Gold is going to correct further, yes or no?

[aPismoClam]

Quote from GlobalFinancier:

It's market participants being stupid here. The Fed's not going to stop hiking anytime soon. And even if they did, THEY WILL HIKE LATER ON THIS YEAR....

Did you know that the DJIA recorded the largest gain in history in spring 2000 after the Fed announced rate hikes? 499.19 points gained, yet the market crashed later on......

interesting.

the markets are attempting to price unprecedented demand for materials, unprecedented supply of money and credit, and all the risk that comes along with it. Anything could happen.

"unprecedented" is used figuratively.

 

[GlobalFinancier]

Typo there, back then the Fed announced rate cuts not hikes...

 

[GlobalFinancier]

Quote from GlobalFinancier:

Gold may be putting in a short term bottom, $662.

652. Bottom picking failed.
Breech of 649 would signal the real continuation of the downtrend.

 

[SethArb]

hmmm .. if you went long @ 662 why did you not have a stop in place then or take partial profits
on the highs yesterday afternoon or early this am

when the prices were holding above 670 -675 ?

anyway ... if this was a paper trade or just
commentary on the market ... my apologies

 

[drsteph]

I really will not be surprised if we test $600 in the next week or two.

 

[polpolik]

bite your tongue!

but seriously, i would hate for this to slowly grind down. I hope this drops sharply, get it over and done with so I can start scaling in.

 

[GlobalFinancier]

Quote from SethArb:

hmmm .. if you went long @ 662 why did you not have a stop in place then or take partial profits
on the highs yesterday afternoon or early this am

when the prices were holding above 670 -675 ?

anyway ... if this was a paper trade or just
commentary on the market ... my apologies

Because I look for trends. If a strong one develops(meaning tens of % of profit), I usually buy gold stocks. But this was just commentary, because I feel gold stocks are not buys yet . I'm a lazy guy, like to sit in a longer term trend...
Anyways, 649 potential bottom. I will only go long if other factors(intermarket etc)fall into place as well...