It’s a runaway, Gold Silver and Platinum breaking out – By Todd Horwitz, Bubba Trading

 

It’s a runaway, Gold Silver and Platinum breaking out

Everyday last week we wrote about the patterns in the metals, they went from the ugly to strong. Those patterns are playing out this morning once again with Gold, Silver and Platinum breaking out to new recent highs. Therefore, you never argue with price which dictates everything.

Silver is parabolic and looks headed to 18.00 July futures, possibly higher. Platinum is right there and trying to chase down 900 July futures. Gold’s pattern is a little more rational but is tracking 1800 June futures. As you can see the rallies have been powerful and backed with solid volume.

We would expect a small pullback across the board any day this week but are looking to be buyers and add to our positions. Many will point to the news and say the move was because of the news, we say the price action told us the news before it ever came out. If you trade the news you lose, price action is the only thing that matters for trading or investing.

The bottom line is simple, our algorithms are long which is all we care about. When trading anything emotions should not be a part of the decision-making process unless you like being on the wrong side of the market. All trading decisions should be made on a mechanical basis with no regard for news or opinions.

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There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.

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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.