Gold: Updating My Call To Protect Longs
Or why you should watch my videos ;-)
Thanks again for being a reader of my Substack. Just as a reminder: I post my market thoughts for paid basic Substack members, along with my daily recording of my live trading room for pro Substack members.
But the VIDEOS ARE FOR EVERYONE & FREE!
Case in point: Here is a market-timing call I made to CLUB/EDGE clients to protect their gold, silver & miner longs. We grabbed a small segment from my call Tues Oct 29th for you and posted on the 30th!
If you watched, you would have been in a good position to protect long gold & silver profits and/or short for additional profits.
Now that GLD has fallen -6% and SLV -12%, here is what I posted for CLUB/EDGE clients today (11/11) as an update:
GOLD, SILVER, MINERS update to still protect
TheMarketEar points out that this move in Gold is the strongest 4 day down move in a very long time.
Even though I warned clients Oct 29th to expect Gold to pullback to $2600... today's gap down was stronger than I expected. Translation: could slice right thru.
Here's an updated chart of gold on the 2Hr chart while my monthly chart of silver/gold ratio continues to fall back to the mean.
AGAIN, if you are TREND LONG the trend is still in tact, BUT the counter-trend pullback is also in play. SWING timeframes matter for folks, especially with concentrated portfolios and especially when using options.
My call to protect Oct 29th for TWO WEEKS is now intonating something longer for protection could be needed. I will know more end of the week.