19 replies to this topic

[PMILLY]

I think we are getting close to a buy on gold either today or tomorrow. My personal favorites are BGO and NEM. I am waiting for some divergences on the hourly chart and for the hourly stochastics to bottom out. The daily chart does not look bad when looking at momentum indicators. Thoughts are welcome. Just wanted to share my thoughts and plan for the week. I think gold will have a good week, although I have no idea how long I will hold the position. Happy trading . Pmilly

[stockbucks_coffee]

sold my gold stocks last Friday b/c my s/t indicators 'were' turning down intraday. (so a good profit since these stocks are down today.) but after the Friday close my s/t indicators were back up positive. today, currently still up...yeah...could be positive divergence. not buying yet but I am setting up my buy orders for likely tomorrow (and canceling my short orders I placed yesterday .) will update at your 'topic' later. best SC.

[PMILLY]

SC, That would be great if you updated later. I like your s/t work, as from what I have seen in the months that you have been here, it is as accurate as anything I have seen. Kudos to you! Most likely, I will be buying tomorrow as well. I would love to see gold get under 400 again with some divergences for one last washout. We'll see . Pmilly

[teki]

I added half my gold stock basket positions long near the close today, will watch and wait on tomarrow's action for the rest. If this is not the bottom, it looks like we are very close.

[stockbucks_coffee]

My s/t indicators remain up so I'll likely buy some gold stocks tues. morning. Note that since March, the xau/hui had been stuck in a narrow trading range thus most of my the trades have been for about a week or less. I usually look for trades over a week or two more. due to this recent narrow trading range, this month April I been using about 60-80% of my account to trade and I will likely do the same tomorrow morning. Prior to this month April I been using about 100% (sometimes going over to margin) of my account to trade. Guess we been spoiled by the big rallies for much of March 2003 up to March this year. good luck trading SC. Teki, good trading from you again. I was getting ready to buy some gold stocks at the last half hour but I wandered off to get a bite...hey it was 12:30am here in the SF bay area.

[Thunders]

PMILLY=======:

Can you please show me what hourly chart are you looking at? TY


stockbucks_coffee=====:

You are one lucky guy living in SF…


This is the chart for XAU.

We have broken down from the triangle.(We have same looking chart for HUI)

These two charts are more important than price of Gold.

In my opinion it is early to buy gold.


XAU

[stockbucks_coffee]

thanks for the chart, Thunder. yes, SF is a great place to live. I like the food, weather, and diversity there. and if the Giants could win the big one (almost did 2 years ago) then that would round out all the major teams winning the big ones,...49ers, Raiders, A's, and Warriors. yeah, it still look iffy here, I had thought couple times in March and this month that the xau/hui had hit 'bottom'. that's why this month I been trading 'half loaded'. I'll just scrap by with what my s/t indicators say...up? this baby brings home the money so I go stick with it for now. best SC.

[The_Gold_Miner]

PMILLY=======:

Can you please show me what hourly chart are you looking at? TY


stockbucks_coffee=====:

You are one lucky guy living in SF…


This is the chart for XAU.

We have broken down from the triangle.(We have same looking chart for HUI)

These two charts are more important than price of Gold.

In my opinion it is early to buy gold.


XAU

Your chart shows a breakdown from support which now becomes resistance. As we all know a typical play here would be to enter a short position with stops just above the horizontal trendline.

I think we see new st lows soon based on this setup. The elliott wave guy I follow also has his counts showing wave 5 down on the 60min chart. If this plays out it will complete wave 4 down on the daily chart with wave 5 up to come.

I jumped in short today to play the 60min 5th wave down st play and will then consider switching sides for the wave 5 up on the daily for a longer term play.

Takin it one day at a time....

[teki]

Gold Miner, I agree with your assement about the XAU and HUI. It looks like the 4th wave finished, and the 5th wave is starting down. But some of the miners look to have already finished their 5 waves (or a doing a more complex corrective wave 4?). I wanted to wait till HUI had clearly bottomed in 5 waves, but the action on some of the individual issues was too complelling. I will keep a pretty tight leash on my entries so far, and then give them more room once a reversal is more clear on the daily chart. I especially like the string finish by a number of issues, both price and volume looked good at the close. With the dollar, interest rates, and euro all positioned as they are, it seems would could bottom anyday now. So until that changes, I'll stay agressive.

[TomD]

I agree gold miner..that chart looks bearish to me..any short term weakness can get magnified very quickly...I was thinking for wahile that 197-200 on the HUI may be a good entry point....but I am hesitant now I think all the PTB are going to want to get a lid on commodity prices and it will be tough slogging for them for the next few months... always hard to say....I think USD will test 200dma...and it will be interesting to see price action at that point