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Still Waiting for Gold Dough

Still waiting for confirmation of an upturn in the 9-12 month cycle. Until that happens, there’s still downside risk, with limited upside. Here’ are the parameters to watch.

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Mining Picks- As a result of the pullback, and my placement of tight trailing stops, all open picks hit their stops and were closed off the tracking list. The result was an average gain of 12.9% on an average holding period of 3½ weeks. Non-subscribers, click here for access.

I had a bias of expecting to see a few short term buys on visual review of the screens. But when I ran the screens, there were just 2 charts with repeat buy signals and 9 with repeat sell signals. This is better than last week when there were 3 buys and 21 sells, but it’s still not fertile picking grounds for buy side trades. Non-subscribers, click here for access.

These two negative weeks followed a preponderance of buy signals for the prior 4 weeks. Therefore, for now, I consider this a normal corrective phase. However, Thursday alone had 2 buys and 3 sells, not a ringing endorsement of a short term bullish outlook. Non-subscribers, click here for access.

Upon visual review, the two buys did not look at all bullish, so we’ll be sitting out this week with no picks. We wait. Non-subscribers, click here for access.

Averages assume 100% cash, no margin, no options. The use of margin or options will magnify both gains and losses. See disclaimer. Non-subscribers, click here for access.

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The strategy and tactics suggestions in this report are informational and general in nature, and illustrative of one approach. They are not investment advice. No representation is made that it is the best approach, will be profitable, or even suitable for any particular investor.

Nothing in this letter is meant as personalized investment advice and you should not construe it as such. Trading involves risk of loss, and in the case of options, the loss can be 100% of the amount invested. Any trading that you do with reference to strategies and tactics suggested in this report should be done only after consulting with your financial adviser. Trade at your own risk. 

Posted in 3 - Gold Trader
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