GOLD TRADE ALERT (3:00 pm EDST)
Based on arguments given in yesterday's blog on gold and silver, I am going to enter a long position in gold today. Let's hold off buying silver for now and see if it moves lower over the next few days when we may go long in it as well. The dollar rally seems to be losing steam today which bodes well for an upswing in precious metal prices. Our stop loss for this long position in gold will be based on any move below the Aug. 15 low of $1161, but we may even consider a close below $1180 as a warning to get out. Going long in gold today and remaining out of silver for now.
Based on arguments given in yesterday's blog on gold and silver, I am going to enter a long position in gold today. Let's hold off buying silver for now and see if it moves lower over the next few days when we may go long in it as well. The dollar rally seems to be losing steam today which bodes well for an upswing in precious metal prices. Our stop loss for this long position in gold will be based on any move below the Aug. 15 low of $1161, but we may even consider a close below $1180 as a warning to get out. Going long in gold today and remaining out of silver for now.
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