GOLD TRADE ALERT (1:45pm EST)
I am having trouble today accessing the technical charts I normally use for market analysis which is preventing me from getting a full picture of momentum signals in the precious metals markets at this time. In Friday's blog I stated we would watch those signals as a cue to short sell. Both gold and silver are up a bit more today, and since gold is quite close to resistance around $1500, I am going to establish a short position today in gold anyway (with a stop loss around $1520) and hold off, perhaps until tomorrow, to go short in silver. (This may allow silver to get closer to its resistance at $26 and will also allow me time to access momentum charts). It is important to remember that silver is more volatile than gold and needs to be traded carefully. Even though we are anticipating a decent correction in gold here, the drop may turn out to be minor, so we need to be alert for any pauses and change in momentum should they occur. Establishing a short position in gold today and staying out of silver for now.
Our positions in the other markets are unchanged today (see Current Positions page). Just a quick note on crude oil: As I mentioned in my last blog, there is a good chance that crude is now shifting from bearish to bullish, but I can't confirm this without seeing the momentum charts, so we are still standing on the sidelines of this market.
I am having trouble today accessing the technical charts I normally use for market analysis which is preventing me from getting a full picture of momentum signals in the precious metals markets at this time. In Friday's blog I stated we would watch those signals as a cue to short sell. Both gold and silver are up a bit more today, and since gold is quite close to resistance around $1500, I am going to establish a short position today in gold anyway (with a stop loss around $1520) and hold off, perhaps until tomorrow, to go short in silver. (This may allow silver to get closer to its resistance at $26 and will also allow me time to access momentum charts). It is important to remember that silver is more volatile than gold and needs to be traded carefully. Even though we are anticipating a decent correction in gold here, the drop may turn out to be minor, so we need to be alert for any pauses and change in momentum should they occur. Establishing a short position in gold today and staying out of silver for now.
Our positions in the other markets are unchanged today (see Current Positions page). Just a quick note on crude oil: As I mentioned in my last blog, there is a good chance that crude is now shifting from bearish to bullish, but I can't confirm this without seeing the momentum charts, so we are still standing on the sidelines of this market.
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