Gold Update
About four weeks ago I commented on the seasonal strength that usually comes into play for gold around this time of year. Well since then the gold market has rallied substantially higher.
As you can see in the above daily chart of gold, the shiny metal broke out to a new high today. Silver is also moving higher and has broken out to a new high for the year. I think a great place for a trailing stop (if you are already long) would be right below last week's low.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
2 comments:
Kevin, I wonder if you could give an update on XAU and in particular where to put a stop for that trade - given that it is based off a weekly chart
Kevin,
thanks for the update. I also believed the breakout would come based on my sentiment indicators.
The only regret I have I did not buy SLV when it broke out much earlier than GLD.
Jack
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