So Far, So Gold

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Yesterday I did a post stating that gold was facing a three-piece obstacle of resistance, and in spite of a surge of strength for the past two and a half months, it was about to flip around. Well, I’m pleased to say that my gold short is my most profitable positio of the day, and I’ve been augmenting its size all morning. It’s particularly heartening, as sheepish as I felt after Wednesday’s Bernanke debacle.

The chart’s a pretty tough read right now, with respect to how far it will fall. I’m going to take it a day at a time. I’ve presently tightened my stop up to 130.28, guaranteeing me a profit (unless we get a big gap up), and I’ll continue tightening as the position moves in my direction.

0920-GLD