It's Time To Short Gold
InTheMoneyStocks.com | Dec 28, 2017 12:56PM ET
Gold has surged in the past two weeks as the dollar has faded. It also appears investors are buying some protection after bitcoin faltered at $20,000 before its recent decline back to $14,000. Bitcoin was a store of safety until two weeks ago when it began to crash. Now money is headed back to trusty gold. While I am a long-term bull, there is a significant swing-trade short opportunity in shares of the gold ETF GLD.h3 Short Strategy/h3
GLD hit a gap fill and also a down-sloping trend line on Thursday, which connected the highs from mid October to late November. The fact that gold is near-term overbought and has hit two major resistance points signals a likely pull back. Swing traders can look to short gold by buying the DGLD (3x gold bear ETF) or just shorting the GLD, which should retrace back from its current price of $122.85 to $121.00 in the coming week.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.