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Todd Bubba Horwitz

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Tuesday, we saw a massive rally across the board gold, silver, and platinum. The rally has continued this morning with December gold futures up $17, September silver futures up almost a $1 and October platinum futures up $4.

Gold looks destined to make new all-time highs sooner than we thought with the gold less than $60 from the all-time highs. The action remains bullish; however, we would expect some sort of pullback considering the size of this rally. Gold continues to break through resistance levels indicating full steam ahead.

Silver has had the biggest explosion and although the all-time high was just over $49, the trading action is like 2011. Based on the steep rally, a pullback in silver would be no surprise either. With September silver futures trading over $22, it would be no surprise to see some retracement back to $21.50. We remain bullish and looking for spots to add to our positions.

After lagging gold and silver for months, platinum has been in a downtrend October platinum is now broken out to the upside joining the party. Platinum going straight up, which tells us that a pullback to a support level of around $900 October futures. We are just watching the price action and expect the rallies to continue with some pullbacks along the way.

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Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold and Silver Charging higher again, Platinum joins the party

Gold and platinum are basically flat this morning and silver continuing to break out. In the overnight trade, they were all higher and have slowly pulled back to the unchanged levels. Gold and platinum are on both around flatline while silver is higher.

Gold continues in wide sweeping consolidation with solid resistance at $1,775 and strong support at $1,700 in the August futures. We remain long in gold with no clear sign of change anytime soon. We would expect support to hold and the rally to continue.

Silver has separated itself from gold and platinum with a solid breakout with new three-month highs. Although silver was much higher overnight, it has pulled back from the highs it appears to be coming back to support at $18.50 in the July futures. We remain long and look for the rally to continue.

Platinum has been the weakest of all but solidly in congestion. The $850-$900 July futures levels are strong. We would expect the next breakout to be higher and remain long. Platinum’s false breakout last weak is our only concern.

We are now offering a comprehensive commodity report that complements our other services. The Technomental Commodity Report comes out on Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the U.S. and U.K., as well as stocks, bonds and digital currencies. There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold, silver and platinum trying to move higher

Gold and silver are working in opposite directions. After Tuesday’s sell-off, gold is finding support. At the same time, silver is desperately searching for a bottom. Both metals appear to be in a little trouble here, but silver is very weak and, in our opinion, has become a short.

As of this morning, we are long gold, short silver and looking for the current patterns to continue. The patterns are clear for now as there appears to be no interest in silver as it continues to break support levels. Gold has held the major levels and looks to be in position to test the recent highs.

There is always a possible issue that can arise that could disrupt these patterns. Today at 2 p.m. EST, the Fed reports a decision on interest rates, which should be a big nothing. However, the Street will be dissecting every word looking for clues. For now, we expect the status quo.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold holds support as silver searches for bottom

For weeks, the metals have been showing bullish signs of breaking out to the upside. On Tuesday, we reversed our silver position from short to long as silver broke out and became a buy. We are now long silver, looking for the trend to continue and will stay long as long as March silver holds above $17.30.

Gold had been showing bullish signs the last couple of weeks but continued to fail at key levels. That ended on Tuesday as gold broke out and reversed from short to long. We are now long gold and silver, expecting the markets to test higher levels.

One thing about being a mechanical trend trader is the simplicity of not trying to guess news and how it will affect the pattern and direction. After being short for an extended period, we are now long gold and silver and looking for a test of the highs. One thing to remember — for now, we are long, but if something changes, we will not be afraid to reverse.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold, silver take off; could it be a jailbreak?

After stalling for weeks at resistance, gold appear to be breaking out to the upside this morning. As of this morning, gold is higher and trading at $1,489 based on the February futures. The big question here: will gold follow through to the upside?

Obviously, there is no automatic answer to that question, which is why we watch the levels and market footprints that are left by the price action. At the same time, silver is breaking out and could be ready to run higher. Is it time to buy the metals?

Many will chase price this morning on the fear that they will miss the next big rally also known as FOMO. We are ready to reverse and get long; however, we will not be buying until tomorrow at the earliest. For us to turn bullish, gold must close over $1,490 based on the February futures and silver over $17.50 in the March futures. Although we can see the case to buy, we will be patient enough to wait for our levels.

Author: Todd Bubba Horwitz

Source: Kitco: Is gold breaking out?

Gold and silver are at the moment of truth; both metals are testing key support: gold at $1,440 December futures, silver at $16.80. The bottom pickers are out in full force and looking for a reason to buy. They are making comparisons to every reason to buy in history.

From the Fibonacci retracement for gold prices, the rally since the 1929 depression, you name it Gold buyers want in. First, we must remember that gold is NOT a hedge against the equity market, it is a hard asset. Everyone should have some exposure to metals but not as a hedge and not trying to pick the bottom.

The one key element in all markets is price. Markets are very simple: price determines price and the market footprints determine tops and bottoms. Right now, price suggests the markets are going lower and if they fail at these levels it could get a lot uglier. We remain short and will not adjust until price tells us to.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold and silver and decision point

All the excitement of gold and silver breaking out to the upside has dissipated with Tuesday’s $25.00 sell off. All those clamouring for the next bull run have been run over once again. Those who traded based on news flow, are wondering what just ran over them.

We stood fast on the technicals maintaining our pricing model which suggested $1,520 was resistance in gold and $18.10 in silver. In one day, both metals broke down to support and are now in danger of breaking down.

The next few days will tell the story for the next big moves in both gold and silver. As we said at the top, we are staying short. However, with the metals now back on support a rally would be no surprise. Our overall view is a breakdown to $1,460-$1,440 level is still in play and we will stay short until proven wrong.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Are gold and silver breaking down?

As expected, gold and silver are under pressure once again. We have been writing for weeks that the metals appear to be headed lower. The trends in both gold and silver are lower, which brings lower levels into play.

The next targets for the metals are $1460 gold and $17.00 silver. Our expectations are not for an immediate crash to those levels, before we can see any chance for a reversal. We also have lower targets in mind, but watch the charts one level at a time.

We are looking for continued action that we have seen over the last six weeks, which consists of lower highs and lower lows. The resistance levels are solid at $1,500 gold and $17.70 silver. As the markets continue lower the resistance levels will continue to fall. We are short and bearish gold and silver.

Author: Todd ‘Bubba’ Horwitz

Source: Kitco: Gold and silver under pressure

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