Issue #14
Dear Member,
Gold and silver continue to test the overhead resistance levels I cited yesterday, at the $1,300 to $1,310 levels in gold and the $19.70 to $21.00 area in silver. We still may see one more test of the upper extremes of those resistance levels.
Either way, my models remain resolute that there is one more down leg coming as we head into August.
So right now, patience remains key. We should see a trending move emerge within the next few days.
Unfortunately, the ProShares UltraShort Gold ETF (GLL) position was stopped out yesterday when it hit my risk point at $95.86 for a modest loss of approximately $151.
Not to worry. If my models are correct and the metals are about to head lower again, you will have the chance to enter a new trade to take advantage of it. And if my models are wrong, we will know soon enough and you’ll be able to take a position on the long side.
So stay tuned, we are getting very close to a new trade.
Best wishes,
Larry
