GOLD TRADE ALERT (2:30 pm EDST)
Gold prices are edging up a bit today, but they seem reluctant to rally strongly. There are several short-term technical signals that are remaining bearish right now that are suggesting gold (and silver) could move lower. I am going to sell my long position in gold today. We are still above our buying price from July. 21 ($1719), so we can get out with a small profit. We are still out of silver. If gold and silver move below their July lows, their cycles will turn bearish. Otherwise, we may look to re-enter our long position on any corrective low that hold above $1681 in gold and $18.15 in silver.
Gold prices are edging up a bit today, but they seem reluctant to rally strongly. There are several short-term technical signals that are remaining bearish right now that are suggesting gold (and silver) could move lower. I am going to sell my long position in gold today. We are still above our buying price from July. 21 ($1719), so we can get out with a small profit. We are still out of silver. If gold and silver move below their July lows, their cycles will turn bearish. Otherwise, we may look to re-enter our long position on any corrective low that hold above $1681 in gold and $18.15 in silver.
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