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There are no signs of a top – yet. So until there are signs of a top, expect more new highs in gold and silver. Continue to ride the uptrend. Gold and silver will eventually take a breather. The likely way they will do that is to move sideways in a “pennant” or a “flag” consolidation pattern formed over several days. One of these patterns may have begun being formed the last two days. Time will tell.
Gold
1) One of the positions bought at $1306.60 on September 28, 2010 was sold on October 4, 2010 at $1312.50, which was its stop-out point. Profit: $5.90
2) Long from $1306.60 bought on the Comex spot close on September 28, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1318.00. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1326.00. (updated 9 October 2010)
Silver
1) 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 $21.76. If stopped out, then re-buy if the Comex spot price the same day closes above $21.82. (updated 9 October 2010)
2) 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 $22.180. If stopped out, then re-buy if the Comex spot price the same day closes above $22.28. (updated 9 October 2010)
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