Monday was an interesting day in the metals. Early, Gold, Silver and Platinum looked like they were going to have an ugly day. All three were under heavy pressure joining equities in some panic selling.
Gold fell below 1800 before making a charge to close at 1813, Silver broke to 2504 and is trading there this morning. Platinum traded down to support at 1063 and is just above that this morning. The trends remained short, with Silver and Platinum in real danger of breakdowns.
Nothing has changed with Gold, Silver, and Platinum; we remain short Gold and Silver while Platinum is a short, but we do not trade Platinum because of the lack of liquidity. The big question, where do they go from here? Eventually they will go much higher however until our signal changes we expect lower.
As we know timing markets is a fool’s game and trading is about capturing short term moves. We are buying physical metals but from a trading standpoint, short is the correct side.
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
Stop being a prophet and make profits
Recording for our Monday Night Strategy Call for Monday July 19th with Andy Hecht below.