Gold and Silver headed lower – By Todd Horwitz, Bubba Trading

 


Gold and Silver were under pressure on Monday after trying to rally early. The selling pressure became intense for a short period of time. The metals closed lower on Monday bot on or near there lows of the day.


This morning Gold and Silver are mixed near the unchanged level but should be headed lower. The key resistance levels remain in place at 1520 Gold and 17.80 Silver. The pattern points lower. The next support for Gold is 1480 and Silver 17.20 Silver.


The next two days markets should be quiet which can lead to bigger price movement in either direction. Tonight, starts Yom Kippur which runs through tomorrow. Expect this afternoon and tomorrow to be slow trading which can lead to exaggerated moves. Besides the Yom Kippur holiday plus the China trade news Thursday could lead to crazy move, the levels of support and resistance are solid.

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.