23 replies to this topic

[Chilidawgz]

Gold looks headed lower

[Chilidawgz]

[Tor]

gold bugs have been MURDERED.

[Chilidawgz]

[johngeorge]

gold bugs have been MURDERED.

Not quite all!

[Chilidawgz]

Hi JG, I flipped MDG long for 10% two days ago, I am looking at buying a position in GDX if the XAU stabilizes in here...weeeeee!

Edited by Chilidawgz, 24 May 2006 - 11:16 AM.

[johngeorge]

Hi JG, I flipped MDG long for 10% two days ago, I am looking at buying a position in GDX if the XAU stabilizes in here...weeeeee!

Great trade Chili If I recall correctly MGD is one of your favorites. I too am looking at that new ETF GDX and am thinking it could be an excellent trading vehicle and perhaps part of a core position as well. My 15 minute chart of the XAU appears to be stabilizing now, but, no buy signal on it for me yet. Looks like a couple gaps to fill on the upside on that chart as well. Could be a really good trade. Watchful waiting now. Appears gold is stabilizing here as well. Hmmmmmmmmmmmm

ps I am still long the dollar via RYSBX so am thinking the dollar will bounce some more and the overall direction for gold is still down.

Edited by johngeorge, 24 May 2006 - 12:08 PM.

[johngeorge]

Looking at the 133 area for a XAU bounce. Will go long GDX IF I get a buy signal. Still watchful waiting.

[dougie]

Chili: what does the A B C point s represent on your second chart of that channel? It is interesting, as dawn that way I could amost see an elliot ABC correction since feb...

[Chilidawgz]

The charting software, StockShare, allows you to create ABC expansions. Depends where you place your ABC's as to results. The first 137 point is a first target, 123 second and so on. I only created two points, there is another further down...but one step at a time. I am looking for a bounce from the first area, 133-137. (Unless the stk mkt/shares puke )

Edited by Chilidawgz, 24 May 2006 - 01:30 PM.