This post was just published on ZYX Buy Change Alert
Momo crowd started buying gold this morning when the dollar weakened against euro. When gold broke out of the resistance, our algorithms show that heavy short covering ensued.
Yesterday we wrote that there was a very, very short-term trading opportunity. That opportunity has now materialized. Congratulations to those who caught on.
Please remember that this is mostly a technical move and not a fundamental move. Those who went long yesterday may consider taking profits on gold right here around $1638 – $1639 and on silver $29.15 – $29.30.
Long-term investors may not participate because the risk continues to be high. For more details please see yesterday’s post.
