Gold Closes at highest level since the all-time high – By Todd Horwitz, Bubba Trading

 

Gold Closes at highest level since the all-time high

Tuesday gold closed at its highest levels since September 2012. As we have been writing gold appears to be ready to make a run at the all-time highs. Although there have been some scary moments in this rally gold is maintained a solid uptrend.

This morning gold is above 1800 August futures and should make a run at the highs. However, a pullback in the next couple of days would be no surprise and probably healthy to continue to drive the rally. 1780 solid support for August futures.

Silver is joining gold and should take out May highs. With the current price action, we are expecting silver to take out 2016 highs with an opportunity to go to $25. Silver is breaking out but a failure from here would not be detrimental to the pattern and could be healthy.

Platinum is had good couple of days of higher prices however the volume is been extremely light keeping the downtrend alive. The rally platinum appears to be nothing more than a bounce within bear market.

Our positions remain the same long gold, silver, and short platinum. The current price action tells us there’s a lot more room to run to the upside in gold and silver, downside platinum.

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

Financial Markets and Political Commentary
 

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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.