What the !@%$#%@ is up with Gold?
Tuesday’s action came as a shocking surprise to many gold market traders. On Tuesday we saw gold being pushed down to its lowest levels in days.
The sell off was enough to give us a red daily triangle signal and a neutral rating on this market. If you are a strict student of the red triangle signals, then you sold yesterday.
I’m not selling.
In fact, I added to my position in gold miner KGC this morning. I got a sweet 8% fire sale on the stock.
Ask yourself this question: is the rally in gold really over?
If your answer is no, then you have to buy on pullbacks.
It takes guts, it takes a little reckless abandonment.
So what is the next major retracement level where we may see gold bounce?
In my new video below I do a Fibonacci retracement on gold showing you some levels I think gold will go to on the downside. I also share with you what I think is setting up for an excellent buying opportunity, if and when our “Trade Triangles” are aligned.
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