Short-term traders exit long position on a RED Daily “Trade Triangle” @ $1,382.62 today and remain neutral for now. This short-term trade produced a profit of just over $17 dollars an ounce.
Intermediate and long-term traders hold long positions.
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Following the gold market as we do here at MarketClub, it was amazing that nobody, and I mean nobody, was bearish on this market. This always creates a problem as the markets tend to reverse when everyone is on one side and there's no one else left to buy.
Another tip-off was on Fox Business News and also on CNBC indicating that gold was going to hit $1400 almost immediately. Well after Tuesday, we know what was to happen to the price of gold. If gold were so strong, should it really have gone down almost $70 in 4 days?
Continue reading "The #1 Reason Why Gold Collapsed (New Video)"
A little while ago we made a video that projected some amazing levels for gold. Given the strong upward trend in gold and the price action on Tuesday the 5th of October, it is worthwhile looking at this video again.
This is a short video, but it will certainly give you some interesting price targets for gold that are based on sound trading principles. I hope you enjoy the video, and as always we would love to have your feedback on our blog.
The video is free to watch and there are no registration requirements.
All the best,
Adam Hewison
President of INO.com and co-founder of MarketClub
For those of you who followed the 52 week, weekend rule this past weekend, you should have taken profits on your position this morning in gold. Your profits should range from $8-$12 depending on where you purchased gold on Friday towards the close. Longer-term we remain positive on gold.
This just in from mario dimascio >> Hi Adam, I just followed your advice and picked up an extra 10points on Gold………THANK YOU
GOLD ALERT: Short-term traders should now be on the sidelines in gold as a daily Trade Triangle flashed an exit signal at $1,291.70. Long and intermediate-term traders should continue to hold long positions in gold.
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