By: Scott Redler
During the last two weeks of June gold did not act correctly. Two false break outs put us on alert: Monday, June 21st and Monday, June 28th.
This put us on high alert to sell if accelerated uptrend broke which stood at $1,225ish and 119.77 on NYSE:GLD.
IF you had proper exit, you can look for better re-entry. I will look at longer term uptrend which is around 115 on NYSE:GLD. Then the 200-day moving average which is around 1,085 but with moving up could be the $1,100 area.
Entries and exits are key. We don’t look for the reasons for selloff; we just respect the action as it takes place.
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