Gold is going to get hammered

Discussion in 'Metal Futures' started by spersky, May 7, 2008.

  1. spersky

    spersky

    Gold is going to get killed in the Euro markets, and in the U.S. markets tonight and tommorow. The Dollar is on a tear right now against the Euro.

    Mark my works. Get your shorts in now. I think the next stop most likely tommorrow is 840.00

    Good luck

    BTW, I am short 3 Contracts. So I do not make predictions and do not trade.
     
  2. yea right,

    I'm selling gold to buy dollars..why?
     
  3. spersky

    spersky

    Recently,

    Gold has been following the dollar strength very closely. I am not calling the end to Gold forever. I am just saying we will see some serious downside in Gold before it starts to recover again.

    Short and intermediate term is very bearish for gold.
     
  4. PaulRon

    PaulRon

    hey spersky

    gold help up very well at 866 when the EUR/USD spiked down to 1.5285. I'm short-term BULLISH on gold

    long @ 866.9
    T/P 875
    S/L 866.9

    will scale in shorts soon
     
  5. ssbc19

    ssbc19

    I think it's interesting that I was to short the GLD on 3/18 and 3/19 on TOS, but now it's "Hard to Borrow"
     
  6. spersky

    spersky

    Hey Ronpaul,

    The fact that Gold went down with skyrocketing Oil today is very ominous. I believe that the strong Dollar will be the catalyst for a Gold selloff in Europe/ and USA.

    I have been noticing that the Markets in Asia/ India prop up Gold alot during this time in the night. Indian is finishing up with their huge 2 day holiday where there is a lot of gold buying.
     
  7. spersky

    spersky

    Well I was wrong. My stop got hit one contract at break even.

    I am still short 2 contracts.
     
  8. PaulRon

    PaulRon

    arggh got stopped out overnight just barely... will short at 890 and double down at 910 if necessary.