We were at a fork in the road Thursday and Friday. My mindset was that gold needed to do something bullish quickly. Well, it’s Monday, and that qualifies as quick enough. It is now far, far less likely we will be stopped out at $1672.
My next move for the MBT Portfolio is to wait for a weekly swing low (any move above last week’s high, $1724.90) on the February /GC. Obviously, this also means gold needs to hold above last week’s low of $1684 at all times.
On a weekly swing low, I will put the 25% cash position to work in UGL.