I'll leave everyone with this one last chart going into Thanksgiving, a Gold Wave 5 Buy Signal - Pending. This is Spot Gold as opposed to yesterday's chart of GLD, with both charts indicating a technical pattern that is about to breakout to the upside. This coming in the midst of holiday trading places the trade in a precarious predicament. More in our Weekend Update, due out just before kick-off, Michigan v. Ohio State, from my alma matter, Ann Arbor, on Saturday. Gold: Buy Signal Pending Key take-away: If Buy is triggered, reward is massive, while a stop just underneath the wedge pattern could limit loss to about 25% from entry. So enter on a breakout of wedge pattern with a tight stop (,$4,000), or, wait for close above wedge pattern, maybe next Monday, with the usual -50% stop, looking for 5X on the calls below. GLD Jan Calls GLD: Wave 5 Buy GLD triggers a Wave V Buy on a close above today's high print, targeting a run to $460-525. SLV Calls This SLV trade from Sep is still alive and well, so if still long these calls, there is no rush to get into GLD; trader's choice.
