At the moment of writing this update our full 250% net short positions in gold, silver and mining stocks are well justified from the risk and reward perspective.
yesterday gold, silver, and mining stocks declined, although the decline was not huge it was rather significant, All three closed below new 2018 lows but the question is how much more room left for gold to plunge? Trust me there is plenty.
we already wrote in our previous update that gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to $1060.GLD and SLV are giving major bearish signs while GDX is on a neutral side right now. The HUI Index is already trying to break below 2016 low while the previous attempt was unsuccessful and followed by an insignificant rally, as we saw another attempt recently and it seems that the breakdown may happen this time, Indeed the implications are bearish.
The conclusion-our outlook for Gold, Silver and mining stocks is very bearish for the medium and long-term, and it seems gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to $1060.
we will keep you informed anyway
many regards-Neeraj Pandey
Our existing positions
ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 12.80
Stop Loss: 16.46
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1080
Stop Loss: 1275
( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver 0.13% -0.13% -0.06% -0.26% -0.19% -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
yesterday gold, silver, and mining stocks declined, although the decline was not huge it was rather significant, All three closed below new 2018 lows but the question is how much more room left for gold to plunge? Trust me there is plenty.
we already wrote in our previous update that gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to $1060.GLD and SLV are giving major bearish signs while GDX is on a neutral side right now. The HUI Index is already trying to break below 2016 low while the previous attempt was unsuccessful and followed by an insignificant rally, as we saw another attempt recently and it seems that the breakdown may happen this time, Indeed the implications are bearish.
The conclusion-our outlook for Gold, Silver and mining stocks is very bearish for the medium and long-term, and it seems gold is likely to plunge more within next 2.5 weeks and it seems $1130 target is very much likely to reach but it may even drop to $1060.
we will keep you informed anyway
many regards-Neeraj Pandey
Our existing positions
ASSET--XAGUSD
Sell Limit Price: 15.500
Take Profit: 12.80
Stop Loss: 16.46
ASSET-GOLD
Sell limit Price: 1231
Take Profit: 1080
Stop Loss: 1275
( It doesn’t, however, mean that we won’t adjust (limit, close or even reverse) the position before this price level is reached. If we get enough confirmations other than gold’s price level itself (for instance, mining stocks show strength and silver 0.13% -0.13% -0.06% -0.26% -0.19% -0.06% reaches a very important support level , while the USD reaches a key resistance), then we might do it, just like we’ve done previously (which ultimately caused the short position to be more profitable).
