Gold bounces as expected – By Todd Horwitz, Bubba Trading

 

Gold bounces as expected

On Thursday Gold, Silver and Platinum we hit with some heavy selling and a reversal. They were all hit after rallying early when the day was over it was an ugly day. All three came down to support and buyers are stepping in this morning.

Gold was hit the hardest and was in danger of setting up a reversal pattern. However, the underlying strength held the yellow metal and the reversal turned out to be a pullback in an uptrend.

Silver and Platinum like Gold reversed on Thursday, held support, and are moving back up this morning. Silver and Platinum are in strong patterns which should take them much higher, Silver should test the 19.00 level July Futures and Platinum 980-1000 July futures.

The metals are in an uptrend, nothing has happened to change that pattern. Expectations are for the rally to continue across the board and test the recent highs. In up-trends, selloffs are a part of the trading action, they are meant to be buying opportunities as the weak hands get shaken out.

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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.