You are absolutely correct.At the end of the day, at the close ,the only thing that really matters is price.Then again, and I think many members would agree, that worst losses suffered are those that involve trading countertrend.On the lighter side , no disrespect intended,would this mean that nonsensicle arguments in the face of positive price action are the way to gain riches beyond belief.Infact ,I was considering xau puts at the beginning of the week but the price action has been pretty wild the last 2 months and because of the volatility in both directions,I didnt think the potential risk was worth the effort.Goodluck.
Is the "Gold Rush" over?
- Thread starter formikatrading
- Start date
I don't know hollywood. I had been shorting some nem/fcx against my juniors on and off with some success. I clearly did not anticipate the trainwreck that gold was this week.
I added some a bit soon, but I still have not committed to anything major.
If you remember my old GNP threads, volume is the indicator that a move is almost complete. Look at the volume in FCX/NEM. Look at the gold mini, it traded nearly 3X the average volume of 1000-1500 contracts or so. I think that is VERY significant. I do not know how much further we go.
A part of me still sorta thinks that there are stops at 400 that need to get blown, but the volume is so high right at the bottom of the uptrend line lately, that it may not be possible.
We will see soon enough.
I added some a bit soon, but I still have not committed to anything major.
If you remember my old GNP threads, volume is the indicator that a move is almost complete. Look at the volume in FCX/NEM. Look at the gold mini, it traded nearly 3X the average volume of 1000-1500 contracts or so. I think that is VERY significant. I do not know how much further we go.
A part of me still sorta thinks that there are stops at 400 that need to get blown, but the volume is so high right at the bottom of the uptrend line lately, that it may not be possible.
We will see soon enough.
Even though there might be more down side ,I think the most significant part of the move has passed,but hey, stranger things have happened.I thought the trend had just alittle more leg and would carry through to the 23rd of this month. I certainly didn't expect the comments by Greenspan and the ECB would be the trigger for the selloff. However ,regaurdless of where we go from here ,the fact remains that some sweet opportunities have been placed within our reach .Goodluck Talk to you soon.
Looking at long term USD chart, there is heavy (multi year) support in low 80s area. USD has approached this area currently and an upward correction has been due for sometime. I would expect gold prices to come further down as USD moves up in next few months.
Combining the fact that gold itself has serious resistance in 420 area indicates to me that gold prices have seen a top for the near term (~6 months). This does not mean, however, that I am getting out of my long positions in gold stocks.
Combining the fact that gold itself has serious resistance in 420 area indicates to me that gold prices have seen a top for the near term (~6 months). This does not mean, however, that I am getting out of my long positions in gold stocks.
That's pretty much how I'm looking at USD and Gold right now -- both in intermediate-term corrective phases so I think Gold can come down more over next several weeks but the long-term uptrend in Gold is probably still intact.
or a Martin Weiss book forecasting the financial collapse of the US, etc.
Actually, I think some of the problems Prechter has identified in his book are real -- but the issue is when, if at all, these problems result in a major financial crisis, and, if so, the magnitude of such a financial crisis.
I figure if I have to buy gold coins to survive then this world is going to be in such a mess that I'm not sure what a few gold coins in my safe will do.
Actually, I think some of the problems Prechter has identified in his book are real -- but the issue is when, if at all, these problems result in a major financial crisis, and, if so, the magnitude of such a financial crisis.
I figure if I have to buy gold coins to survive then this world is going to be in such a mess that I'm not sure what a few gold coins in my safe will do.
I own 20 physical ounces. I figure that if things really do go to shit, we will have enough warning that we can buy up a lot more gold in a few weeks time.
My 20 are just a safety blanket. If I have to flee, I am going to need some gold to bribe off customs guys and border officials.
Thanx Hollywood. I always appreciate your comments.
Gold probably has stalled out for a few months. Gut feeling is that we don't see new highs for 3 months or so. That's just fine with me. I intend to just hold on.
Gold probably has stalled out for a few months. Gut feeling is that we don't see new highs for 3 months or so. That's just fine with me. I intend to just hold on.