A lot has happened since Monday’s reversal in the metals, the buyers are back. As we wrote yesterday, Monday’s pullback was really a buying opportunity not a place to panic. None of the action this week has been surprising, in fact it has almost been to script.
Gold remains the steadiest of the group and is in a long-sustained uptrend with no real sign of weakening. Gold was under a little pressure early in the month and was in danger of reversing, however buyers stepped in and have not stopped. Gold is now ready to make a big run through the 1788 June futures high. New support is about 1730 June futures and until further notice pullbacks are a buying opportunity.
Platinum and Silver are almost identical, both making parabolic moves to the upside and other than a brief pullback Monday, have gone straight up. There should be a pullback soon, the speed and distance Silver and Platinum are tracking is too far too fast. A small sell off is healthy and an opportunity. If the rally continues at this speed it will signal, they are nearing the end of the rally. We remain long across the board.
Todd Horwitz Chief Strategist BubbaTrading.com
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