Gold looks ready to run – by Todd Horwitz, Bubba Trading.

 


After last weeks wild action in gold it now appears ready to run. The FED’s testimony did nothing to derail the underlying strength in the yellow metal and all signs point to a big run to the upside which should take out the recent highs.

Since the middle of June with all the wild action gold has really gone nowhere. However, the recent action suggests that the consolidation pattern should end and a breakout higher is in the cards.

Gold is seeing a repeat of the patterns in early May and early June both leading to big rallies. I don’t expect this time to be different and gold should be headed to 1500. There appears to be a lot of gold bulls waiting to jump in and it would be no surprise to see the breakout sooner than later.

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.