Preparing For Long Opportunity in Gold

Have you sold your position in Gold when it was at its recent high? If you had known about “The Weekend Rule”, then you are probably out of Gold market last week after selling at its high. Since last week, we know Gold has been on decline and Adam from
MarketClub released another video on this topic. He is predicting more short-term sell off in Gold by looking at previous pattern. He points out there is also divergences in Gold, as price moves higher the MACD indicator moves the other direction.

For those who do not have position in Gold and are interested, it looks like there will be good opportunities to do so soon. I would look to take positions in GLD or GDX ETFs as the long term trend in Gold still is very strong.

Below is 3 month chart of GLD. Congratulations to those who exited at near $139. There seems to be a support just below $130 so a good entry point would be below $130. Also, the 50 day Simple Moving Average intersects this level.

There exists a similar support in GDX. Below is a 3 month chart with support at $56, which would be a nice target range for buyers. The 50 Day Simple Moving Average is near by as well.