{"id":24324,"date":"2013-06-20T08:45:23","date_gmt":"2013-06-20T12:45:23","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=24324"},"modified":"2016-09-20T14:11:03","modified_gmt":"2016-09-20T18:11:03","slug":"gold-wide-open-downside-hole-but-defined-support-area-to-note","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2013\/06\/20\/gold-wide-open-downside-hole-but-defined-support-area-to-note\/","title":{"rendered":"Gold &#8211; Wide Open Downside Hole (BUT, Defined Support Area to Note)"},"content":{"rendered":"<p>Gold and Silver are seeing a sharp sell-off on the news that there may be a &#8220;tapering&#8221; of bond buying by the FED and probable margin calls due to the quick move we saw in currencies over the past day. We are holding a good-sized position <a href=\"http:\/\/www.thedisciplinedinvestor.com\/blog\/mailbox\/tdi-investment-fund\/\"><strong>(Short) of gold for clients<\/strong><\/a> and that is seeing a solid pre-market pop. On the latest <a title=\"DHUnplugged #185: Waiting for Goldot\" href=\"http:\/\/www.thedisciplinedinvestor.com\/blog\/2013\/06\/19\/dhunplugged-185-waiting-for-goldot\/\"><strong>DHUnpplugged episode yesterday<\/strong><\/a>, we discussed that this week&#8217;s FED Day could finally break gold out of its consolidation pattern and the potential for a sharp move <!--more-->was probable.<\/p>\n<p style=\"text-align: center;\"><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/andrewhorowitz\" data-show-count=\"false\">Follow @andrewhorowitz<\/a><script type=\"text\/javascript\" src=\"\/\/platform.twitter.com\/widgets.js\"><\/script><\/p>\n<p>Looking at the chart below, notice that there is no real support below the $1,340 range on the daily chart. Gold futures hit a low of $1,292 in the early hours on Thursday and have bounced to $1,302 at 7am. With some important economic reports due today, this is going to be interesting to watch.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-15516\" alt=\"gold drop\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2013\/06\/gold-drop-1.jpg\" width=\"579\" height=\"326\" \/><\/p>\n<p>Longer-term there is <em>some<\/em> support down to $1,282, just below of the low of $1,285 this morning. We will look to cover all or part of the position in that area for clients.<\/p>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-24325 aligncenter\" alt=\"goldweekly\" src=\"https:\/\/thedisciplinedinvestor.com\/blog\/wp-content\/uploads\/2013\/06\/goldweekly-1.jpg\" width=\"579\" height=\"326\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold and Silver are seeing a sharp sell-off on the news that there may be a &#8220;tapering&#8221; of bond buying by the FED and probable margin calls due to the quick move we saw in currencies over the past day. We are holding a good-sized position (Short) of gold for clients and that is seeing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12],"tags":[286,299],"class_list":["post-24324","post","type-post","status-publish","format-standard","hentry","category-markets","tag-commodities","tag-gold","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/24324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=24324"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/24324\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=24324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=24324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=24324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}