Loading ...Don’t Chase
While the last few days action makes it more likely that the Sept. lows for gold, silver and many miners were the correction lows, I wouldn’t chase this seeming breakout. Don’t forget, today is Fed day and that plus any election related news could be used to sell everything off once again. Hopefully, that happens and you can buy the metals and the miners at better entry points even though the bargains of September are unlikely to be matched.
For me, correction appears to have had time to mature in terms of time and price.
BTFD could turn to FOMO at any point here.
“It’s a bull market you know”.
J. Livermore
BTW, I bought the most recent GDX low so I’m basically just stok’n it :).
I make most of my short term trading profits chasing.
I agree to try to buy on only red days. However, if this intermediate cycle plays out as I expect it to, the vast majority of gains will come in a dozen or so significant trading days, and the rest of the time will be spend backing and filling.
This second daily cycle could scream higher very quickly. We are only on day 5 of this daily cycle. Every day that goes by, the risk associated with getting long goes up, IMO.
gold has made a higher high than the first daily cycle, which means the $1859 is not going to get broken. If you don’t have a position now, I personally would advocate taking at least a small position today and then buying any dips as they come. Every day that gold advances your risk goes up.