Gold Update 05/05/2009

A quick Gold Update 05/05/2009 for those following my gold related articles and trading using DZZ.

Gold climbed higher in the early morning hours today to $916.80, which was just shy of the $918-$920 area I said to watch for on my previous article: Gold Update 05/01/2009.

I mentioned that the $918-$920 price range should be used as a possible stop loss range on a "closing price" because it would bring up a concern that further upside in the short term may be ahead for Gold.

Once the price reached $916.80 it turned lower and continued declining throughout the day today, closing right near $900 once again.

Gold 05/05/2009

Initially this brought the price of DZZ down to open this morning at $22.72, but as Gold moved lower, DZZ bounced and moved up over 3% from the lows today to the close.

DZZ 05/05/2009

This may have been a typical shakeout of weak traders so I will be keeping an eye for a close above $918-$920 as I previously mentioned, or a strong move up through this level, before I give up on DZZ for the time being.

For those who think Gold will be moving lower from here, now may be a good time to open a position in DZZ. Be sure take a look and see what you think before making any decisions for yourself and as always, make sure you use a stop loss that fits your trading or investing guidelines.




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