Thursday, June 2, 2011

Short Term Top in Gold? 10:10AM CST 6/2

(Chart 1 - Gold Daily Zoom)
(Chart 2 - Gold Daily)

Bought GLL (short gold etf) at 23.25

As I said here, I had liked buying gold for a move to 1560 a few days ago.
We got just over 1550 yesterday. Perhaps 1560 was ambitious.

I puke these shorts at 1552.
Will take most of it off for a profit when Gold hits 1502.
Will leave a piece on for a run to 1475 as well.

If this goes though, it could easily get to 1407 or even as low as 1347 (though that is a bit of a long shot, barring a verrrrrry deflationary jobs number tomorrow)

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