Watch for the break to the upside or perhaps downside.....
http://stockcharts.com/c-sc/sc?s=$GOLD:$DJCB&p=D&b=1&g=0&i=p81098497139&a=198489904&r=365.png
When to "Bet the Farm" on Gold
Started by
Cirrus
, May 19 2010 10:52 AM
1 reply to this topic
#2
Jhoe
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- Traders-Talk User
- 481 posts
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Posted 19 May 2010 - 04:30 PM
[quote name='Cirrus' date='May 19 2010, 10:52 AM' post='524292']
Watch for the break to the upside or perhaps downside.....
My money is on the downside, the gold price, interestingly enough, in terms of EUROs, has fallen out of bed the last 48 hours or so. This is one reason I'm still short GLD, and short large miners like NEM.
Does a bigger euro bounce follow, and a corresponding bounce in US equities? Thats my bet FOR NOW. We'll be up through Friday for options expiration, then I'll reassess for next week and onward, but I'm thinking I reposition myself short late on Friday or early next week. but fading this gold rally is a trade I'll be in until gold gets back to 1150 or lower in USD
Watch for the break to the upside or perhaps downside.....
My money is on the downside, the gold price, interestingly enough, in terms of EUROs, has fallen out of bed the last 48 hours or so. This is one reason I'm still short GLD, and short large miners like NEM.
Does a bigger euro bounce follow, and a corresponding bounce in US equities? Thats my bet FOR NOW. We'll be up through Friday for options expiration, then I'll reassess for next week and onward, but I'm thinking I reposition myself short late on Friday or early next week. but fading this gold rally is a trade I'll be in until gold gets back to 1150 or lower in USD
