This chart was sent to subscribers by way of email update on Aug. 12 as I noticed the SMA 50 under upside threat. Obviously GLD successfully surmounted the SMA 50 to load the short term target of 124. With today's ping of 122.95, I am going to call the target hit for anyone who cares. And traders should care because they should not try to bleed every penny out of a target (I often sell trading vehicles just below them, as you may have noticed). But traders should also be mentally prepared for it to just keep on going, as this is just a short term technical target.
Investors? Well... zzzzzzz. Gold will get where it is going when it gets there. I am an investor.
I am also an investor considering once again a hedge with silver. Yes, I actually wrote that. Don't out think yourself, Gary!
Edit (3:27) Okay, here is my issue. By weekly chart SLV does not look so much like an ascending triangle or if it is, it definitely has the potential for a second hit at the lower line. Decisions... sometimes it's best to leave well enough alone and in this market, it is looking more and more like simply having lots of cash is the way to go.
