This post was just published on ZYX Short Sell Change Alert
On June 19, close to this swing peak in gold and silver , we posted,
Gold and silver are set up perfectly for a short sell here. The reason is that the probability of QE3 is low and if Fed announces nothing or if Fed announces Operation Twist, Smart Money is likely to start selling gold and silver aggressively.
We recommended caution against short selling for most investors because of the risk.
From the emails it appears that a large number of our subscribers who are aggressive or bullion dealers sold short gold and silver in response to our post.
What to do now?
Please be aware that there is a weak support in gold right here at $1565-1568. Equivalent in GLD is $151.90-152.25.
There is also weak support in silver at $26.90-27.10. Equivalent in SLV is $26.07-26.27.
Very short term traders may consider taking partial profits right here and use tight stops to protect profits on the rest.
