Move on, don't hesitate
Breakout
--Swing Out Sister
Last weekend we noted the bullish technical set up in gold. Today the pattern resolved itself to the upside in classic 'breakout' fashion. The move once again finds gold in price discovery, exploring time highs.
Whenever one of these upside resolutions occurs after you were watching it form, there will always be some regret that you weren't long enough ahead of the move. But then remind yourself about the prudence of risk management, and that opportunities can be made up easier than losses.
That's what I was telling myself today ;-)
Besides, past resistance at 140ish GLD has now become support. A pull back in price toward that 140 level may present a nice opportunity to add to a position...
position in GLD
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1 comment:
In spring of 1971 a run on the US dollar began. Central banks lined up at the Fed's doors in ever increasing numbers to demand their gold.
On August 9, the British economic representative asked to convert an astonishing $3 billion into gold, or about 2,500 tons.
On August 15, 1971 President Nixon officially abandoned the dollar's $35 peg when he ended convertibility of dollars into gold.
~John Paul Koning
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