Gold hits $1,400

by JDH on July 6, 2019

For the first time in 6 years, gold topped $1,400 this week.

That would appear to indicate that higher prices are in store for gold.  However, it would also appear that after the dramatic rise of the last month, a short pullback is in order.

I of course like to play it via NUGT, which has had a very good run, doubling since the beginning of May.  We appear to be in the $24 to $30 range of the final Fibonacci Retracement Level ( and yes, I know it’s all hocus pocus depending on how you draw the lines), so I’ll be putting in some buy orders at $24 and $22 and $20 to add to my holdings.

And then we will wait and see.

The weather is great, so that’s enough for today.  Plus I have to watch the news on Kawhi.

More next week.