Gold Breakout Today (4/1/10) - Long Term

Discussion in 'Metal Futures' started by PaulRon, Apr 1, 2010.

  1. PaulRon

    PaulRon

    Trendline broke + resistance broke + bullish elliott wave count = I'm long

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  2. PaulRon

    PaulRon

    Elliott wave count
     
  3. PaulRon

    PaulRon

    A better look at the resistance that broke

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  4. Anemic volume. Not very convincing, certainly not as high probability as September '09 push. Doesn't mean it won't melt up.

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  5. PaulRon

    PaulRon

    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.
     
  6. clacy

    clacy

    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.
     
  7. Not yet.
     
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  8. 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.
     
  9. PaulRon

    PaulRon

    Price looks a bit old on that chart, I believe GC is aroudn 1125 now.
     
  10. moo

    moo

    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?
     
    #10     Apr 1, 2010