OK, it isn’t THAT major, but I couldn’t resist using that title. What I’m talking about is happening, with respect to its resistance trendline, on both the GDX……….
Miners’ Major Breakout
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Oh Ye Of Little Fate
Since I dropped my long gold position like a hot potato first thing this morning (see circle below) I wanted to mention that I am still as big a fan of gold as ever. But there is a distinction between my very short-term view and my long-term view. My short-term view was to GTFO of my position, since this is a very emotional market right now. Indeed, I was relieved most of the /GC price gains were still intact by the opening of the cash market!
Red Letter Day
Good morning, everyone. My two principal pre-opening tasks, as always, are (1) to walk my dogs (2) to acquire my chai. Before I do so, and prior to all of us collectively entering the arena, I’ve got two charts to share.
The first is GOLD, whose behavior I applaud. It isn’t every day you wake up to see gold up about fifty bucks an ounce! From a chartist’s perspective, this was an absolutely beautiful breakout, and it was all heralded by the conquering of the descending trendline on February 11th,
Options with Gold
Back on October 6, 2021 I posted an article titled, Embrace Volatility: Three Inflation-Based Options Strategies that Bet on the Financial Sector.
Within the article I discussed three different options strategies on the financial sector, as represented by the SPDR Financial Sector ETF (XLF). The beauty of options is that each approach either was, or remains, profitable.
Since then I’ve posted a few trade ideas on gold and another inflation hedge, each of which have made profits. Here is the most recent post, where I applied a bull put spread:
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