Moment of truth for Gold, Silver and Platinum – By Todd Horwitz, Bubba Trading


Moment of truth for Gold, Silver and Platinum

No one ever said that trading and investing were easy. Just a couple of days ago the metals were rolling along looking to make new near-term highs without a care in the world and no doubt they were going up.

Suddenly Gold, Silver and Platinum find themselves under pressure and fighting to hold major support. Since peaking on Monday, Gold finds itself struggle to hold 1720-1725 support in August futures, Silver 18.00-18.10 July futures and Platinum 850-860 July futures.

These support levels are now the key in the next move, does the rally continue or is it over? From our view, the rally should continue but we are close to a reversal. Gold, Silver and Platinum have tested these major levels in the past, they should hold and the run higher should continue

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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.