GOLD TRADE ALERT (12:30 pm EDT)
Gold and silver prices are both rising to new highs today, but gold is up against resistance around $1275 - $1277 and we are in the center of a reversal zone so a correction could be imminent. We have a decent profit from this gold rally (we went long on May 8) so I am going to sell this long position now. Next week also has a reversal zone for gold (and silver) centered around Wednesday. Prices may push higher into that time frame, but if they turn down from today's highs, we may see a low next week that could be another opportunity to go long again as it is very early in this new medium-term gold (and silver) cycle, and this market still looks at least short-term bullish. Selling my long position in gold today. Still out of silver.
Precious metal prices were boosted today by a fall in the U.S. Dollar Index to a new monthly low (in response to a disappointing jobs report from the Dept. of Labor). We need to note, however, that we are now in the center of a reversal zone specifically for currencies so the dollar may be forming a significant low here or early next week from which a new rally will start. This could push gold and silver prices down.
Gold and silver prices are both rising to new highs today, but gold is up against resistance around $1275 - $1277 and we are in the center of a reversal zone so a correction could be imminent. We have a decent profit from this gold rally (we went long on May 8) so I am going to sell this long position now. Next week also has a reversal zone for gold (and silver) centered around Wednesday. Prices may push higher into that time frame, but if they turn down from today's highs, we may see a low next week that could be another opportunity to go long again as it is very early in this new medium-term gold (and silver) cycle, and this market still looks at least short-term bullish. Selling my long position in gold today. Still out of silver.
Precious metal prices were boosted today by a fall in the U.S. Dollar Index to a new monthly low (in response to a disappointing jobs report from the Dept. of Labor). We need to note, however, that we are now in the center of a reversal zone specifically for currencies so the dollar may be forming a significant low here or early next week from which a new rally will start. This could push gold and silver prices down.
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