Discussion in 'Commodity Futures' started by increasenow, Apr 27, 2008.
do we see Gold back in the 900.00's?I see a trend down...thoughts?
$960/ounce may be a more obvious level. We'll see.
I think Gold is headed a lot lower before if goes back up. Technically the chart is Fubar. YOu would have to be nuts to buy and hold here, unless it is a very short term trade.
Even with oil banging out new highs daily, Gold cannot even follow. Gold goes up a few buck than gets driven down to almost the same levels.
I took one contract profit today and still have 2 runners. My profit that I locked in is already amazing. Only the greatest discipline prevented me from putting my whole account behind this trade. I felt so stringly about it.
where do you see Gold heading now?...$800, $700, $600?
My target is 740 over the next few months in the Gold Bear market. I will trade with short bias over that range.
For the short term, I am calling for about 20-40 points more immediate downside maybe even this week. We just broke the huge long term support from many months back in a very real way. Take a look at this chart. That is why I am so bearish.
This chart is from a few days ago which is where I have been baseing my trade.
$1100 to 1200 before end of this year.
$1600 before end of next year;
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