buying gold here?

Gold: Soared to over $600 this week and became volatile thurs/fri. Still see new highs ahead.

 

What do you think about $581 as a support level? I am flirting with placing a standing order there with a willingness to ride it down to $480 as a stop (which I think there is a snowball's chance in hell of hitting)

Not sure if 581 gets hit, but after g7 meeting this weekend, I expect some volatility. I do not think that the g7 is happy with price of gold at these levels.

 

hi drsteph

a $100 stop loss order in gold ?

you must trade once a yr and have really long term price objectives

hello GHargur2

do you trade real money ? as much as it is nice to say new highs coming ... would you have stayed long a gold position as it dropped about $40 from the highs late last week before rebounding ?

 

For this one, mebbe... y'all know I am probably one of the longer term traders here. I adjust my risk accordingly, though.

 

Dollar too unstable to be reliable - Russian minister

http://en.rian.ru/russia/20060421/46778404.html

 

Awww, the russians are just sore that the meeting was only a g7 and not a g8.

on the same note, this interesting article hit the net:

http://www.ndtvprofit.com/homepage/news.asp?id=246001

and this

http://business.timesonline.co.uk/article/0,,16849-2149187,00.html

Since when did the IMF turn into the new heavy?

 

Hi Doc,

I think it's too far along in the advance to think about getting long. Extremely overbought on MACD. Support does appear at $591 though. Personally I'd wait for the next int. term advance.

tony

 

Hi Seth,

Real money? No, only the monopoly looking dollars they print nowadays. They stopped printing real money years ago.

As per your question, one needs to trade Gold like they trade Google. Every round number is an important level. When Gold runs, from $600 to $650 in a few days, it's profit taking time. Just like when Google's runs from $400 to $450 in a few days.

tony

 

Nice chart!

 

"Economists said the United States needs the dollar to fall again to help cut its ballooning trade gap, but Europe and Japan do not want sharp rises in their currencies, which could make their goods uncompetitively expensive and snuff out fragile economic recoveries. So if the dollar must weaken, it is best it weaken against the currencies of non-G7 countries."

Will be interesting to see what happens to the Dollar Index.
THX