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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| NASDAQ | 2839.08 | |||||||
| S&P 500 | 1316.63 | |||||||
| ^RUT | 759.63 | |||||||
| TVIX | 9.10 | |||||||
| FCEL | 0.9899 | |||||||
Stocks Above I Currently Hold In My Own Trading Account: TVIX, FCEL
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Guerilla Trader Quote
“All Warfare is about Deception. Hence, when able to attack, we must seem unable; when using our forces; we must seem inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.... If your opponent is choleric temper, seek to IRRITATE him. Pretend to be Weak, That he may grow ARROGANT.”
by Sun Tzu
“All Warfare is about Deception. Hence, when able to attack, we must seem unable; when using our forces; we must seem inactive; when we are near, we must make the enemy believe we are far away; when far away, we must make him believe we are near.... If your opponent is choleric temper, seek to IRRITATE him. Pretend to be Weak, That he may grow ARROGANT.”
by Sun Tzu
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