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July
30
2018

Gold's Groundhog Day
Todd 'Bubba' Horwitz

Gold appears to be experiencing Groundhog Day every day. Like the movie with Bill Murray, gold seems to be repeating the same action day after day. Sellers meet every rally, and even when the rally appears strong, the sellers are ready.

Many are still calling the bottom in gold, which only indicates that there is room to the downside. The groundhog may or may not see his shadow but as it looks now, there will be six more weeks of selling

The key levels to watch are $1,240 on the upside and $1,180 on the downside. Until proven otherwise, gold should be sold on every rally. There is no reason to buy until gold can close above $1,240. Gold will rally again and some day make new highs, but for now it’s the same day over and over again.

 

 

 

 

Todd Horwitz -- known as Bubba -- is chief market strategist of BubbaTrading.com. He is a regular contributor on Fox, CNBC, BNN, Kitco, and Bloomberg. He also hosts his daily podcast 'The Bubba Show.' He is a 36-year member of the Chicago exchanges and was one of the original market makers in the SPX.

 

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