Gold trying to figure out next move – By Todd Horwitz, Bubba Trading

 
2019-01-13After last Tuesday’s explosion higher in Gold and Silver which was immediately followed by a huge sell off the metals have been trying to decide where they will go next. They haven’t violated the sell point yet leaving us still sitting on the long side of the market.The high print in Futures of 1613 are now far away as the metals float around a major support level. Over the past few days the metals have been support intraday but have managed to close above by the end of the day. This action is creating confusion leaving the metals in a congestion pattern

Although we are long and will stay there until our algorithm turns short, looking at the charts leads us to believe the highs are in for now. A test of 1500 April Futures in Gold and 1780 March Silver futures is expected. We are very close to switching to the short side of the market.

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.