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gold's H&S top
- Thread starter Wallace
- Start date
IMO that now looks set for a pullback.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029927>
Big December volume in DX suggests that something is about to unveil itself. Technically it looks like Gold ought to at least retrace to 50% of current move & DX to rise towards 88ish? If that doesn't happen I sense a volatile move down in DX penetrating 70 zone.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029920>
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029927>
Big December volume in DX suggests that something is about to unveil itself. Technically it looks like Gold ought to at least retrace to 50% of current move & DX to rise towards 88ish? If that doesn't happen I sense a volatile move down in DX penetrating 70 zone.
<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3029920>
Attachments
Quote from Arthur Deco:
OK! OK! I wasn't specific. A minor crisis to me would be a major downturn in gold for whatever reason. A blowout top. A sea change at the Fed. A commodity panic. My thinking since I watch gold all day is that I want out the minute I want out, not two hours later. I totally agree with you about YOUR definition of a crisis. The fly in the ointment is how my down-the-street gold dealer defines a crisis and what pricing policy she will have. Similar issue with her in that she is going to write me a check that has to clear.
I think your general point is being able to get out during a market dive? During such extreme moves, you will find liquidity issues in the paper contracts as well. Regardless, such events affect both physical & paper holders, and the difference is not that significant in view of the greater event. Dealing with physical is longer duration trading than paper contracts, no doubt about it.
And only fools would accept regular checks when selling physical. It's either cash, cashier's check, money order or Paypal (and the like). It's a cash business.
Quote from tomahawk:
Aha ... thanks.
Why does it trade 3 months out when it's a monthly contract? (I trade mostly ES, YM, CL and E6, so that's why I was thrown.)
Thanks again.
December contract is in delivery period. If you want to deliver or get delivery, it's the contract you want to initiate and wait to get assigned.
March is the current trading month for silver and February for Gold.