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Support at $1420 is being well and truly tested. So far it is holding. Importantly, I expect support at $1420 to continue repelling any attacks by the shorts, like the one yesterday when gold fell all the way to $1410 on the usual take-down engineered by the shorts during Comex option expiry. There may be similar tests over the next few days because there are also over-the-counter options still to expire later this week. This capping being placed on gold at these prices should be finished by Thursday morning. Look for higher prices next week as gold and silver resume their uptrend.
Gold
1) Long from $1395.50 bought on March 15, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1402.00. (updated 29 March 2011)
2) Long from $1427.75 bought on the London AM fix on March 21, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1406.50. (updated 29 March 2011)
Silver
1) The position bought at $36.16 on the London silver fix on March 21, 2011 was sold on March 22, 2011 at $35.86, which was its stop-out point. Loss: 30.0¢
2) Long from $35.933 bought on the Comex spot gold close on March 11, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $36.52. (updated 29 March 2011) View all Trading Comments >>
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