Gold is behaving very nicely. It bounced off its 200 day MA and formed a nice, fairly large double bottom (shown in Yellow). With the expected market weakness coming up, I see Gold finally breaking through the $1000 barrier "for good" in the coming weeks.
However, the descending trendline is a barrier of resistance which needs to be broken for the breakout to commence. Gold at $940 would be a signal to jump in with both feet. I will be using the Double-long gold (DGP) ETF as I already have miner exposure.
In 300 DGP @ 19.22
ReplyDeleteI'm going to be a donkey. I updated my stop to 17.
ReplyDelete