Gold sitting at 1280. “..we look for higher prices in the future in the current environment we are neutral and waiting” Todd Horwitz, Bubba Trading

 


Gold has managed to hold on around the 1280 level for the last couple of days which is positive action for the yellow metal. This doesn’t mean a rally is going to ensue from here but it’s a positive sign the sellers have taken a break.

The current action in metals is perfect if indeed the bottoms are being made. As we have written the last couple of days the best pattern for Gold to be in is consolidation. The next couple of days to weeks will determine what is next for metals which could still go either way.

1280 is the key level to watch a couple of closes above these levels would indicate a possible bottom is in. This period will take a lot of patience for those looking to buy gold, we are not buyers yet. Although we look for higher prices in the future in the current environment we are neutral and waiting

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.