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Gold…. On its way to 1142.9 and likely beyond. An easy target for me to imagine would be above 1148.0. It’s going to take some effort, but there’s a group of stops up in this area that I expect to be taken out. After this, the market will be, “Very overbought.”
My expectation is that after breaking through 1148.0, there will be a decent correction to the downside. I will sell to people that are chasing the market up there, looking to ride my “short” position for possibly $15 bucks.
Whatever you do, don’t buy it up there unless you’re prepared to experience a sizeable drawdown before (possibly) becoming profitable.
Sean Blair
+FASTMKT>> FOCUS
Adler 747, Inc.
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Newport Beach, CA 92663
Suite 130
Sean.Blair@FASTMKT. com
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Futures and Options Trading is Risky and Not Suited for Everyone. Trading in Futures and Options should be done with Risk Capital Only, and Should Not Affect Overall Lifestyle should Losses Occur.
There will rarely be a time when you will ask me a question about the markets that I won't have a solid answer for. I also write what I call a "bootleg newsletter." In it I will provide charts and comments about various commodities in position for a nice trade. A great way to find out more about what I do would be to call me. I welcome your call.
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