Gold Silver and Platinum lower – By Todd Horwitz, Bubba Trading

 

Gold Silver and Platinum lower

On Wednesday both gold and silver reached levels of resistance and failed as you might expect. The early morning rallies in both were very powerful and had the appearance as if they’re going to break out even further to the upside. However, the sellers came in fast and furious taking both gold and silver from positive territory to negative.

Gold is ready to break out and should test $1800 August futures and higher with all-time new highs and insights.

Silver failed to break out to the upside and is still in a consolidation pattern with the bias to the upside. This morning both are under some pressure however both are also at support.

Platinum remains ugly and is breaking to the downside the violation of major support the next target and platinum is about 760 October futures. A small rally and platinum over the next couple of days would be no surprise however 840 should be resistance to any rally.

The patterns are all clear gold and silver are in options and should continue to rise selloffs should be used as an opportunity to buy. Platinum is headed lower in all rallies should be used as opportunities to sell. These patterns can change because we know markets don’t announce himself but for now, we are long gold, silver and short platinum.

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**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.