2 Gold Spikes

Just how many more trillions of dollars of debt do you think can be printed before the rest of the world decides enough is enough?

Gold is money, and nothing else is.

Short it at your peril. The dollar and the debt both are at silly levels.
 
Quote from PFWinkler:

None of these answers make sense at all.
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Then allow me to make sense of it all.
Imagine, if you will, that you are a short seller of gold and the time is early to mid October 2008. You notice that the price of gold has been getting tremendous resistance from the 200 day moving average so you take a sizeable short position at an average price of say $900. You might have a target of $690-$700. Then on October 10th the freefall begins and the profits start building. You put in a GTC sell order for 1/3 of your position at $700 and 1/3 at $690 and you let the rest run. By 10/24/08 you nail your first two targets. You still have a decent size short position in Dec gold but the price levels off for a couple of weeks. Then on the week before Thanksgiving you notice that you need to roll your position by next week, First Notice Day 11/28/2008. You begin to compete with all the other profitable shorts to cover your December position. What follows is a series of low volume short covering rallies.
 
Quote from PFWinkler:

WOW

Gold spiked twice today, once @ 9:15 to $821, than again to $821 around 12:30.

I was short ahead of the spike and got my face-ripped off BOTH times

Anyone have any insite into this massive move?

PW
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I think it's not wise to be short Gold at the moment as the Daily chart is bullish, especially so during the times when volume is expected to be low. News aren't required to cause yesterdays' type of activity. You've been spoofed :eek:
 
Quote from JSSPMK:

I think it's not wise to be short Gold at the moment as the Daily chart is bullish, especially so during the times when volume is expected to be low. News aren't required to cause yesterdays' type of activity. You've been spoofed :eek:
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I don't know about you but at this point to me GLD daily chart is very bearish its making lower highs and lower lows thats bearish and usually this pattern ends up making bid leg down when everyone realizes at the same time that we not going up but instead down and runs for the exit.look at GLD daily 2 year chart .to negate that GLD have to move up to 90 and above and until that happens its bearish.
http://finance.yahoo.com/echarts?s=...=on;ohlcvalues=0;logscale=on;source=undefined


edit: i don't know why but it there is some error you need to enter gld symbol to get chart
 
Gold up 25% of support and view it as bearish? Plus other TA things add to bullishness on daily, but I guess we all have different eyes :)


Quote from thomfergu:

I don't know about you but at this point to me GLD daily chart is very bearish its making lower highs and lower lows thats bearish and usually this pattern ends up making bid leg down when everyone realizes at the same time that we not going up but instead down and runs for the exit.look at GLD daily 2 year chart .to negate that GLD have to move up to 90 and above and until that happens its bearish.
http://finance.yahoo.com/echarts?s=...=on;ohlcvalues=0;logscale=on;source=undefined


edit: i don't know why but it there is some error you need to enter gld symbol to get chart
More...
 
Quote from JSSPMK:

Gold up 25% of support and view it as bearish? Plus other TA things add to bullishness on daily, but I guess we all have different eyes :)
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after gold peaked in march and made lower high in july and then made another lower high in mid september to mid october at this point to me this is just another bounce,which is almost at resistance. we still have few more dollars to go up.now if about mid eighties on GLD will not be broken to the up side and mid to low seventies will tested again (and most likely they will)and if they fail we will see 60-50 dollar range on GLD very quickly. off course we might test mid seventies on GLD and bounce from there and start new bull run for gold but thats another scenario.
 
Bullish Gold indicators:

COT commercial index=long
seasonal tendency=up
daily trend=sideways to up
weekly trend=up
bullish divergence on weekly MACD and OBV
US economy=tanking

As soon as I start seeing the television commercials telling people that it is a good time to buy gold, I will know that gold is at its peak and it is time to close out my long position.:)
 
I have followed gold closely for over 20 years and used to be a perma gold bug.

At some point, in the future, a bit of gold in one's retirement acct may make sense. (Gold broke a multiyear uptrend awhile ago, which makes me presently pessimistic).

However, at the moment, I have to agree with ESS196 and thomfergu...(sp?). Gold's behaviour right now is very atypical...it does not go up and stay up without bouncing $50 or so more.

The fact that it hasn't been able to break up another $50 is telling me we are at resistance.

One day, I will know more about trading gold futures (I prefer options on futures), but appreciate ESS1960's comments.
 
Quote from sumosam:

...(Gold broke a multiyear uptrend awhile ago, which makes me presently pessimistic...
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I put it down to forced liquidations, so many other instruments also suffered. I look at what's happening with currencies, stocks, real estate, oil - major economical instability & that's exactly why precious metals will be the place where people park their savings, at least for the time being. There is an increased demand for physical, maybe one day it will backfire on Comex dealers.
 
anyone trading gold for ticks these days

better be willing to get the #$%^&* out of his or her position

just as quickly as they scalped their teeny profit

or be willing to hedge at fav levels with something that correlates gold ( there is more than one instrument in which to do this )

also ... certain times of day whether overnight or during the comex session ( and into the NYSE close ) are extremely volatile

if you can

a. trade very small
b. trade even smaller than that
c. get in and out at fav levels

you have a chance in these market conditions


else you are just throwing good money after bad
to those with the deep pockets and more experience than
you

welcome to gold trading 2008

ps another thing to keep in mind is that sometimes the so called
"safe haven" buying come into play and sometimes the liquidation mode also comes into play

it is very difficult to trade markets now

even the most experienced operators I think have had to adjust their methods to make their "kachingo"

good luck gentlemen

:cool:
 
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