Time to Take Profits in Gold

[Money Trends with Andy Krieger]( Welcome to Money Trends! If this is your first time reading one of our issues, learn more about us [here](. And if you have any questions or comments, shoot us a note anytime [here]( or at feedback@andykriegertrading.com. Time to Take Profits in Gold By Imre Gams, Editor, Money Trends Back on [September 21]( I identified an unfolding triangle in gold. In that article, I wrote that this triangle could break out either to the upside OR to the downside… The beauty of this opportunity was that we could leave a buy stop and a sell stop resting in the market… And when one order got triggered, we would simply cancel the other one. On [October 19]( I provided an update on gold’s price action since we first identified the original triangle. Gold ended up breaking down and out of the triangle for a quick 3% drop before rallying back into the structure of the triangle. I wrote that, “I’ll stay bearish on gold so long as prices are below the start of wave ‘e’ at $1,983.80.” Well, since then, prices have remained firmly below this key level of $1,983.80. In fact, the net move lower since we broke below the triangle is now just over 5.5%. This is a very reasonable move to catch in any market. So I now believe it is time to either take profits… or to aggressively lower our stop loss to protect any open profits on the trade. Recommended Link [Man Who Picked Apple, Bitcoin Makes Next “Pick of the Decade"]( [ad_img]( Picking the right “investment of the decade” can transform your life… Microsoft in the ‘80s… Amazon in the ‘90s… Apple in the 2000s… Bitcoin in 2016… Any one of these could have made you a millionaire many times over. Starting with very little. Today, the Wall Street legend who picked the last two “investments of the decade”… months (even years) before his peers… will finally reveal his new #1 pick for the 2020s. It’s not 5G, artificial intelligence, or the internet of things. The answer will surprise you. And, for those who take early action, it could lead to an eventual $1.6 million payout. [See #1 Pick]( There is room for further potential downside. But I believe we have likely already experienced the meat of the move. [image] The trading lesson here is not to overstay our welcome. We had a nice move down, and gold has entered into technical support. It would be foolish to give back a nice profit now because of a hope that the market might continue breaking lower. Remember, on September 21, I said that I could only count three waves up. In Elliott Wave Theory terms, that means this sell-off should ultimately prove to be a corrective fourth-wave pullback… and that a final fifth-wave push higher is yet to come. But after that final push higher, we still believe gold will have a major sell-off… If you’ll recall, on [July 31]( Andy and I wrote that we see a much larger unwind in gold coming. We thought it may be as much as a 25% drop. Now, we believe that eventual drop will be much larger. That said, we have to respect the wave structure that is unfolding in front of us right now. And that wave structure tells us we have one final push higher to go. Regards, Imre Gams Editor, Money Trends --------------------------------------------------------------- Like what you’re reading? Send your thoughts to feedback@andykriegertrading.com. [Money Trends with Andy Krieger]( Andy Krieger Trading 55 NE 5th Avenue, Delray Beach, FL 33483 [www.andykriegertrading.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This email was sent to {EMAIL} because you subscribed to this service. If you no longer wish to receive emails from Money Trends with Andy Krieger, [click here](. Andy Krieger Trading welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-888-206-3481, Mon–Fri, 9am–5pm ET, or email us [here](mailto:feedback@andykriegertrading.com). © 2020 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](