the xau/hui have made a good run, a rally of +12% since last update. as of now, they are getting s/t overbought and placing sell stop orders below would be very good caution/protection of the hard earned profits. even though some more upside is there, a s/t high is also possible. add in the job report on Friday, things can get volatile either way.
xau/hui short term play
Started by
stockbucks_coffee
, Feb 13 2004 11:24 AM
17 replies to this topic
#12
SilentOne
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Posted 01 April 2004 - 07:11 PM
Hi SC,
Funds are buying PMs right now. Not PM sector funds, but general funds. This gold bull will take on a new look from here on. The only thing I am waiting for now is for these ratios to break up. When they do, you will see a 3rd wave in full glory.
daclyyay[dd][pb50!b200][vc60][iub14!la12,26,9]&r=3454]HUI/GOLD
daclyyay[dd][pb50!b200][vc60][iub14!la12,26,9]&r=3595]XAU/GOLD
cheers,
john
Funds are buying PMs right now. Not PM sector funds, but general funds. This gold bull will take on a new look from here on. The only thing I am waiting for now is for these ratios to break up. When they do, you will see a 3rd wave in full glory.
daclyyay[dd][pb50!b200][vc60][iub14!la12,26,9]&r=3454]HUI/GOLD
daclyyay[dd][pb50!b200][vc60][iub14!la12,26,9]&r=3595]XAU/GOLD
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#13
teki
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Posted 01 April 2004 - 09:24 PM
How do you know the funds are buying the pm's? And I agree the bull here is not done.
#14
dougie
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Posted 01 April 2004 - 11:09 PM
money flow doesnt support fund buying iMo
#15
stockbucks_coffee
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Posted 01 April 2004 - 11:47 PM
Thanks for the charts SilentOne, I'll sit out for the rest of the week and see what happens. There could be some more upside but I have a hunch that the bigger s/t move is to the downside. Good luck trading. SC.
Typo from last update, the first sentence I meant to say "rally of +5% since last update." The +12% rally is from the early March bottom.
#16
SilentOne
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Posted 02 April 2004 - 02:53 PM
Nice ST call SC. I think it is temporary though.
cheers,
john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain
#17
The_Gold_Miner
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Posted 02 April 2004 - 05:52 PM
It's going to get interesting over the next week or two. A double top breakout on the US dollar P&F chart will draw some attention. I think the XAU has a chance to continue up into the 108 area before we see a larger decline. I'll be sitting in cash waiting for the signal to go short.
#18
stockbucks_coffee
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Posted 02 April 2004 - 06:54 PM
weird day, both xau/hui and gold/silver stocks opened gapped down. everyone recovered from lows but gold and most gold stocks still closed down.
except for silver (pos) was up and closed up 1 cent. silver stocks rallied higher to close up. gold/silver ratio reached low of 51.26 intraday, this is long term trend that COULD spelled trouble for silver. But if it continues to drop below 51 than that may/should be bullish for silver.
interest rates soared and that's usually bullish for gold/silver.
