A Market Timing Report based on the 12-06-2013 Close published Sunday December 8th, 2013
Gold fell again this past week and failed to rally. A potential short term reversal on Wednesday failed by Thursday which is not saying much. The gold ETF (GLD) seems like it’s pushing to test the prior major low at the lowest red line on the chart below. And the only reason it may hold is that most everyone hates gold now. After a bounce from that low, if the Bulls are lucky, gold will hold onto its gains. Some big firms are predicting major news lows for gold, so there are still Bears roaming the metal fields.
Consider taking out all your profits as I did (at 1370 months ago), especially if the prior major low does not hold. Sometimes a break is quick and then there’s a reversal, so you might want to sell in steps. It’s your money, so do what you feel is best. Eventually, the US dollar will get into trouble on the QE policy of the Fed in my opinion and gold will rebound once again, but don’t give up all your profit waiting for that to happen.
Here’s the chart:
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Standard Disclaimer: It’s your money and your decision as to how to invest it.
I thank Worden Brothers for the chart system I use to post these charts. If you want to know more about the charting system I use every day, go to my “Other Resources” page here: Other Resources It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.
Look for updates on the main chart tracking pages this week as I feel they are needed and comments via Twitter.
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