The metals markets cannot get much quieter, once again Gold failed to breakout. Gold’s constant failure at resistance making lower highs is very bearish. The overall action is like the Lion King, The Lion Sleeps tonight.
Silver continues to drift lower without energy and has broken out to the downside which brings our next target of 24 into play. Like Gold, Silver has been painfully slow but gets more bearish every day. The action is weak with little interest right now.
Platinum is in the same predicament: down, slow and less interest than an already slow market. The 1050 level has managed to hold which could indicate some bottoming action. A break below 1050 brings 950-1000 into play.
As the markets sleep, expect to see sharp rallies to sell, resistance is solid. This does not mean they will go down forever; the pattern can change without notice, we will continue to be short futures with the trend while buying physical and holding.
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
Watch us turn Monday into Saturday this week, the Monday night strategy call will be this Saturday July 24th at Noon EDT. The call is with Andy Hecht register below.