February Gold (ZGG8)
- Thread starter Realist
- Start date
I also believe this to be the case as well. The gold shares are clearly indicating future weakness in the gold price lies dead ahead. Right now the price is holding up because the manipulative entities such as the bullion banks and pit locals are trying to knock out all potential bearish positions just prior to the takedown. As of right now, March DX is trading over Friday's close (which was a key reversal session) and if it stays this way, then the technicals will indicate a target of 80-84 range. Crude is trading under 90 right now as well...
I shorted gold alittle while ago and made a small profit. When the markets tank, it is usually a quick move, so I take my profits earlier.
At this point, I am happy with small, consistent profits.
I am waiting to go short gold again, after this correction...plus there is not alot of volume right now, the January effect may move stocks/gold up. I understand that gold will not bottom until it hits minimum $750, but likely $700. It is in a wave 3 downward pattern.
At this point, I am happy with small, consistent profits.
I am waiting to go short gold again, after this correction...plus there is not alot of volume right now, the January effect may move stocks/gold up. I understand that gold will not bottom until it hits minimum $750, but likely $700. It is in a wave 3 downward pattern.
One of the best forward proxies for the gold price is to simply look at the action in GoldCorp. GG is currently trading down another -2.4% today and there is a very clear technical failure now. Gold is clinging right to its apex right now and I suspect that the upcoming downside too be simply spectacular. The longer the Goldman and Morgan idiots pop gold higher a few bucks, I simply continue to sell more. These guys have really lost it imo...
there is also a divergence between and the XAU and the golden metal today
here is a chart from minyanville's site using a bloomberg
https://image.minyanville.com/assets/FCK_Aug2007/File/christy/lancechart.jpg
looks like traders in miners have been taking profits in the last month from the move up that started in August
here is a chart from minyanville's site using a bloomberg
https://image.minyanville.com/assets/FCK_Aug2007/File/christy/lancechart.jpg
looks like traders in miners have been taking profits in the last month from the move up that started in August
Thanks to both of you for your response. It looks to me like GG has found support and $30, for now. The range of GC is quite constant, from the chart you posted. Looks again, according to the range, that a pop/test up is due.
Interesting chart of XAU/gold. Divergence obviously means that there is no support for the ?XAU.
Interesting chart of XAU/gold. Divergence obviously means that there is no support for the ?XAU.
Right about now my head is about to explode! One minute prices look ready to break but the next support comes in and everything looks great again. It just goes to show that one needs to be nimble and flexible in metals futures. As of right now, GLD regained some critical closing support and many of the gold shares bounced right on their 200MAs today including the $HUI. With platinum putting in a very convincing move over 1500 cash today, I am getting optimistic again about gold. Todays support on gold came in just under 790 cash so if it holds and can break over 820 this week, then perhaps the action in the gold shares was intended to shake out weak longs before the upside in gold metal resumes. So in the meanwhile, I have covered and taken some on the long end here. I might soon regret this move but 790 looks tightly held for now. Platinum on the other hand has put in a very bullish table-top breakout and the PNF target has gone up to $2020/oz now.