Saturday, October 23, 2010
Hammer time on gold and silver
I personally was expecting a pullback to the 38.2 area and was hedged completely until I saw the strength coming back in on Friday. I am now only lightly hedged. I am watching the EMA 3/6 for a bullish crossover to give me more comfort.
I am already in all of my gold positions, but will lift my remaining hedges on that cross. Silver is where I will get more aggressive. PAAS showed nice strength on Friday, and I will buy this stock and AGQ, when AGQ hits my buy target in the 95-96 area.
A break of this support area will force me to rehedge and wait again for a buy signal. I don't think we will need to wait long though, the market will render its verdict on the G-20 meeting next week.
Posted by bkudla at 5:24 AM