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Going Short!


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#1 cycletimer

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Posted 16 December 2003 - 07:48 AM

I have orders in to SELL SHORT Anglo Gold (AU) at 47.75 and 48.05. The next big move in Gold is DOWN. Toppy action. Hoping for one last littel rally to test yeaterday's highs.

#2 The_Gold_Miner

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Posted 16 December 2003 - 08:23 AM

I agree.

#3 Hacky

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Posted 16 December 2003 - 09:09 PM

USERX, a mutual fund in the precious metal sector, has developed a pretty nasty looking head and shoulders formation. Gold on the other hand is acting nicely. I would think based upon golds action the head and shoulders won't execute and might be suggesting a good entry point. On the other hand, ya'll might be doing good to short right here if this does execute. I couldn't find a similar pattern in the XAU or GOX although UNWPX is pretty similar to USERX

USERX Home Page with Chart

#4 Shazzam

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Posted 17 December 2003 - 04:20 PM

All the metals continue to close at new highs, from my experience the stocks usually peak out after the metal, not before. Many of the stocks look like they are just consolidating. NEM, SWC, ASA, CCJ, CDE a few examples.