Trade Update: GLD SLV

If you want to have your as% handed to you chase gold and silver right here and you will get your wish. After trading over $100.00 per ounce this week $100.00 is now setting up as resistance as you can see from the chart of GLD. We are long GLD from 88.93, but are now shot IAU also from 95.55 as a hedge if you are so incline you can put a stop on IAU at 100.00, but I wont until after the FEDs meet next Tuesday.

The resistance on SLV at 205 is clear as is the powerful double top. Don't buy into this wait for the pull back to get in or add. I f you do buy some shiny stuff here set stops at 200.

What I finally learned by losing a lot of money was that YOU DON'T BUY INTO A HUGE RUN UP. Sounds simple, but the scam and the psychology are going against you. To get a better price on the positions they will be selling after the fed meeting the funds and institutions holding gold and silver along with the specialists are dialing the price upwards, squeezing the shorts and the uncommitted. Just when you panic and think it will never come back you get in at their price, that's when they sell and you say G%$#@. This is an old game, don't play it on their terms, wait.