Despite gold and silver’s slight move up today, they are still acting weak and more of the miners are also acting weak as attested to GDX turning red on the weekly ETF Trading Service we offer today. The dollar falling a little kept gold and silver in the green but even with the stock market doing well, miners wanted to do something else today dragging GDX and NUGT down.
I had this to say to someone regarding gold today from a trading perspective;
We have been in a range but so has the dollar. I’d like to see $1,300 on gold breached and $19 on silver and a move over 97 on the dollar for the next leg. Gold and silver triggered red on the weekly Friday which means I am neutral on them right now. Miners are still green but I think will fall with the overall market, which I assume is near at hand.
Anything in between right now is guess work and churning markets don’t offer the best trades so best to be patient and wait for the direction. I will always have an opinion and lean a certain way, but there is always another sector that can have a better setup and I’ll play that while I wait for metals to sort itself out.
Today’s blog I wrote about the many things coming up this week from an article I was quoted in today from ThinkAdvisor to being a guest on the Mike Schickman Show tomorrow just after noon EST. You can find the updates here: How Long Can this Gold Rally Last? + ETF Trading Service 2 Week Free Trial
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.