Like Magic Gold Hovers around 1280 – By Todd Horwitz, Bubba Trading

 


The magic of the patterns continues as gold hovers around the key level of 1280. After being under heavy pressure Tuesday and Wednesday Gold has found its way back to the 1280 level once again and is still in position to go either way from here.

When looking at the price action a case for gold to move in either direction can be made. The gold bears will say that gold is breaking down and lower prices are coming while the gold bulls will look at the higher low’s gold has made the last few days and look for higher prices.

We will continue to call this a consolidation pattern remaining non-committal believing that there is not enough information to make a determination in either direction. Although we are looking for higher prices later, we will not commit new money at the current levels

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.