Gold at 650 - 01-26-2007

Discussion in 'Metal Futures' started by polpolik, Jan 25, 2007.

  1. Looks like gold might try to make a move towards 660. I don't think it'll close above 660 for at least a few weeks.

    Chart Exhaustion on gold is quite evident. On a pure candlestick view, I think Gold will drop back to 619 in a week or so.

    Any thoughts from anyone?
     
  2. A lot of people were sitting on the sidelines waiting for this pullback. A pullback to $640 (spot) is plausible.
     
  3. YARRRR!
    Buy the 550 June Puts for bubkis and thank me in 6 weeks...
     
  4. I'm getting the feeling of a quick drop to 600 quite soon. I might just get the puts... maybe a little farther out though.
     
  5. There is some support at 633 then more crucial 621 before I'd even think of 600..
     
  6. Honestly, there seems to be a fairly strong bid in gold. Technicals (the way that I read them) seems to be on the side that we will be going through highs sooner than later. Any thoughts?

    As a disclaimer, I am very biased to the buy side. Heavy percentage of my portfolio is weighted towards the long side. My ave price is in the low 6's.
     
  7. Technical's suggest a good breakout of the current range of 639/647. Many London traders been positioned short waiting for the breakout lower - will only break when the mkt is positioned conversely.

    very quiet start to the day here so far.
     
  8. My reason for seeing bearishness is the huge doji star formed a few trading days ago. This is by no means 100% accurate but I generally do not go long when i see a star formation like this until

    a) Market breaks down
    b) a solid bar that exceeds the tip of the star.
     
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  9. Honestly,
    you may want to average down when we blow through your average price in a few weeks...but we should see 550 or so methinks..
     
  10. I am curious ... do any of you gents trade short term ?

    lots of volatility to either show alot of green or red

    on your P+L !!

    good luck to all perma bears and bulls !!

    :)
     
    #10     Jan 31, 2007