Gold Hold first test Silver and Platinum weak – By Todd Horwitz, Bubba Trading

 

2020-03-26

Here we go again, Gold has found a crucial level it must hold, Silver and Platinum failed at their resistance levels. Although the rallies in the metals have been strong, they appear to be over and now they are all at major levels. The next few days will tell the story if they are in the next up leg or the rallies were just short covering before they resume the downtrend.

May Silver Futures resistance is 14.90 failure to break above would create a lower high indicating that there is more selling to come. May Platinum futures resistance is 747 failure to take out that high would result in the downtrend continuing. Both are at key decision levels that will define the next move.

After peaking Wednesday at 1698 June Gold finds itself under pressure and threatening to resume the downtrend. If the 1698 level holds that would be a lower high and a signal that Gold is headed lower. We are uncomfortably long Gold, Platinum and Silver and will stay there until our signal changes.

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.