Wednesday’s Rally in Gold being met with sellers this morning – By Todd Horwitz, Bubba Trading

 

Wednesday’s Rally in Gold being met with sellers this morning

After a solid Rally Tuesday and Wednesday, Gold, Silver, and Platinum are lower this morning. This action should come as no surprise, our expectations were a pullback to support. The action we are seeing overnight and into this morning is exactly that, a pullback to support.

Gold has seen a seller a few minutes everyday on volume. The buyers have been able to fend of the seller pushing Gold higher. We are rolling to August Futures making support in Gold, 1740-1745. We would look at that level as another buying opportunity. Gold looks very strong and should test the April highs.

Silver and Platinum remain in almost identical patterns, parabolic moves higher with a pullback this morning. The only difference between them is the price they are trading. We are long both and expect the rally to continue using the pullback as an opportunity to add. The price action is bullish, we remain long and will use 17.50 July Silver, 880 July Platinum as opportunities to add on.

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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.