GST Issue #209
Dear Member,
We’re seeing a strong bounce in gold today, a bit stronger than I had expected. Nevertheless, the overall trend remains down. Only a closing above the $1,210 would indicate a change in the short-term trend, and a possible retest of the $1,220 level.
However, even if that were to happen, intermediate- and long-term models are still very negative for the precious metals. Put another way, I expect this bounce to be short-lived, even if gold does manage to rally to the $1,220 level.
Hold all positions and stay tuned. This week should see volatility pick up, offering us new trading opportunities, either to add to positions, take on new positions, or both.
Best,
Larry
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