Gold soft after back to back monster days – By Todd Horwitz, Bubba Trading

 
2020-03-25

Starting last Friday, the metals appeared to find bottoms and have worked their way higher over the last couple of days. Gold exploded on Monday and Tuesday forcing us to reverse our position and buy. This morning the rally has slowed which is logical based on the parabolic move over the last two days.

Silver and Platinum continue higher this morning while gold is lower. From a technical perspective if Gold is going higher from here a period of consolidation should happen over the next few days. Although we have reversed all metals Gold looks the strongest and has the best chance to continue the rally.

Platinum and Silver are both reaching a resistance level which both can breakout, but the rallies should slow. Although all have turned bullish and could continue to rally, Gold appears to have the best chance to make a big run to the upside. There are many factors in play with the metals as fast as they rallied, they could fall. We are passively long at these levels

Todd Horwitz
Chief Strategist
BubbaTrading.com

 

Financial Markets and Political Commentary

 

Tags

, , , , ,

Related Posts

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.