Gold at support, Silver breaking out Platinum breaking down – By Todd Horwitz, Bubba Trading

 

Gold at support, Silver breaking out Platinum breaking down

Metal’s remain the most interesting market in the world this moment. Gold, silver, and platinum are all going in different directions. The next few days will go a long way in determining the next big move that we expect to see in all three.

Gold continues to be the strongest and appears ready for major breakout to the upside once again. After consolidating three months gold has broken out the upside now targeting 1800 August futures and more. This rally could be powerful enough to take gold to all-time new highs. However, we first must close over 1800 and continue the current trend. We remain long and will add on pullbacks to support.

Silver is now been consolidating for the last month after its last breakout in early May. The action is bullish, and silver is now trying to break out the upside once again. We are now targeting a little over $19 September futures but realize that there could be some pressure initially to break through $18.20. We are long and watching closely waiting for the breakout to add to our position.

Platinum is a mess and looks to be headed significantly lower. The downtrend started from a blow-off high on May 20th 800 is major support for platinum, failure here brings 700 to 750 October futures into play. We are short platinum and would sell more at $850 October futures.

Saturday June 27th at Noon EDT Micro Mini Portfolio Management Webinar: I will be hosting a webinar on our Mini Micro Futures Portfolio Management. This program has been a huge success, you are invited to join the presentation at Saturday June 27th at Noon EDT. This is a can’t miss event and is free to attend.

Mini Micro Futures Portfolio Management

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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.