Gold and Silver breaking out, Platinum breaking down. Gold is forming a cup and handle pattern which indicates a much bigger move is coming. By Todd Horwitz, Bubba Trading

 

Gold and Silver breaking out, Platinum breaking down

The story in gold remains the same it appears to be headed much higher. The breakout from consolidation about a week ago continues to hold support is not failed yet. Gold is forming a cup and handle pattern which indicates a much bigger move is coming. We expect that move will be higher and gold should break through 1800 August futures as it prepares to make a run at the all-time highs.

Silver is setting up a similar pattern the gold, not quite as bullish but with the possibilities of breaking out big. The key for silver is a close above 1820 September futures which would probably take the metal 20. Of course, there is work to be done but silver is bullish. It would be no surprise to soon see silver start to outperform gold.

Platinum after rallying the last couple of days unlike by looks ready to head lower once again. The higher this move would be 840 October futures which would keep platinum in a downtrend. Our first target on the way down 800 support that breaks 770 and then 750 October futures.

Our algorithms have been dead on the charts which keeps us long gold, silver, and short platinum. All three appear to be solid patterns and should see continuation in their current direction.

Saturday Micro Mini Recording: Saturday did a great webinar on our micro mini futures portfolio models. I have attached the recording for your viewing pleasure.

Mini Micro Futures Portfolio Management Recording

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Todd’s Daily Updates on Gold, Silver & Platinum with Daily Comment here

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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.