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Mar 23, 2012 1:53 pm
I have bought a pilot position in AGQ the leveraged ETF in silver.
AGQ has offset this morning's gap down.
AGQ also shows 3 drives down to test the last buy pivot from January.
There is no confirmation of any kind of low, and that is why I am taking only a pilot long position.
That being said the metals may be setting up as GLD is in the 7th month down from its primary all time high last August. As you know 7 often time represents a turning point.
GLD may be carving out an Island Bottom on the dailies (bullish) and an Inverse Head & Shoulder on the weeklies (bullish).
I will go over the entire picture on gold and silver in the report on Monday morning.
I would use a stop at 53 for the time being and I will follow up if I should add to the position.
Position in AGQ.
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