Gold Closes Below Support
Last month I exited my long gold position because of gold's inability to rally in the face of a falling dollar.
Since then gold has sold off and has closed below a 6 month uptrend line.
I've been waiting patiently to buy gold but I don't see anything bullish about today's close. I'll continue to monitor this market for a setup to buy but for now I remain on the sidelines.
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4 comments:
I've lost the link, but Telegraph tabloid from UK said that Spain sold 90 tons of gold in the last 2 months. They have some financial issues and need to sell gold to cover their ass.
What you see in falling gold is Spanish gold filling the market.
Some of this gold probably was in Madrid locks for 500 years...
Kevin, Welcome BACK :))))
I was checking your site every night to see if you will change your mind. My traders friends were missing you too. I will tell them the great news. Believe me there are tons of people that love your blogs,but are not posting comments.
You made my day!
I must admit that this month or two has been very hard for me, I am loosing money in this bull market. I prefer the short side, also long, but this market seems manipulated, I don't think the bulls will last very long.
Again, Welcome back.
Julia
Hey guys, it's nice to hear from both of you again....
re gold, I've been bearish on it for a while. Based on two things: the k-ratio and the COT report.
Kevin, let me join the others in thanking you for sharing your insights.
Hope you can find the time here and there to continue writing.
Cheers
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