Look for a small sell off in Gold. They appear to be refueling for the next move..By Todd Horwitz, Bubba Trading.

 

Based on the recent trading action in gold and the way the technicals are setting up we would be looking for a retest of 1300.00. The failure at 1320 and the constant churn indicates a pull back.

This action should it occur is actually bullish for the longer-term price action and should lead to a run to retest the 1350 level. Patience in these patterns is always the key element most traders and investors forget in the heat of the battle.

The longer that both gold and silver can hang in these patterns the more bullish they become. They appear to be refueling for the next move to the upside making us buyers on dips ant support which is now 1300. It is important that traders and investors understand how markets work and leave their emotions at home.

Todd Horwitz
Chief Strategist
BubbaTrading.com

Financial Markets and Political Commentary
 

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About the author

Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.