This morning we are seeing Gold, Silver, and Platinum rallying. Gold is up about 6.00, Silver .20 and Platinum 7.00, but we expect these rallies to fail. Maybe not this morning or today, but over the next few days.
When trading the objective is to be with the trend and pick spots in the current down trend; we would be looking for spots to sell. Right now, we would be looking at 1800 Gold, 23.00 Silver and 1015 Platinum. Those would be comfortable levels to add to short positions.
Remember we are trading here; this information has nothing to do with long term holds. The metals look weak, and the selling should continue even with a weak equity market which has reversed lower this morning. We have an opportunity with all major trends turning lower – be prepared.
In all markets price action determines what will happen in the next day, week, or months. Keep the two strategies separate, the worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
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
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