Discussion in 'Metal Futures' started by Shagi, Feb 4, 2011.
In truckloads - $1600 on horizon by March
I will only run for the door if it slides back below $1300
Trend extrapolation! Cool.
I agree- I am long GLD march calls and SLV april calls
mmmmm- Buy truckloads
I don't believe the medium term outlook for gold is good.
This article matches my feelings exactly: Gold to Resume Decline as Focus Shifts Away from Egypt
Right now, gold has basically been going sideways, overall, since the year started. My strong feeling is that there's going to be a big breakout. I'd give odds of 2 to 1 that breakout will be to the downside. If that happens, it'll go through 1300 easily.
I shorted Wednesday midday after noticing the weakness that morning, and while I had the sweats this morning, it worked out reasonably well today. I'm still holding net short.
Since the Egypt thing started, I've handled it by having a larger VAR during periods when I've been long than when I've been short, and that was true right through today. Starting Monday, I'll be reversing that.
That all makes sense. I just try and read the intraday candles because there is so much painting of the charts on daily gold charts. It seems the latest power moves have been to the upside and then quickly contained, thats what makes gold gold, totally different monster to trade IMO
Yeah I notice that painting too, which is why I also look at and act intraday. It's impossible to trade properly from the daily bars.
Anyway, on the side of the possibility of an upside breakout: New Wave of Protests Sweeps Middle East
It ain't over over there yet.
Im more of a headline reader, meaning I dont really read the full article as to be biased. I found I am better off knowing there is news and letting the market tell me which way to go. Some of my biggest losses are when I have a strong (wrong) opinion on what should happen
I'm expecting a strong pullback in GC, SI and CL this week with Egypt situation "Getting better"...
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