Near Term Trend: Positive
Friday’s Close: $1,235.90 (- $1.35)
UPDATE: Six weeks ago traders should have gone long Gold. If you went long near $1,133.00 we recommended moving the protective profit stop up to $1,186.90 three weeks ago. As of two weeks ago the stop was elected. On a positive note, the trade yielded a profit of $5,300 per contract. Unfortunately, the low the day our stop was elected was the low for the last ten trading days, and Gold rallied another $60.00 above that point. We were correct but encountered bad luck; the stop was nicked.
Wait for a further dip to buy near $1,200.00