Gold: We learned nothing this week

by JDH on August 26, 2017

Last week I asked a simple question:  Has gold hit a triple top, implying it will head down, or will Trump’s antics cause instability leading to a rise in gold?

Answer: I don’t know, and I learned nothing more this week.

The gold chart certainly appears to have formed a triple top.  After the spike above $1,300 six days ago, gold has stayed under $1,300.  Friday was interesting.  Gold started the day with a collapse down to $1,278.50, then traded as high as $1,301.40, so for a short time it appeared that a break out was happening, but closed the day below $1,300 at $1,297.90.

What does this mean?  I have no idea.  None.

It would appear that the blue uptrend line drawn off the early July lows has been broken, but does that mean anything in a manipulated market?

Again, I have no idea.

In my conservative portfolio I am long, holding solid stocks.

In my speculative portfolio I am short, holding DUST – Direxion Daily Gold Minders Index Bear 3X Shares. I assumed I would have sold my DUST last week, but my sell prices were never hit, so I will re-enter those orders and sit and wait.

Of course the world changes fast (just ask anyone in Texas), so I don’t know what next week will bring.

Stay tuned.