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Gold and silver broke through resistance this week with a new record high close for gold and a 30-year high for silver. Though the precious metals broke through the lines, they are advancing like infantry, not tanks - and I expected the latter. But this slow-motion assault is no reason to turn bearish. I expect more new highs in gold and silver this week.
Gold
1) The position bought at $1162.00 on July 29, 2010 was sold on September 28, 2010 at $1284.00, which was its stop-out point. Profit: $122.00
2) The position bought at $1290.20 on September 22, 2010 was sold on September 28, 2010 at $1286.00, which was its stop-out point. Loss: $4.20
3) Long two positions from $1306.60 bought on the Comex spot close on September 28, 2010. Stop-out point: sell one position at an intraday stop-out point if Comex spot gold trades at $1312.50. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1316.00. Sell the other position at an intraday stop-out point if Comex spot silver trades at $1307.50. (updated 2 October 2010)
Silver
1) The position bought at $21.383 on September 24, 2010 was sold on September 28, 2010 at $21.24, which was its stop-out point. Loss: 12.3¢.
2) Long from $18.369 bought on the Comex spot close on August 24, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $21.48. If stopped out, then re-buy if the Comex spot price the same day closes above $21.52. (updated 2 October 2010)
3) Long from $21.688 bought on the Comex spot close on September 28, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $21.725. If stopped out, then re-buy if the Comex spot price the same day closes above $21.78. (updated 2 October 2010) View all Trading Comments >>
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