Gold higher, Silver lower and Platinum flat. The pattern in gold suggests the rally will continue and a potential run to new highs. By Todd Horwitz, Bubba Trading

 

Gold higher, Silver lower and Platinum flat

Friday was a crazy day in the metals across the board. Early pressure was met with heavy buying throughout the day. Gold and silver tried to break out to new levels, platinum held on to support.

This morning Gold is higher but off the initial highs made overnight. Gold is attempting to break out over the 1800 level August futures. The pattern in gold suggests the rally will continue and a potential run to new highs. All time new highs are also in play now.

Silver once again failed at resistance but is still in a bullish pattern. Based on the current action a breakout above $19 September futures should be next. Once silver clears $19 expect to run to $20 September futures. We remain long silver looking for a bigger rally and new yearly highs.

Platinum continues to be in a bearish trend but managed to hold support on Friday. October platinum looks to be breaking down in the next big support should be 750. As long as October platinum stays below 850, we are sellers.

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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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.