Just a quick update here. As I pen this issue (3:54 am EST), gold and silver are unchanged from yesterday’s close.
The major band of overhead selling (resistance) showing up in gold is still at the $1,358 to $1,365 levels, and in silver, at $20.28 to $20.55.
We have jobless claims coming out at 8:30 am EST this morning, but I don’t expect it to provide a trend change, just some short-term volatility.
Despite repeated attempts to rally, gold and silver are weakening, and the AI models remain on target for an early October low.
I do plan on adding bearish positions in gold and silver, but wait for my signals.
Separately, all other markets are very quiet in early morning trade. But that’s usually the calm before the storm – which is why I am so attentive right now.
Note: If you have not sold your shares in the India Fund (IFN) yet – for whatever reason – please do so now by selling at the market. Don’t forget to cancel your protective sell stop.
Lastly, many of you have asked the meaning or necessity of the phrasing “or better.”
It’s simple: Using the India Fund as an example, suppose a positive news item comes out on India, the global economy, or the stock – overnight, or even during the day.
The stock could gap higher, with no trades occurring until above my specified limit sell price.
“Or better” means you would get filled at that better, higher price! It’s that simple.
The reverse is true when buying: A stock could “gap down” below the limit – for any number of reasons – and you would buy at that better, lower price.
Most brokers these days are electronic, so the language is unnecessary in today’s world of electronic trading.
I keep it in there, however, for those who still work directly with a broker and to remind each and every one of you that it is ok to buy lower than the limit, or sell higher than the limit.
On the other hand, it is NOT ok to buy above my limit price – or conversely, sell below my recommended limit sell price. You would only be hurting yourself and fellow members.
Hold all positions and related stops.
Best wishes,
Larry
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