Just an update here Wednesday morning. Gold is currently trading at 1583. First downside target: 1560. Second downside target, 1544. Third downside target: 1529.
Be a strong buyer between 1530 and 1500. Perhaps wait til 1513 and then back up the truck.
One caveat, We are hugging a long term trend line on the daily charts. Its an old trend line. Not a perfect trend line by any means.We are sitting on it right now.
1577 was our ole may high. We may find some support here, for a day or two.
Just make sure you don’t let your winning shorts turn into losers. We have the position on correctly. Now its time to manage it. At minimum, you could cover now and take a 15 dollar profit.
I bet everyone who bought Gold at 1610 wishes they could say the same.