For Gold it’s the same old. “..consolidation is one of the phases of the markets and signifies another big move coming.” By Todd Horwitz, Bubba Trading.

 

Another day off the clock gave us another day of churning for gold. If this action continues maybe gold can be churned into butter. As we have written almost every day, consolidation is one of the phases of the markets and signifies another big move coming.

The action has been consistent with a market getting ready to make a big move in one direction or the other. Based on the info we can see; the next big move should be higher. All markets go through the same phases, Congestion, breakout and blow off.

Silver is the same spot as gold, the next big move should be higher. Both gold and silver are in solid uptrends and appear to be headed higher. Gold has support is 1500 and Silver support is 16.90, both are approaching their levels today. We will look for support to hold and a spot to buy

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.