Saturday, April 8, 2017

Another Gap Play

War fears: Gold spurts!

One reaction to the American missile attack on Syria was an immediate spike in the Gold price.  Such synthetic moves usually correct back to reality, and the results of this beginning to happen occurred soon after the markets opened on Friday morning, setting up a good shorting opportunity.

After a big gap-down open, JDST bottomed at 13.00 even, nearly a dollar below its previous close, in a declining wedge E-Breakout pattern (thank you Bill Morris, rip).  A retest buy at about 13.10 {stiff stop 12.99} was followed by higher highs and higher lows until well above 13.94, the previous day's close.  A shooting star top terminated things, but not before over a 12% rise.

Stay Tuned!

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