issue #68
Dear Member,
Gold’s trading lower this morning, back below the $1,338 support level. Not to worry. The position I recommended yesterday — the call options — is a long-term position bought with the intent of holding for quite some time. Hence, why I chose the January 2015 option.
Also, don’t be surprised or shaken when you see this kind of wild action in the precious metals — up strong one day, down hard the next. It’s all symptomatic of the importance of the turning point timing window the metals are in now. Heightened volatility is to be expected.
That said, here’s what I am looking at right now. Support in gold will be found at the $1,315 level, followed by $1,312. Should $1,312 give way, I will likely hedge the call options you just bought.
On the flip side, resistance still lies at $1,345. A close above $1,352 should set off a move to over $1,400. In between $1,312 and $1,352 — a $40 range — gold is going to whip around like crazy.
Be patient, disciplined and stay tuned.
Best,
Larry
P.S. Did you see the letter that our Customer Care Center sent you regarding the email address that all of your important issues and trading alerts will be delivered from, effective November 5? If not, in order to ensure that you receive all of your issues from us, we urge you to whitelist your personal email address book by adding the following email address: [email protected].
You can find instructions on how to do so here.
Position Tracker
Click here, or on the image below, to view our position tracker in .pdf format.
