GOLD and SILVER TRADE ALERT (2:30 pm EDT)
Today gold and silver are rallying with gold approaching $2300 and silver prices surging steeply to touch $27. This parabolic rally is looking "toppy", especially as today's highs are in the center of this week's "weak" reversal zone and also inside a potential "pivot point" zone for gold and silver (today through Friday). We entered a long position in silver on March 1 around $23, so we now have a 17% profit - not bad for a one month trade. We entered gold later on March 20 at $2186, which gives us a 5% profit today. Let's take profits and sell our long positions in both metals today as another significant sub-cycle correction could be imminent. We will likely re-enter our long positions later depending on how low any corrective declines go as the trend in both metals is still looking bullish.
Today gold and silver are rallying with gold approaching $2300 and silver prices surging steeply to touch $27. This parabolic rally is looking "toppy", especially as today's highs are in the center of this week's "weak" reversal zone and also inside a potential "pivot point" zone for gold and silver (today through Friday). We entered a long position in silver on March 1 around $23, so we now have a 17% profit - not bad for a one month trade. We entered gold later on March 20 at $2186, which gives us a 5% profit today. Let's take profits and sell our long positions in both metals today as another significant sub-cycle correction could be imminent. We will likely re-enter our long positions later depending on how low any corrective declines go as the trend in both metals is still looking bullish.
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