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Gold and Silver were due for a pullback and yesterday Gold came within a whisker of my downside target of 917.00 basis the August contract. But I really didn’t like the action in the market because I was looking for a real washout kind of trade that would finally have the weak longs grinding their teeth and being forced to throw in the towel. I advised you previously that the market was probably heading for a down period and I had been SHORT during this retracement. When it became obvious that the market wasn’t going to reach my target of 917 yesterday I reversed my position and got LONG AUG GOLD at 921.50. The market is trading at 923.10 as I write this blog entry. But here’s the kicker! The market broke all the way to 913.20 overnight!! That’s the kind of action that I was looking for yesterday that never materialized. I feel comfortable in advising you, our readers, to BUY GOLD and SILVER at these levels. We may not see these markets at these levels for a long, long time. This is exactly the kind of move that I was hoping for because it looks like those weak hands have folded their cards and it’s time for the markets to turn and head higher. The flip side to this would be if the AUG GOLD contract were able to close below 917.00 on two consecutive sessions. This would be extremely bearish and could push Gold prices back to the April lows at 867.50. I give this scenario about a 5% chance of occurring. I put the odds that the market has bottomed right here at 75-80% and those are the kind of odds that I need in order to commit to a trade and I’m committed to this trade now.
If you have been thinking of purchasing some GOLD or SILVER BULLION, please call our toll-free hotline and talk to one of our professional advisers who will provide you with the latest prices on Precious metals. Opening an account takes only a few minutes. Pick up the phone and call 1-800-605-1792! You’ll thank yourself for doing so because this is an opportunity to buy GOLD and SILVER at prices that we may not see again.
As always, if you have any questions, follow me on Twitter, send me an email at daledoelling@bullion.com or call me at 888-453-4614, ext. 2. I look forward to talking or “Tweeting” with you.
Good trading,
Dale F. Doelling, Chief Market Analyst
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