GOLD AND SILVER TRADE ALERT (11:15 am EST)
The government has officially shut down (for now) and gold and silver are dropping below the stop loss support levels we identified at $1300 (gold) and $21 (silver) so it is time to bail out of our long positions in these metals.
I want to emphasize here that this is most likely a short-term correction and that we will be looking to go long again once the new bottom stabilizes (which may be soon). The reason I am not just "riding out" this correction is because it could be considerably steep (towards $1100-1200 in gold) and by pulling out now we will have greater leeway in calculating the final bottom. Unfortunately, the volatile political arena in Washington is once again making our short-term trading difficult; nevertheless, the overall technical and cycle picture for gold and silver remains unchanged and is long-term still very bullish. I am selling all long positions in gold and silver today with the intention of reentering once the correction has bottomed.
The government has officially shut down (for now) and gold and silver are dropping below the stop loss support levels we identified at $1300 (gold) and $21 (silver) so it is time to bail out of our long positions in these metals.
I want to emphasize here that this is most likely a short-term correction and that we will be looking to go long again once the new bottom stabilizes (which may be soon). The reason I am not just "riding out" this correction is because it could be considerably steep (towards $1100-1200 in gold) and by pulling out now we will have greater leeway in calculating the final bottom. Unfortunately, the volatile political arena in Washington is once again making our short-term trading difficult; nevertheless, the overall technical and cycle picture for gold and silver remains unchanged and is long-term still very bullish. I am selling all long positions in gold and silver today with the intention of reentering once the correction has bottomed.
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