It’s 5:52 a.m. EST and gold is up nearly $4, a modest amount, but it’s clearly making a run for the next AI buy signal at $1,167.90, currently trading at $1,165.60.
A close above $1,167.90 should prove bullish, with an initial objective of the $1,220 level. It won’t be a straight up affair, so don’t get too excited or overly aggressive. Instead, act on today’s recommendation, which is adding to the UGL position.
Meanwhile, bonds are starting to lift their heads a tad, good for the long bond position I recommended in TMF. But overall, the action there is a bit slow.
Crude oil is still topping as is the stock market.
Bottom line: Hold all open positions and related protective stops. Those stops are $58.73 for SCO, $14.70 for TMF, $31.39 for UGL. For DXD, I am monitoring the stop for you. Now …
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For ALL Members Using 3% of the capital you have allocated to this service, buy ProShares Ultra Gold, symbol UGL, at $34.52 on a buy stop (market buy stop, not limit buy stop). When filled, immediately place a good-till-canceled protective sell stop at $31.39, the same stop for the original position. |
UGL is currently trading at $33.63. So, this order essentially means we need to see a breakout and rally to the $34.52 level before entering, and then you will enter on a buy stop.
Stay tuned!
Best wishes, as always …
Larry
