A week ago everyone was cheering as gold and other commodity markets were making new highs. Last week however, things changed as everyone seemed to want to jump through the same door, at the same time, putting a great deal of downside pressure on many markets.
This phenomenon sometimes happens when people have multiple positions in multiple markets in the same direction. When they start to take profits, there is no one left to buy.
In today’s short video on gold, we show one of the clues that was given by this market all the way back in May of this year. The video runs about 4 minutes and will give you a very good idea of exactly what I’m talking about. As you know, we took profits on a 52 week rule on Tuesday around the $1,416 level and we also exited with a daily “Trade Triangle” signal on Friday at the $1,382 level.
I think traders of all skill levels will get a lot out of this short video. As always all videos are free to watch and there are no registration requirements. Enjoy the gold video.