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The “backing & filling” yesterday was not out of the ordinary. There may be more re-tests of support. Nevertheless, with each passing day the odds improve that the low in the precious metals is behind us.
Gold
1) The position bought at $1,631.00 bought on the Comex close in New York on January 10, 2012 was sold on January 11, 2012 at $1634.00, which was its stop-out point. Profit: $3.00
2) Long one position from $1,586.00 bought on January 3, 2012. Stop-out point: sell at an intraday stop-out point if Comex spot gold subsequently trades at $1622.00. (12 January 2011)
3) Long one position from $1,602.00 bought on January 3, 2012. Stop-out point: sell at an intraday stop-out point if Comex spot gold subsequently trades at $1628.00. (12 January 2011)
4) Long one position from $1,616.00 bought on January 5, 2012. Stop-out point: sell at an intraday stop-out point if Comex spot gold subsequently trades at $1632.00. (12 January 2011)
5) Long one position from $1,639.20 bought on the Comex close in New York on January 11, 2012. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1641.50. (12 January 2011)
6) Buy one position on the first Comex close in New York above $1648.00. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at more than $25.00 below your purchase price. (12 January 2011)
Silver
1) The position bought at $30.04 on January 11, 2012 was sold later the same day at $28.94, which was its stop-out point. Loss: 10.0¢
2) One position bought at $29.780 bought on the Comex close in New York on January 10, 2012 was sold on January 11, 2012 at $29.92, which was its stop-out point. Profit: 14.0¢
3) One position bought at $29.780 bought on the Comex close in New York on January 10, 2012 was sold on January 11, 2012 at $29.86, which was its stop-out point. Profit: 12.0¢
4) Long one position from $28.80 bought on January 9, 2012. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $29.72. (updated 12 January 2012)
5) Buy one position at the market. Silver is presently $30.07 as I write, so I will use this price for recordkeeping. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $29.84. (updated 12 January 2012)
6) Buy one position on the first Comex close in New York above $30.20. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at more than 55¢ below your purchase price. (updated 12 January 2012) View all Trading Comments >>
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