Gold at 650 - 01-26-2007

P

polpolik

Looks like gold might try to make a move towards 660. I don't think it'll close above 660 for at least a few weeks.

Chart Exhaustion on gold is quite evident. On a pure candlestick view, I think Gold will drop back to 619 in a week or so.

Any thoughts from anyone?
 
Quote from polpolik:

Looks like gold might try to make a move towards 660. I don't think it'll close above 660 for at least a few weeks.

Chart Exhaustion on gold is quite evident. On a pure candlestick view, I think Gold will drop back to 619 in a week or so.

Any thoughts from anyone?
More...

YARRRR!
Buy the 550 June Puts for bubkis and thank me in 6 weeks...
 
Quote from polpolik:

I'm getting the feeling of a quick drop to 600 quite soon. I might just get the puts... maybe a little farther out though.
More...

There is some support at 633 then more crucial 621 before I'd even think of 600..
 
Quote from Trader Ray:

There is some support at 633 then more crucial 621 before I'd even think of 600..
More...

Honestly, there seems to be a fairly strong bid in gold. Technicals (the way that I read them) seems to be on the side that we will be going through highs sooner than later. Any thoughts?

As a disclaimer, I am very biased to the buy side. Heavy percentage of my portfolio is weighted towards the long side. My ave price is in the low 6's.
 
Technical's suggest a good breakout of the current range of 639/647. Many London traders been positioned short waiting for the breakout lower - will only break when the mkt is positioned conversely.

very quiet start to the day here so far.
 
My reason for seeing bearishness is the huge doji star formed a few trading days ago. This is by no means 100% accurate but I generally do not go long when i see a star formation like this until

a) Market breaks down
b) a solid bar that exceeds the tip of the star.
 

Attachments

Quote from sammybea:

Honestly, there seems to be a fairly strong bid in gold. Technicals (the way that I read them) seems to be on the side that we will be going through highs sooner than later. Any thoughts?

As a disclaimer, I am very biased to the buy side. Heavy percentage of my portfolio is weighted towards the long side. My ave price is in the low 6's.
More...

Honestly,
you may want to average down when we blow through your average price in a few weeks...but we should see 550 or so methinks..
 
I am curious ... do any of you gents trade short term ?

lots of volatility to either show alot of green or red

on your P+L !!

good luck to all perma bears and bulls !!

:)
 
You must log in or register to reply here.
Back
Top