Gold gapped open past a resistance point. Thus, technically, looking good for $100 on the ETF. Should the $100 target be reached, we then enter potentially a very interesting psychological area for Gold.
All time nominal highs will be on a lot of traders watch lists, as new 52 week highs in a bull market are quite high probability trades. With the inflation fears starting to be signalled through other asset classes, Gold might go on a bit of a jog.
Should it break down, how fast, how far? Do you take some profits, tighten stops, or just hang on? Gold has always been pretty volatile, will increasingly be so at these approaching levels.
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May 30, 2009 at 4:18 pm
Hold tight. This bull will buck.
I wouldn’t try to trade it. Frustration is almost guaranteed.
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May 30, 2009 at 4:56 pm
JG,
As many have stated, a bull market.
jog on
duc