Gold and Silver trying to breakout – By Todd Horwitz, Bubba Trading

 

Gold and Silver showing some resiliency this week as they both try and breakout to the upside. However, they both failed at key resistance levels that indicate there is probably more selling to come. 1490 February Gold and 1750 March Silver are the key levels to watch.

We certainly are not as bearish as we were, but we are still short. There is no reason to abandon our short positions until there is a confirmation of a reversal. In the last 3 weeks there have been two failed attempts to reverse trend and go higher.

Today is jobs Friday which could be a determining factor on where the metals go next. This report always causes some major movement. There could be enough buying power to breakout to the upside however no matter what we will not be reversing until Monday. In other words, we remain short until proven wrong

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.