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For ALL Members: Cancel and replace your protective sell stop in PowerShares DB Gold Double Long ETN, symbol DGP, at $32.56 and raise to $33.73, STOP. This order is good till cancelled. |
Issue #34
Dear Member,
Gold hit $1,434 in early morning Asian trade, an area of very strong resistance, and then immediately sold off $21.
Let’s move the PowerShares DB Gold Double Long ETN (DGP) protective sell stop again. All members who are long shares in DGP should act on the above recommendation.
Don’t put too much credence in gold moving higher, even if Washington attacks Syria tomorrow. It’s already discounted by the market and would not be a surprise. If anything at all, an attack on Syria will coincide with a top in gold, as the cycles point lower into September. Always keep in mind that markets act in advance of actual events!
Go ahead and raise your protective sell stop.
Stay tuned!
Best,
Larry
