Gold … Here We Go Again …

Repeating Pattern(s)

“Spring to Up-Thrust”

That’s where we are now.

Yesterday’s update was out before gold (GLD) penetrated weekly lows.

Those who don’t understand the markets, will say it’s the Fed.

Those who do understand the markets (the trading pros) won’t say but keep it to themselves.

They’ll let the gold bulls think their day has come. We have hyperinflation at last!

As always, it could be true.

The more probable, price action based outcome; we’re in yet another push past resistance to trap the bulls.

Gold (GLD)

As of this post (about an hour into the session) the daily chart is in up-thrust position and 38%, retrace level simultaneously.

Zoom-in

So, it’s yet another danger point. If bulls are to take control, this is the spot.

If they fail, they are trapped yet again; if so, the next down-leg may be brutal indeed.

Positioning:

Maintaining short via DUST (not advice, not a recommendation) with ‘cover-shorts-finger’ close the trigger.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279

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