Gold getting smacked again – By Todd Horwitz, Bubba Trading

 


Monday gold got hammered and looked ugly going so. This morning or the overnight trade Gold was moving nicely higher until 1:00 am and the sellers showed up again reversing fortunes taking gold lower again. Silver sellers also continue to dominate pushing sliver lower.

The action for Gold is still relatively bullish and it is our expectations that 1310 – 1320 should hold and a rally back to 1350 should ensue. Obviously, there are no guarantees, but the pattern suggest gold is going higher and this is just a pullback to support.

We are looking to buy gold at the 1310-1320 level with expectations that 1400 is in play again. Of course, gold must break above 1350 and before that must hold support. But that is out expectation today based on the market footprint.

Silver is a different story altogether; the pattern is brutal, and Silver can’t seem to get out of its own way. 14.60 is a very key level and failure there it could get ugly. If 14.60 fails 14.20 comes into play. We are watching closely

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.