Not Quite Ready for Liftoff

by JDH on September 28, 2019

Last week I said gold was ready for liftoff.  Oops.  Didn’t happen.

However, like the stubborn mule that I am, I’m still not worried.

As the chart shows, since the middle of July NUGT, my proxy for gold, has had a series of higher lows (the vertical lines) and higher highs (the blue circles).  That, to me, is an uptrend, and I choose to believe that that uptrend will continue.

Yes, this week was a set back, but until NUGT closes below $28, I’m not going to panic.

It’s volatile.  It goes up and down.

I would like to see another new high by the second week of October to keep the momentum going, so I’m not selling.  In fact, on Friday, I took advantage of the bargains and bought more.

Ill advised?  We shall see.

More next week.