Suggested to buy Silver on an upside break from an “ascending triangle” a month ago (Hi Yo Silver and Away We Go) . Been a good month with Silver gaining over 14%. This rally brings Silver to a critical hurdle, RIGHT NOW!
Trend is positive for the metals! Don’t see anything right now that would change this trend, yet that doesn’t matter a bit! Key long-term resistance is at hand right now, so from a risk management perspective, protect the gains!
As I shared last week, if Silver can jump this resistance hurdle, the next Fibonacci level is over 20% ABOVE current prices. DON’T HARVEST…JUST PROTECT!!!
Gold ETF (GDX) update…
Great pair trade idea, especially if the future is like the past month!
Would have worked today!
Chris what do u think about going long AGQ and/or shorting ZSL
With the trend being up, I would give it some slack, say at least a 5% stop….been there a while?
Would you suggest a trailing stop? If so how “tight” would you make it?
Appreciate and am honored to be a part of your investing network.
Hi Chris, great work – we added your site to our investing/trading network http://www.investoridol.com. Welcome!
Yeah, I guess if you have a cable channel, you have to find something to fill the day with. On CNBC it’s making a big deal of markets hitting round numbers, and on ESPN it’s covering miniature golf. 😉
Thanks for the blog!
Appreciate the updates can u update on crude oil
Correct, in that a round number would only be relevant to patterns if it was at some support/resistance line or a fibonacci number.
At the same time though, we do hear round numbers discussed for sure!
Gold is nearing the $1,300 point and some people expect a correction. Do you pay any attention to these nominal numbers, or just the track of prices? Based on your quiz charts, I imagine you feel round number points aren’t relevant unless they correspond with some otherwise established level. Is that correct?
Understand the harvesting…no judgement from this end.
My intent of the article was to get people to harvest, “just protect!”
Now I know where the term “lucky dog’ comes from, your neighbors dog with a gold collar!!!
Thanks for the article, think I’ll harvest. That yappy dog has a pho gold collar now and stupid looking booties. I have no access to after hours trading so I’d hate to wake up tomorrow and see GLD down 5%.