Suggested in this post (11/18) to buy Gold ETF (GLD) due to support being at hand. (see post here) In that post, I mentioned that a possible “BEARISH RIGHT SHOUDLER” could be forming. If this read is correct, we are at the potential level at (2) in the chart below.
In other post on (11/16) I mentioned the “Dollar was about to take flight!” (see post here) Looks like both are moving higher in the chart below.
CLICK ON CHART TO ENLARGE
Game plan… Per Gold, am staying long, yet put a tight stop of 1.5% on GLD, RIGHT NOW! Will be looking to “score on defense” in Gold/Silver, if the pattern around the right shoulder comes true.
The fresh breakout from the falling channel in the Dollar could put a TON OF PRESSURE on stocks and many commodities- be careful if long. A Dollar breaout, with equities up against the Fibonacci 61% retracement levels could become a key market mover!
Per the 500 index, we are attempting to score on defense, by owning SH. Bought SH at the market highs the morning GM went public. (see posts here)