The chart above is the last chart we will be viewing on today's program. After hitting a new record all-time high, gold experienced a well needed correction. On a technical basis as you can see this correction might have in fact found a bottom at the 38% retracement level.
Today's video will attempt to accomplish two goals. The first of which is a review of the trades accomplished this week. The second goal is to provide you with my interim view of the gold market. If in fact this correction has found support around the 1730 area, the most prudent move would be to reenter this market from the long side. We will await confirmation over the weekend and base our decisions upon market activity next week.
What an incredible week we have witnessed in gold. Years from now as we look back upon these days, we will fondly refer to them as "the good old days ".
The opportunities which were available this week in the marketplace were second to none. That is not to say that we will not experience this again in the future, on the contrary I still believe the best is yet to come.
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Wishing You Good Trading, GSW
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