Gold Trades Close to our Target

Dear Subscriber,

I am pleased and elated to announce that we have moved to an upgraded studio and production facility. It is for that reason that today we will not be releasing a standard video report. We should have the production facility and recording studio completed by tomorrow. We will do a shortened video report then, or even possibly later on today.

As for our current trade we remain short August and October gold. The August contract is currently trading at $1243.10. This is down $11 during the trading session today, with approximately $1.40 gain in the aftermarket. As we moved our stops up on Friday we will keep them where they are. Therefore, my recommendation is to maintain your current short position as well as your current stop.

The caveat we are currently facing is that today’s low of $1241 is within striking distance of our original target which was and is 1238. Therefore, it is critical that we watch action over the next 48 hours to determine whether or not this could be a pivot point because it matches the lows achieved back in December and January. More to follow on this topic on our next report.

 With that in mind we will look closely to see if there is any kind of evidence of a key reversal to take profits on a short position and enter a position from the long side. The other possibility is that gold pricing does not find support in this area and drifts lower. If that is how prices unfold we will look at our next target below our current target

Wishing you as always, good trading,