GOLD TRADE ALERT (2:45 pm EDT)
I am going to cover (unload) my gold short position today. We are close to breaking through our stop loss of $1,245, but more importantly, it appears that the U.S. Dollar Index could be turning bearish (at least short-term) and could break below its low from early February. This development could give a short-term boost to precious metal prices. I should point out here that we are still anticipating a significant correction in gold (and silver) soon, but it looks like it could come from a higher price level (possibly $1,264 or higher) so it seems prudent to step aside now as our loss at this point is only 1%. Unloading my short position in gold today.
I will comment on the other markets later today.
I am going to cover (unload) my gold short position today. We are close to breaking through our stop loss of $1,245, but more importantly, it appears that the U.S. Dollar Index could be turning bearish (at least short-term) and could break below its low from early February. This development could give a short-term boost to precious metal prices. I should point out here that we are still anticipating a significant correction in gold (and silver) soon, but it looks like it could come from a higher price level (possibly $1,264 or higher) so it seems prudent to step aside now as our loss at this point is only 1%. Unloading my short position in gold today.
I will comment on the other markets later today.
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