After yesterday’s pummeling in the metals, especially Gold and Silver, the rally is over. As noted, we were no longer buying support, we are observing and look for directional change. We have the change and are now short Gold and Silver, while long Platinum.
Before you panic out of your metal’s investments, remember we are writing as traders for days, weeks, or months. Although we are now short as traders, we did not touch investments, long term they all should be going higher.
Today should be highly volatile with yesterday’s beating so deep. However, mechanically the trend has changed, and we will sell rallies in Gold and Silver. Again these are trades not permanent calls. The price action will turn bullish again but for now we are short.
One of the biggest problems with traders and investors, they over-analyze news, big swings and add in their opinion. Trying to predict any market is a fool’s game. Trading and investing is easy, investments are bought with money you won’t miss in a downturn, trades can change anytime based on price action.
Proper sizing, money management and never having to make a decision based on the money are the secrets.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
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