"Could you please ask David if now that Gold has passed it's previous high would he add to present gold positions at this time?"

David Fuller's view "Could you please ask David if now that Gold has passed it's previous high would he add to present gold positions at this time?"

My coment - I could justify leveraging up on my gold (weekly & daily) position now that it has reached a new high for the year, reaffirming the overall upward trend. However, in bull markets I prefer to buy gold and other investments or trades following setbacks towards their rising 200-day moving averages within those trends, as I did when purchasing a position in the April contract at $1338 on the 1st of February.

Gold has now risen for five consecutive weeks to reach a new high, so it is temporarily a little overbought. I would prefer to see a brief consolidation of those gains near or a little above the previous highs, using that pause or an additional upward break following it, to increase the position. However, gold may not pause because it has a big following and some of those people will have reduced positions during the mean reversion correction. If they pile back in, bullion could move steadily higher, as we have seen following some previous breakouts.