| Recommendation:
1. Cancel and replace your protective sell stop in ProShares Ultra Gold, symbol UGL, at $52.90 and raise to $53.97, STOP. This order is good-till-cancelled. 2. Cancel and replace your protective sell stop in Market Vectors Junior Gold Miners, symbol GDXJ, at $47.41 and raise to $48.49, STOP. This order is good-till-cancelled. |
Dear Member,
Gold rallied sharply in the Friday afternoon session and again in Asian trading this morning, reaching as high as the $1,384 level, but then, gold sold off quite sharply.
As a result, I am not liking the action all that much. Although we held the $1,343 level on Friday’s close, we could easily have a cycle high in place on the short-term models this morning, meaning the cycles calling for a September low are now dominant.
Per the above recommendations, tighten up your stops again for the long positions in ProShares Ultra Gold (UGL) and Market Vectors Junior Gold Miners (GDXJ).
Stay tuned. New trades are imminent.
Best wishes,
Larry
