6 months? Maybe. I had a target of close to $500 by the end of the year, I am not fixated on it though, it might not happen. I am more interested in trading the gold stocks through a regular pattern of highs and lows...if I am lucky. While I am bullish on metals....but not a goldbug, the reality (unlike oil generating new highs in uncharted territory) is that there is a ton of people who have been holding gold from decades from above $500, so there are some people who may just unload as we get near that level. There is a ton of overhead resistance in the metals, unlike oil.... The central banks are likely going to sell gold to try to control the price as well.... I got concerned last week or two when there was media drama that gold was at a new 17 year high, that's one of the reasons I took profits. Yes, I do like GG a lot, but taking profits along the way is just my own practice, not necessarily a recommendation for others to do it that way. I gradually buy in, gradually take profits...I am not an all or nothing trader.
here is the thread where zzzzzzz points out GG as a short and then is rude to everyone who questions what he is talking about http://www.elitetrader.com/vb/showthread.php?s=&threadid=55349&highlight=gg
So now what -- if you didn't manage to start building a long position yet, do you just let the trade go if we don't retrace any further?
That's the tough question, isn't it? If you didn't own it, would you buy it? If you owned it, would you buy more?
Even though ZZZ and I had a little heated exchange, I couldn't help but reading the rest of the thread and from what I understood he was holding long positions and probably worried from that bloody hammer, so that's why he got told it could be a good idea close half and let tge rest run. I guess he must have done pretty well: if I'm not wrong GG was up something like 25% last month.