For the last few days Gold has struggled trying to hold support. This morning about 3:00 am EST Gold fell hard about 20.00. Although we remain long there are now causes for concern as the pattern is possibly breaking down.

Platinum and Silver are struggling as well but not nearly as much as Gold. This morning at 8:30 EST the monthly jobs report will come out which could have a major effect on the metals, especially Gold. If gold goes lower from here it will most likely cause a reversal.

We will remain long through today no matter what but certainly have concerns. With Gold at key levels, we would not be adding or buying Gold at these levels. The key today will be whether it can retake the 1900 level. If Gold fails to comeback the trend could change.

Silver and Platinum are weak but in a much better technical position. Their key support is well beneath the current levels indicating they will hold and continue the uptrend. Either way we will follow our mechanical methods, watch the jobs report and remain long across the board.

Todd Horwitz Chief Strategist BubbaTrading.com
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Tradier (one of our brokerage partners) is offering a 6 Session Options course starting this Saturday January 9th at Noon est.

2021-01-09 Options Training Session 1