Thursday, July 26, 2007

Gold and Silver

Looks like I exited my long gold position just in time. I've been bullish on this metal and it has rallied nicely but something just didn't feel right yesterday and the day before.

If you look at the above chart of GDX(gold stocks) you'll notice the bearish engulfment that formed at the year high. That alone made me nervous about being long and when you combine that with the rally the dollar had yesterday, it was clear to me that I should take profits and sell my gold position yesterday which I did on the open.

Another thing that bothered me about being long was that silver didn't rally much. When the metals rally and I am long, I feel much more comfortable when silver is leading the way up which is not what we saw over the previous few weeks.

Long-term I am still looking to buy gold but for now I will just wait for the next buying opportunity to present itself.


Joe said...

What would such a buying opportunity be?
Thanks, Joe

Kevin said...

The dollar heading back down....or maybe gold and silver sell off some more and the commerical traders increase their net long position...I think next month seasonally gold tends to rally...etc

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mak said...

Great idea for a blog. Keep it up!! :-)

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