Dramatic reversal for Gold and Silver – By Todd Horwitz, Bubba Trading.

 

Almost as if we had seen today’s newspaper yesterday Gold and Silver had one of the most recent reversals in years. After the FED Decision on Wednesday, the metals got hammered. That selling continued into Thursday morning but by the end of the day both had dramatic recoveries.

On Thursday we wrote both gold and silver we at key levels of support and that if those levels held, we were on our way back up. Gold had almost a 50.00 reversal and made a new high. Silver not quite as strong but did have a .41 intraday move, indicating there is more room to go with this rally.

The underlying strength in the metals should continue to push these markets higher and all dips to support levels should be bought. Our expectations are 1500 December Gold and 17.00 Silver with the opportunity to go higher. The metals are strong and the rally continues

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.