Gold has moved above the critical 972 level, confirming the bullish triangle formation that has been building since February. I am stopped out of DZZ, and have taken a half-long position in the DGP. By using appropriate position sizing and stop management, I was able to keep my loss on the DZZ position to less than 2% of my account. I can live with that. The only thing there is to do now is to go with the confirmed trend, which is up. I will be looking to add to this position on any valid pivot setups below the previous all-time high.
The measured move target for gold is around 1260, with a range of 1138 to 1454.
For those following Marketclub's signals, a three week buy signal triggered today at 963.40.
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Recent Ned Davis Research Gold Bullion Sentiment Poll was as low as 18.7 the lowest reading since the sentiment low in 2002.
It's also interesting that gold makes its move on a day when the Fed minutes stated that inflation was moderating. :)
Thanks for that info from Ned Davis. I was not aware.
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