Discussion in 'Commodity Futures' started by PaulRon, Apr 1, 2010.
Trendline broke + resistance broke + bullish elliott wave count = I'm long
Elliott wave count
A better look at the resistance that broke
Anemic volume. Not very convincing, certainly not as high probability as September '09 push. Doesn't mean it won't melt up.
I agree that previous setup was beautiful, with a nice pop out of the triangle. I've outlined the reasons why I went long, so it's up to you decide if they're good enough.
I agree and hope that gold will break out from here. I've been in my current long GLD position for a few months now and I've been upside down in the trade almost the entire time (entry $117).
I don't normally hold losers that long, but gold has just been consolidating this entire time, even with US$ going up, so I haven't seen anything on the charts to make me think gold isn't still a good buy.
Have you considered selling calls against that long? You could have probably broken even from the garnered premium all that time.
"hope" - four letter word my friend.
Price looks a bit old on that chart, I believe GC is aroudn 1125 now.
Gold is obviously an excellent buy for the long term, but the chart doesn't make any sense to me right now.
However, I wonder isn't anyone bothered that gold is obviously so strongly correlated with oil?
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