Short mini-Gold at $897.10

Gold broke $900 but can’t seem to hold. High was $916 today and then lost like $28 points in 7 hours. Daily chart shows two tail from past two days. Volume is also a higher today on a lower close. Stochastic and MACD looks to be turning down.

Perhaps I could have waited til the morning to enter the position. The 60 min. chart shows the price is going up. So I could get a better price. I’ll wait this out and not watch the price so often since this is suppose to be a long term trade. Target price is $865, previous consolidation. I’ll add another position if it plays out well. We’ll see tomorrow. CPI is coming out in the morning.

Related posts:

1. Gold closed short position: +>$1000
2. Gold price going down? Betting on it with 4 YGG08 shorts
3. Gold hovering around $885
4. Breaking out of a month-long trading range for gold and silver?
5. Entered 4 longs for Gold at $925.7/oz