From yesterday’s post…
“If it [gold] takes the 50 out and zooms back up great, the pom pom brigade will be back in business. If not, the SMA 200 and/or some notable lateral support are still open.”
“The thing that irks me with gold and silver is that as noted last Friday, the Commitments of Traders improved but the trends do not appear to have completed. We’ll see.”
Gold is back below the SMA 50 but at a short-term support shelf. The SMA 200 (orange line) is still in the game (click the charts to expand).
Silver is taking a haircut and looks pretty good for a test of support down there at 14.85.
Per the NFTRH Trade Log I took leveraged shorts on both of these items yesterday based on what I saw in yesterday’s post linked at top, and with the CoT trend in mind. But I never do that with anything even resembling bravado… or even confidence. So far so good though. I plan to be nimble.
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