GOLD and SILVER TRADE ALERT (3:05 pm EDT)
Gold prices are soaring again today and have reached $1153, exceeding our target area of $1140. This seems to be a strong rally that could lift prices as high as $1170; however, markets are very volatile right now, and we are entering a time period (now through next week) where a sharp reversal in this market is likely. For this reason I am going to take profits today and sell my long position in gold.
Silver's rally has been weak compared to gold (this may be telling us something), and although we haven't reached our target area of $16, we have had a decent rise to $15.58. Silver (and gold) could rally some more into next week, but if they do they probably won't get very far as there are now strong technical signals for a reversal in these metals soon. As with gold, I am taking profits today and selling my long position in silver.
Gold prices are soaring again today and have reached $1153, exceeding our target area of $1140. This seems to be a strong rally that could lift prices as high as $1170; however, markets are very volatile right now, and we are entering a time period (now through next week) where a sharp reversal in this market is likely. For this reason I am going to take profits today and sell my long position in gold.
Silver's rally has been weak compared to gold (this may be telling us something), and although we haven't reached our target area of $16, we have had a decent rise to $15.58. Silver (and gold) could rally some more into next week, but if they do they probably won't get very far as there are now strong technical signals for a reversal in these metals soon. As with gold, I am taking profits today and selling my long position in silver.
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