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The strong close in New York on Friday bodes well for this coming week. New highs in silver followed within a day or two by new highs gold are likely, as I explained recently in an interview on King World News. My targets for year-end remain at $1500 and $30+ for gold and silver respectively.
Gold
1) Long two positions from $1352.20 bought on the Comex spot gold close on November 19, 2010. Stop-out point: sell one position at an intraday stop-out point if Comex spot gold trades at $1384.50. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1392.00. Sell the other position at an intraday stop-out point if Comex spot gold trades at $1378.00. (updated 4 December 2010)
2) Long from $1383.50 bought on the London PM fix on November 30, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1398.00. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1402.00. (updated 4 December 2010)
3) Long from $1385.50 bought on the London PM fix on December 1, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1398.00. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1412.00. (updated 4 December 2010)
Silver
1) Long from $28.185 bought on the Comex silver spot close on November 30, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $28.46. If stopped out, then re-buy if the Comex spot price the same day closes above $28.70. (updated 4 December 2010)
2) Long from $28.74 bought on the London silver fix on December 1, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $28.94. If stopped out, then re-buy if the Comex spot price the same day closes above $29.20. (updated 4 December 2010)
3) CANCEL - Buy one position on the first Comex silver spot close above $29.34. (cancelled 4 December 2010) – This price wasn’t quite reached by the Comex close, but was surpassed in the after-market. I expect a much higher close on Monday, so cancel this trade for now. We’ll look to add other positions after the initial thrust upward I am expecting for next week settles down. View all Trading Comments >>
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