In horse racing we have the Triple Crown, on Wednesday the Metals had their own race. Gold, Silver and Platinum had reversed early Wednesday and were getting hammered. By the end of the day they were flying in the stretch to turn a negative day positive.
Yesterday Gold was getting hammered and looked ready to breakdown, breaking some key support levels before closing higher on the day. That late day rally is continuing this morning with August Gold futures up 12.00. The 1700 level in August futures held and now Gold is trading at 1740. The next resistance level is 1750 as we target a run to 1800
Silver and Platinum joined gold in the great race also coming from way back to close higher on the day. The action shows us the underlying strength in the metals, indicating the rally is not over and there are higher prices to come. We remain long across the board and see no reason to believe the rally will not continue.
Avoid the news and noise and understand the price action which suggest they go higher. With the Belmont stakes a week away, we expect this great race to continue. The Triple Crown rally should test the recent highs.
Todd Horwitz Chief Strategist BubbaTrading.com
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