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Monday, March 28, 2011

Pullback in Gold, Silver, and Oil?

If you are in the inflation camp with me, you know that commodities are in a bull-market, but it looks like a correction is coming. I've been shorting Gold since it has hit $1400/oz. and continue to hold my short positions. I would look for a pullback to the daily 200-MA on the GLD as a buy.

For oil I would look to short it if the USO went to $44. But if, instead, it decides to decline from here, I'd begin to ACCUMULATE SOME positions in the USO around $38-$39.

Silver of the 3 commodities looks to be the strongest. Look to accumulate silver when the SLV gets to $30-$31. $26 would be the ultimate target for SLV however.

Good Luck All!

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