Gold is on the Move
Gold (GC) Levels and Commentary for the Coming Weeks
Gold finally broke out of its recent multi-week balance this past week. It did this in the face of elevated yields and what has been a reasonably firm dollar. I have been particularly bullish gold miners GDX 0.00%↑ and got long a couple weeks ago in the Discord. I added direct gold exposure on Thursday via UGL 0.00%↑ at low of day when it came into its key spot from the day before:
My personal plan is to hold the GDX for quite some time and use the UGL as a trade to pay for what I would otherwise take as profits on GDX.
Because I would like to hold this trade for some time, I am including a wide range of GC levels here and will update as necessary. Gold has come into (and just a bit higher) a major area of resistance and we’ll need to be prepared to separate a constructive dip to be bought (either to add to or join the trade) from more meaningful risk of trade invalidation.
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