Dumped Gold and Silver Stocks 042607
I dumped the gold and silver stocks I was holding. You’ve just got to respect that red wide range bar on the XAU daily, and 60 minute charts. What had me bullish was the uptrending 20 day moving average, which I thought might start pulling the 50dma out of it’s flatline posture. There was recent 60-day highs in stocks AU, and SSRI.
Without a bounce in the XAU today though, it would leave too much portential for more downside. Preservation of my capital is most important, and with a few of the winning trades from yesterday, turning into losers, I felt no need to compound the situation. I lost around 4R. We’ll see how the XAU handles 135, if it gets there, or the daily 20dma. My guess is churning and possibly day trades will be the only action in the sector. Nice XAU selloff into the close, didn’t help the bulls much either.



