In the chart below I have outlined my playbook for trading gold. As prices change, I will… but right here and now I’m a seller at $1,008/oz (dotted red line), and a buyer in the range of $921-935/oz (shaded green). Massive support remains at the $840/oz line (thick green), and if gold bulls were to capitulate further from today’s lows, that’s where I suspect the real selling stops.
For now, given that I think global equity markets will come under further selling pressure from here (I am short Asia and the Dow), I am long gold again… at my price.
Keith R. McCullough
CEO / Chief Investment Officer