3 replies to this topic

[Rogerdodger]

Nice pop out today.
But RSI negative divergence.
Tim Ord says (in New Market Analysis Area):

...The negative divergence on the McClellan Oscillator helps to confirm the 10 DMA and 50 DMA for a short term top.
...the Commercials have back off its bullish stance and now are short term bearish. Also Seasonality for Gold in the month of October is bearish.

Therefore they may be a pull back this month but the pull back should be bought. We have support coming in near 160 on the XAU and the next support below that is the 147 range. We plan to go long the XAU on the next buy signal.

So is it on and up from here or will there be a failed breakout like last July and a MACD "kiss of death"?
http://stockcharts.c...4129&r=3408.png

[NAV]

I am short Dec GOLD at 748.3 FWIW. Stop 755. Note that the metal did not confirm the GDX enthusiasm for new highs.

Edited by NAV, 10 October 2007 - 11:20 AM.

[MacRo]

personally I think copper is the better short. GC is the e-mini on nymex.

[NAV]

I am short Dec GOLD at 748.3 FWIW. Stop 755.

Note that the metal did not confirm the GDX enthusiasm for new highs.

Took half off for 4 points profit. Stops on other half 752. Remember, just don't swing trade anything in this market on the downside (not even IYR on a day when DOW is down 120 points)

Edited by NAV, 10 October 2007 - 01:32 PM.