6 months? Maybe.
I had a target of close to $500 by the end of the year, I am not fixated on it though, it might not happen.
I am more interested in trading the gold stocks through a regular pattern of highs and lows...if I am lucky.
While I am bullish on metals....but not a goldbug, the reality (unlike oil generating new highs in uncharted territory) is that there is a ton of people who have been holding gold from decades from above $500, so there are some people who may just unload as we get near that level. There is a ton of overhead resistance in the metals, unlike oil....
The central banks are likely going to sell gold to try to control the price as well....
I got concerned last week or two when there was media drama that gold was at a new 17 year high, that's one of the reasons I took profits.
Yes, I do like GG a lot, but taking profits along the way is just my own practice, not necessarily a recommendation for others to do it that way.
I gradually buy in, gradually take profits...I am not an all or nothing trader.
I had a target of close to $500 by the end of the year, I am not fixated on it though, it might not happen.
I am more interested in trading the gold stocks through a regular pattern of highs and lows...if I am lucky.
While I am bullish on metals....but not a goldbug, the reality (unlike oil generating new highs in uncharted territory) is that there is a ton of people who have been holding gold from decades from above $500, so there are some people who may just unload as we get near that level. There is a ton of overhead resistance in the metals, unlike oil....
The central banks are likely going to sell gold to try to control the price as well....
I got concerned last week or two when there was media drama that gold was at a new 17 year high, that's one of the reasons I took profits.
Yes, I do like GG a lot, but taking profits along the way is just my own practice, not necessarily a recommendation for others to do it that way.
I gradually buy in, gradually take profits...I am not an all or nothing trader.
Quote from SethArb:
ok ... since I had no clue at that time whether you were long or short ... the chart to me looked like an attempt to show a top for GG had taken place
glad to see you made even more money on your longs since then ...
do you think gold hits $500 before $425 in the next 6 months ?
http://www.elitetrader.com/vb/showthread.php?s=&threadid=55349&highlight=gg
