as i said since Wednesday when I sold my gold/silver stocks which i bought over a week ago, the rally from last friday (feb. 6) looks to be over. gold stocks should come back down to last week's support levels. silver stocks should continue to hold up better than gold stocks. either case, place stop loss orders or lock in profits. i been shorting gold stocks yesterday and completed with shorting silver stocks today. good luck.
xau/hui short term play
Started by
stockbucks_coffee
, Feb 13 2004 11:24 AM
17 replies to this topic
#2
stockbucks_coffee
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Posted 23 February 2004 - 03:59 PM
To confirm an earlier post last Friday, looks like the xau/hui are putting in a s/t low/bottom around this level (well they been falling for a week now. 
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Whether it'll be a few days bounce (and then head back lower) OR a larger rally for the s/t or m/t is due soon, is unknown.
But my shorts on gold/silver stocks since Feb. 13 are covered today (nice short week for me 
And I have placed large number of stop orders to buy gold/silver stocks IF this sector bounces very soon.
)
Whether it'll be a few days bounce (and then head back lower) OR a larger rally for the s/t or m/t is due soon, is unknown.
But my shorts on gold/silver stocks since Feb. 13 are covered today (nice short week for me And I have placed large number of stop orders to buy gold/silver stocks IF this sector bounces very soon.
#4
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Posted 27 February 2004 - 09:53 AM
thanks Dougie... hope you had a chance during the consolidation/shakeout to nibble or get some yourself... 
#5
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Posted 01 March 2004 - 10:45 PM
thus far this s/t rally is about a week old now...but my s/t indicators are turning down. when it turns it usually turns, no wishy washy stuff.
being hoping for stronger s/t or even a m/t rally but for now probably better to sell on strength or raising them stop loss orders up in the coming days.
sold my gold stocks today will sell them silver stocks tomorrow on confirmation of my s/t indicators. then the shorting process will begin first with gold stocks.
#6
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Posted 03 March 2004 - 08:29 PM
didn't get a chance to short as noted in other posts.
anyway...the s/t indicator for gold/silver stocks turned up at midday and closed up for a buy signal. majority of the time the signal is for the NEXT DAY or two. rarely does it means for the same day like today as the xau/hui breached last week's support level but bounced back up in green. bought loads of gold/silver stocks again after the reversal, so up modestly so far.
whether the buy signal was meant for today only or also for tomorrow...we'll see how gold/silver stocks reacts to the ECB meeting on interest rates and the job report on Friday.
#7
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Posted 10 March 2004 - 08:15 PM
xau/hui did rally up to March 5 and did get the 2 days of brief pullback I was expecting for Mon./Tues. Then I was expecting a rally from thereon starting today.
complete opposite happened as a sharp selloff to coincide with the stock market's selloff. sold all gold/silver stocks retaining only 30% of maximum possible profit. that's what happens when forgetting to place stop orders for ALL open positions.
today's close is still above last Wednesday low, where the initial s/t buy signals were generated. the s/t indicators didn't anticipate today's selloff as it's still on buy signal. Would ignore the signal if the xau/hui drop below last Wednesday low and take them as sell instead. any strength/rally tomorrow would likley mean the s/t trend is still up despite today's selloff.
complete opposite happened as a sharp selloff to coincide with the stock market's selloff. sold all gold/silver stocks retaining only 30% of maximum possible profit. that's what happens when forgetting to place stop orders for ALL open positions.
today's close is still above last Wednesday low, where the initial s/t buy signals were generated. the s/t indicators didn't anticipate today's selloff as it's still on buy signal. Would ignore the signal if the xau/hui drop below last Wednesday low and take them as sell instead. any strength/rally tomorrow would likley mean the s/t trend is still up despite today's selloff.
#8
stockbucks_coffee
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Posted 15 March 2004 - 01:05 PM
The gold indexes did the two things I was
looking/cautioning for. The first thing, they rallied
modestly on Thursday, which was positive. The 2nd
thing, they fell intraday on Friday yesterday and
broke below their prior week's Wednesday lows, which
was negative. The positive about Friday was that the
XAU rallied back up from being down -3 to -0.35 and
the HUI from down -7 to -0.94. My s/t indicators have
been ineffective most of this past week, so will
ignore it for now and look at technical chart
patterns. From the charts, look like positive m/t
double bottom patterns forming for the XAU/HUI. But to
remain positive they must be able to rally strongly
above their 50 day moving averages, at 102 for XAU and
at 229 for HUI. For now it looks like the gold indexes
are in a bottoming process and could move higher off
their lows.
as of this moment, the xau/hui are retesting the support levels (with the stock market) but are making higher lows. Both should be making at least a s/t bottom/low.
#9
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Posted 19 March 2004 - 11:38 PM
Since last update, the xau/hui are since up +5% from their lows.
Mixed day today, 3/19, as some gold/silver stocks were mildly up and some were mildly down. The s/t indicators has been very volatile this month. After being up all day it turned down at the close. So I would expect some more pullback come Monday thus could use any brief upside for selling in the morning. Overall, I believe the medium term trend has turned up but for the s/t anticipate some more pullback.
just like the stock market is currently going through, some patience and nail-biting, as these bottoming process will take some time but eventually a s/t rally, at minimum, is due. at best a brief m/t rally could develop.
#10
stockbucks_coffee
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Posted 23 March 2004 - 12:57 PM
got the pullback on Monday as anticipated. Today the xau/hui are testing the March highs. If they are able to break and hold above it then they have broken the downtrend line from the Jan./Feb./Mar. lower highs and this should be very bullish that could lead to a rally up to the Jan./Feb. double top. s/t trend is still up.
