Any gold TRADERS left out there?

How easy can it be? Most of the money has been made SHORT gold this year.

Here's my weekend review of the gold contract and forecast with the daily chart.

We are having a field day trading this short.

1585 bagged and tagged.

Gold had a hysterical day to the upside on Friday on the fundamentals discussed earier in the XAU outlook. Now we have a chart we have prepared that more or less gives you the picture here. We are in a slip zone of price instability, so we can expect a test of 1650 resistance if gold can continue the climb, otherwise we are looking at 1600 again for a test or more. The bottom line is that we don't expect sideways here, not for long. As you can also see on the daily chart we have a bearish upthrust, and as long as price is maintained, meaning we don't test that last volume candle high of 1585, then gold can continue higher, but falling below that level is going to open up a test of that low at 1547. Now, if gold consolidates here and ignores a retest of 1547 from here the bearish upthrust can continue and we could see another retest of the "Panic Pivot" at 1705 again in a consolidation.

to be clear, you now see 1547 before 1705?

That forecast was prepared on Sunday... We'll have to see today's statistics... We have 1592, so far 1585 was tested, but not maintained.

Edited by SemiBizz, 07 June 2012 - 12:08 PM.

How easy can it be? Most of the money has been made SHORT gold this year.

Semi,

there are many ways to skin a cat as you know!
I am long SLV shares and short 3 times as much out of the money calls.
Sold another 20 Sep 36 calls early this morning.

Just making sure I stay somewhat Delta positive.

gis

what a sick market

speculating on whether or not things are bad enough for more printing -

is that all that is left?

How easy can it be? Most of the money has been made SHORT gold this year.

Here's my weekend review of the gold contract and forecast with the daily chart.

We are having a field day trading this short.

1585 bagged and tagged.

Gold had a hysterical day to the upside on Friday on the fundamentals discussed earier in the XAU outlook. Now we have a chart we have prepared that more or less gives you the picture here. We are in a slip zone of price instability, so we can expect a test of 1650 resistance if gold can continue the climb, otherwise we are looking at 1600 again for a test or more. The bottom line is that we don't expect sideways here, not for long. As you can also see on the daily chart we have a bearish upthrust, and as long as price is maintained, meaning we don't test that last volume candle high of 1585, then gold can continue higher, but falling below that level is going to open up a test of that low at 1547. Now, if gold consolidates here and ignores a retest of 1547 from here the bearish upthrust can continue and we could see another retest of the "Panic Pivot" at 1705 again in a consolidation.

SemiBizz:

Most of us on this board have been invested in PM's and Miners for a long while - we have been through volatiliy before - and we appreciate your views - but most are "in this for the long haul" - and while we hedge and even take profits from "time-to-time" - "most" are either long-term positioned or looking for the IT swings - both low and high. The "daily swings" are interesting, but meaningless to most.

Posting your long-term or IT veiws would be much appreciated, while gloating and prodding over your short-term successes with comments like above: "How easy can it be?" do not engender many. You short-term work "is amazing", as I have followed you for a while. How about taking a little different approach - I have found those that offer their opinions - backed by TA, etc., are 'in the end' well-received here regardless of BULL or BEAR!

stubaby

I am not an "investor". To me this is like mining. You see the setup, enter/exit. Back to cash. I am not one who wants to stay out on the seas for endless days... If seasickness is your bag, holding any of this trash is fine. I prefer to get up early, catch my fish, take it home and eat it... Get a good night of sleep every night, get up and go fishin' again tomorrow.

Go tell Warren Buffet all about your petty daily practices Semi. Your small fish fry bragging is very unattractive. Your mind is not open, so I wont bother enlightening you. Why don't you explain the motives of your post. Not that we didnt get your belittleing point.

clean 5 waves down on gold on the hourly charts portends more weakness after a bounce (back to 1600?) then what? I still think we have some more up work to do time wise but after that thinkgs could get real ugly say gold 1300?

How easy can it be? Most of the money has been made SHORT gold this year.

Here's my weekend review of the gold contract and forecast with the daily chart.

We are having a field day trading this short.

1585 bagged and tagged.

Gold had a hysterical day to the upside on Friday on the fundamentals discussed earier in the XAU outlook. Now we have a chart we have prepared that more or less gives you the picture here. We are in a slip zone of price instability, so we can expect a test of 1650 resistance if gold can continue the climb, otherwise we are looking at 1600 again for a test or more. The bottom line is that we don't expect sideways here, not for long. As you can also see on the daily chart we have a bearish upthrust, and as long as price is maintained, meaning we don't test that last volume candle high of 1585, then gold can continue higher, but falling below that level is going to open up a test of that low at 1547. Now, if gold consolidates here and ignores a retest of 1547 from here the bearish upthrust can continue and we could see another retest of the "Panic Pivot" at 1705 again in a consolidation.

I have made very good money in my trading account this year buying bull set ups only, and getting out after a few days or even hours. The same goes for GDX. Only once I'll suspect that a new sustained bull is starting will stop these 2 to 5 days trades. This will probably come much later this year.
I post my trades in the T-Theory Forum and if you are a member you can see my posts there.
Bulls Make Money, Bears Make Money, Pigs Get Slaughtered.

Congrats are due however to you on your 'shorting' campaigns.

-tria