Gold Reviews

The past 6 months have been every interesting, as the financial markets try to find a bottom while banks go bankrupt and more and more investment scandals continue to pop up on the radar destroying investor’s life savings literally over night. It still sounds crazy, when I hear banks are going bankrupt and it just goes to show anything can happen.

The feds continue to poor billions of USD’s into the system, when everyone is 100% sure the USD is about to become worthless. The USD has been consistently stronger, even though the feds continue to dilute the world with more $$$$ on a monthly basis. Gold has also been increasing in value, reaching $1000 a week ago, as foreign currencies decline, sending the rest of the world buying gold as a safe haven.

The charts below, of the USD currency and the UUP Dollar ETF, show something, which I think will be interesting to watch. Exchange traded funds are known for not following the underlying vehicle perfectly, which is something that, us as traders, just have to live and learn to deal with. But the funds can provide us with some interesting opportunities from time to time. The two charts below show the strength of the US Dollar and currently testing the highs formed back in November and forming a bullish wedge indicating a breakout to the upside is likely to happen. If we do get a breakout, my target for the USD is around the 95 area.

Now take a look at the chart of the UUP fund, which allows traders to trade the USD. What do you see? The fund is underperforming, which can be seen by looking at the price, which is 2% below the November high resistance line. What I am looking to see here is, for the USD to breakout above the November high, which will trigger the UUP fund to surge higher, as it must also breakout to new highs, generating a quick pop in price adding 1-2% extra potential out of this possible setup. Read rest of article here

The past few days have been stressful, as I watched gold slowly work its way higher without a decent correction to take another position. Both gold and silver have been on a tear moving higher not allowing the more conservative trader like my self with a low risk setup and entry point. I am not a fan of chasing prices higher, as it generally leads to a quick loss when prices snap back and correct from an over bought state. This is what both gold and silver did today and I expect to see lower prices over the next week or so, depending on how fast they correct. Last Friday I mentioned the open interest on gold went down sharply, which told me that smart money was moving out of gold and that is always a RED FLAG. Let’s take a look at the charts below because that’s what trading is all about Price Action.

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