21 replies to this topic

[inamosa]

A re-test of $980 looks like almost a given (re-test of top symmetrical triangle)...but nothing is guaranteed with gold If it tests it and holds (I expect it to at this point), though, I expect we'll march much higher

[JGUITARSLIM]

We may be heading for a backtest like mentioned. Though, I would not be suprised if todays close was a headfake & Gold just takes off from here. Very interesting times. I do not plan on getting too cute trying to play this (i.e. i'm staying long).

Edited by JGUITARSLIM, 08 September 2009 - 08:29 PM.

[inamosa]

We may be heading for a backtest like mentioned. Though, I would not be suprised if todays close was a headfake & Gold just takes off from here.

\

Exactly. It's just like gold to do something like that, especially being in a secular bull market.

Which is why I had to mention the caveat that nothing is ever guaranteed with gold (or even close to guaranteed, I should say).

[cgnx]

YOU GOTTA BELIEVE! Dam the torpedoes. Full speed ahead. I've rarely seen such a pretty chart picture in gold and sooo many folks not buying it. It looks blatantly bullish to me. If you can't be long this chart what chart can you be? Looks inevitable to me and to let this small market that can be moved easily to go to waste would be wasteful. I doubt the powers that be, waste this Golden opportunity. It is TIME. Gold is overdue to rule. With a market cap. of close to 6 trillion on its way to 60 trillion. Central banks would then be flush, if they hold as much gold as they claim. This move would therefore liquidate the World and those who participated with created wealth. Allowing the finacial system to spurn growth once more. It is my theory. Wealth creation must come from somewhere. The only asset class which is underowned and short on supply and IMO way undervalued is Precious Metals. So gold can save the World from Financial Meltdown. Those that BELIEVE will be rewarded and become the New wealth creators. The others will wither and erode.

[IndexTrader]

Gold is not responding like it should to the drop in the DX today...also, US Dollar sentiment is near all-time low today based on DX Sentiment Index at Trade-Futures.com (I don't subscribe but know someone who does), so this is why I think we could actually get a correction here and a bit of a shake out over the next few days or as we approach the middle of the month, and then head higher

Good probability this will end up being a good month for gold, when all is said and done

i think that what you say here is correct.
it will present a buying opportunity, before going higher
dharma

That way be muy wishful thinking, just a horrible daily chart day in XAU, ABX, NEM, GG. Just this hombre's opinion. Senor wonders what funds will do into close?

Pure BS

Senor

Hard to believe that you view the NEM chart for instance as "horrible". It did just have a $9 rally...and yeah, maybe it will correct some. But horrible? Are you short?

IT

[senorBS]

Gold is not responding like it should to the drop in the DX today...also, US Dollar sentiment is near all-time low today based on DX Sentiment Index at Trade-Futures.com (I don't subscribe but know someone who does), so this is why I think we could actually get a correction here and a bit of a shake out over the next few days or as we approach the middle of the month, and then head higher

Good probability this will end up being a good month for gold, when all is said and done

i think that what you say here is correct.
it will present a buying opportunity, before going higher
dharma

That way be muy wishful thinking, just a horrible daily chart day in XAU, ABX, NEM, GG. Just this hombre's opinion. Senor wonders what funds will do into close?

Pure BS

Senor

Hard to believe that you view the NEM chart for instance as "horrible". It did just have a $9 rally...and yeah, maybe it will correct some. But horrible? Are you short?

IT

You appear to be having trouble interpreting what Senor is saying. Si, NEM rallied, but within what context and where does it go from here? Yesterday to Senor was an intermediate term top and NEM's next move is south of the 36.77 border - is that clear enough? It is to Senor, but it's only an FF, what are your opinions and stratgey from here? And si, Senor bought the HGD TSX bear fund yesterday and the UUP this morning, that's putting Senor's pesos where his mouth is.

BSing away

Senor

[IndexTrader]

Gold is not responding like it should to the drop in the DX today...also, US Dollar sentiment is near all-time low today based on DX Sentiment Index at Trade-Futures.com (I don't subscribe but know someone who does), so this is why I think we could actually get a correction here and a bit of a shake out over the next few days or as we approach the middle of the month, and then head higher

Good probability this will end up being a good month for gold, when all is said and done

i think that what you say here is correct.
it will present a buying opportunity, before going higher
dharma

That way be muy wishful thinking, just a horrible daily chart day in XAU, ABX, NEM, GG. Just this hombre's opinion. Senor wonders what funds will do into close?

Pure BS

Senor

Hard to believe that you view the NEM chart for instance as "horrible". It did just have a $9 rally...and yeah, maybe it will correct some. But horrible? Are you short?

IT

You appear to be having trouble interpreting what Senor is saying. Si, NEM rallied, but within what context and where does it go from here? Yesterday to Senor was an intermediate term top and NEM's next move is south of the 36.77 border - is that clear enough? It is to Senor, but it's only an FF, what are your opinions and stratgey from here? And si, Senor bought the HGD TSX bear fund yesterday and the UUP this morning, that's putting Senor's pesos where his mouth is.

BSing away

Senor

Thanks Senor for the clarification. I'm long NEM from the 41.60 level. I'm also long Dec Gold futures from the 970 level. I'm holding with stops of course, expecting higher prices eventually. Obviously we can pull back. I don't think there's an intermediate top here.

Whatever your outlook, I don't think any of the gold relatied charts look "horrible". Maybe I'll end up being wrong. Certainly won't be the first time.

IT

[senorBS]

Gold is not responding like it should to the drop in the DX today...also, US Dollar sentiment is near all-time low today based on DX Sentiment Index at Trade-Futures.com (I don't subscribe but know someone who does), so this is why I think we could actually get a correction here and a bit of a shake out over the next few days or as we approach the middle of the month, and then head higher

Good probability this will end up being a good month for gold, when all is said and done

i think that what you say here is correct.
it will present a buying opportunity, before going higher
dharma

That way be muy wishful thinking, just a horrible daily chart day in XAU, ABX, NEM, GG. Just this hombre's opinion. Senor wonders what funds will do into close?

Pure BS

Senor

Hard to believe that you view the NEM chart for instance as "horrible". It did just have a $9 rally...and yeah, maybe it will correct some. But horrible? Are you short?

IT

You appear to be having trouble interpreting what Senor is saying. Si, NEM rallied, but within what context and where does it go from here? Yesterday to Senor was an intermediate term top and NEM's next move is south of the 36.77 border - is that clear enough? It is to Senor, but it's only an FF, what are your opinions and stratgey from here? And si, Senor bought the HGD TSX bear fund yesterday and the UUP this morning, that's putting Senor's pesos where his mouth is.

BSing away

Senor

Thanks Senor for the clarification. I'm long NEM from the 41.60 level. I'm also long Dec Gold futures from the 970 level. I'm holding with stops of course, expecting higher prices eventually. Obviously we can pull back. I don't think there's an intermediate top here.

Whatever your outlook, I don't think any of the gold relatied charts look "horrible". Maybe I'll end up being wrong. Certainly won't be the first time.

IT

"horrible" was from a single day perspective at an area Senor was looking for a possible muy importante top, the "way" we traded yesterday gave Senor muy confidence. Senor's stop is against yesterday's XAU high.

BSing away

Senor

[Lysis]

Out of GLD at 98 and change. Looking for 96.50 to re-load.

[SilentOne]

http://www.traders-t...mp;#entry481936

cheers,

john