Loading ...Going back a month ago and then several weeks thereafter, I mentioned buying Put options as a strategy to protect/profit during the upcoming Int. downtrend that was then commencing. By now, it should be acknowleged that we are indeed into that downtrend. $1200 is a major resistance point now as it was on the way up. However, when we look at prior Int. down cycles we can easily see that we probably have 6 or more weeks to go yet.
With that much time to go then it is doubtful that $Gold $1150 will hold. $1100 has a chance yet on a weekly closing basis with a downside daily punch thru that level and a V snapback. Once this is over then its time to take profits on the puts and buy calls. Surely not yet. March looks miserable …even up to mid-April tax time.