Gold Local Top, Looking for re-entry targets on the pullback
Updated
Gold has made one hell of a run and I think the demand has been spent for the short term. I'm looking for a retrace down to the 50%-78.6% fib levels (the green box). If we get that retrace and a buy signal, I will increase my long term precious metals position to 20% of my portfolio. Right now I'm at a 10% position.
I'd expect a pullback down into the mid-March timeframe, then I'll add to my positions.
I'd expect a pullback down into the mid-March timeframe, then I'll add to my positions.
Comment
Gold backtested that $1,900 support and painted a bullish hammer to send it off for it's next rally. As long as gold holds above that $1,900 for a bit, we'll see guaranteed hidden bullish divergence on the MACD indicating continuation of the price appreciation.I re-entered on gold miners yesterday. Added more to GDXJ and NGD.
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