Dear Member,
Just a quick update here. Gold hit the $1,260 resistance level early this morning, with the actual high coming in at $1,267. Gold has since traded back down to the $1,252 level, showing precisely how tough that $1,260 resistance level is.
As a result, it’s time to grab profits and be cautious. I simply need to see more action before committing to a new trade. Therefore, I recommend the following:
Sell all of your shares in PowerShares DB Gold Double Long ETN, symbol DGP, at the market. Then cancel the good-till-cancelled protective sell stop at $24.36.
Stay tuned. More trades coming.
Best wishes,
Larry
