32 replies to this topic

[hiker]

Scott - I planned to exit my gold shorts entered Monday by early a.m. today with the plan to reenter short for a multi-week trade. I executed on my plan by closing shorts at the open. 80% of the short $ were in NEM & AU. For background, I mentioned earlier that this gold short was 4% of my equity allocation, and my equity allocation currently is 1/2% of my trading portfolio. Just so posters know what money management was behind this gold short. I am still looking to reenter gold short on the current countertrend recovery bounce unless the intermediatedowntrend in gold stocks reverses with conviction. I am seeing this recovery bounce as an opportunity for short entry. Just my take. Just making a trade using stops and money management, nothing more. Taking out the Feb hi in NEM and AU will cause me to rethink above.

[mss]

We could get a "dead cat" bounce today, but for it to be more than that a POG close above $397GCJ would be needed and a April furures above $403.80. Also NEM would need a close above $43.92. HUI would need to close above 227+ and hold for 2 days. HUI 21ema is below the 55ema and should cross above for us to have anything more than a short "pop". My thoughts , could be wrong, have been before and will be again mss

[SilentOne]

That gap up this am on the XAU looks like a little island reversal there. Personally, I think gold bottomed this week at $388 and the indices have put in their lows in Jan. Wave 3 up started this week for the XAU and HUI for the next leg up. I'd also add that a close above this 100-102 level is bullish for another run at the highs on the XAU. Disclosure: I'm really long PMs. cheers, john