Updated: May 25
The price of gold has been on an upward tear over the last 12 months rallying by over 40% during that time. But recently, I initiated a short position to position for a pull back with profits so far up by over $15,000 in the account.
We had some strong price indicators suggesting a top was due in May near the $1790 mark. It was certainly earmarked as an area of resistance by our PRICE techniques as well as on our 'active angle' using the Gann Square of 9.
As a consequence, I initiated some short positions in gold bullion which have positioned me for a pull back in price.