Quick Note on Gold

September 8th, 2009

WARNING: This is not a recommendation to buy, sell or hold any financial instrument.

UPDATE: USDX Prints 77.22 Intraday

*SPLAT*

Next leg down.

UPDATE: USDX Prints 77.46 Intraday

Gold longs, I’d strongly consider some defensive September and/or October puts on GLD with that major resistance overhead at $1032.

To those of you who are going to try to get through $1032 heavy and unhedged: Good luck.

If it breaks down again, it’s not like gold bugs aren’t used to being foiled… yet again. If your outlook is short term, know that a breakdown from these levels could be interpreted as a double top, which is very bearish.

UPDATE: Gold Over $1000, U.S. Dollar Index Must Break Down Here

77.49 is the support. It’s at 77.51 right now.

Say it with me now: LEEEEEEEEEAN!

—End Update—

As gold is toying with $1000 ($999.40 right now) some emails are coming in. Please see this recent post. $1000 isn’t a big deal. $1032 is a big deal.

If the USDX does not break below 77.49, gold longs, watch out.

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One Response to “Quick Note on Gold”

  1. Eileen says:
    September 9, 2009 at 2:36 am

    Maybe its time to sell one or two or more of my collectibles.
    Sure looks tempting.

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