occasions, our win rate is 66% leaving us a favorite to be right.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool’s game.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
This Saturday July 31st at Noon EDT I will be presenting our 2 new portfolio models, 1 equity 1 futures including micro-Bitcoin. You can register below: