Gold punished, but going back up - Long DGP and UYG
Posted on December 8th, 2008 in Long Trade |
Gold was punished this week with the strength of the US dollar but that will be short lived. Gold prices went down but could not close below the breakout on Nov 19, see the chart below of the DGP (2x Gold ETF). On Friday I bought DGP at $13.20 and heading up to $16.46. I also have positions in AEM, RGLD, GOLD.
Also the financials XLF got inside the range on Oct 10 by closing over $12.79. The XLF should now make a run up to $16.53 and maybe up to the next swing high of $17.87. I am long the UYG (2x XLF RTF)
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Gotta love the effort you put into this blog