Marketsurfer's bold gold proclamation

[JSSPMK]

Quote from ess1096:

Yes, I do. It's in a short term downtrend within an intermediate uptrend within a long term downtrend within a very long term uptrend.
You have discovered the intermediate uptrend, which has ended and turned back down.

Bingo! No point trying to be right in analyses if charts don't support our point of view. I see a lot of posts on ET that involve personal or borrowed fundamentalish outlooks that reflect on a person's decision to make a trade. That is the way to invest, not trade ImPO. Trading involves a necessity to have an open mind, because markets go where they want to go.

 

[JSSPMK]

USD @ apex

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2251041>

 

[JSSPMK]

We have now closed the gap back from DEC08 in USD, just an observation

ImPO if USD breaks down here continueing current downtrend, then Gold stands a chance of breaking out of the longer term bear channel, I look at histogram and Gold weekly chart's pattern certainly is bullish, so if USD breaks down, then Gold's daily divergence will most likely be short lived.

Basically, at crossroads at the moment.

 

[JSSPMK]

Quote from JSSPMK:

Triple bearish divergence on Daily chart now, selling with a $5 stop

2/3 covered +5

Keeping 1/3 to try & pin Daily chart's sell signal

I decided to cover 1/3 for +40 with change.

I don't like that support is being continuously tested, but fails to break level & 4 hour chart showing possible basing. Basically locked in gains & will try to re-short at support break

 

[PaulRon]

830-890 is the trading range

 

[JSSPMK]

Shorted current support with $1.5 stop

Stop to b/e

stopped

 

[JSSPMK]

Re-shorted same level with $2.5 stop

 

[JSSPMK]

Closed trade for an insignificant gain

<img src=http://www.dkimages.com/discover/previews/774/119474.JPG>

 

[Boy Plunger]

No inflation for some time. Lower probability of total financial meltdown. Treasuries will float until the cheque arrives and that is a ways off. Governments have put backing cash reserves with hard assets on the back burner.

Next big leg in Gold is to $500 area.

I agree with Surf. Be it almost 12 months later but i like to be sure before plunging

Cheers

 

[JSSPMK]

Sold with $1.5 stop

Price at upper TL of bearish channel (hourly chart), similar formation as on 7th Jan - triple top on lower histo.