Home > Markets > Commodity Futures > Gold is on a bear tear!

Gold is on a bear tear!

  1. It's dropped 500 tics since last Monday? Yowzers! That $5K of a drop per contract, in 5-6 trading days!

    Yum.
     
  2. A drop in the bucket compared to what it did post-election.
     
  3. I wonder if the money is leaving gold because of the potential rise in interest rates, or because it is moving into bitcoin; which has taken off this week
     
  4. I would say that today was a good come back.
     
  5. As of now, gold up 1.8% just for today.
    However I have this niggly feeling the spike up today is not going to continue, it's a dummy move.
    My guess is gold futures will continue to run up after hours and then to only get dumped again tomorrow.
    Anyhow, just a suspicion, I'm going to sit out this move in the meantime.
    If wrong there's plenty of opportunity to get in still in a day or two or three.
     
  6. Gold still looking a bit iffy.
    Not 100% convinced we have bottomed this PB, but not looking too bearish.
    For those looking to enter now, I would remain very cautious, my sugestion is stay sidelined atm.
     
  7. I am closing my long position. Gold is not looking good. I entered @ 1262 so I'm making a small loss:( I'm not going short yet though. Will wait to see which way the wind blows....
     
  8. I have started buying GLD by selling naked PUT at 122 and lower.
     
  9. Here's a particular Gold Futures Calendar Spread that I've been short for a long time - until recently it's been quite thin, but working best offer I've been able to scale into it over time.

    [​IMG]
     
  10. "Gold Is Money, Everything Else Is Credit" JP Morgan
     
  11. Gold will continue up next few days and weeks.
     
  12. I keep shorting Gold/hedged couple years, has to come much lower for system to reverse, the recent decline has helped for small losses due to hedges. Am still long Silver and Copper.
     
  13. How does that work short gold and long silver, when they operate in tandem?
     
  14. I stopped thinking back in the 90s of the "whys", and now all automated and think of it even less. Why does anything go up and down, stories come out after the fact, I been using same very long term commodity system since late 1991, I am just a dumb monkey on a string or is that puppet on a string....LOL
     
  15. That's the first question that came to my mind as well. But I guess, theoretically, he could exit them at different times for a profit.
     
  16. Is that weekly chart for GC Z7 - GC M18?
    it looks different from my spread chart.
     
  17. After hours USA time gold is doing dummy ralies, more downside ahead yet I believe.
    Edit: Saying that, looks like copper just now is breaking out upward.
     
  18. [​IMG]

    Gold still within the current intermediate bear trend. The low could be in, though.
     
  19. Gold price looking very hairy and dangerous atm.
    My analysis is it is shaking out weak hands.
    Will remain in all my long positions.
    Likewise copper, quite some shaking going on, remaining long.
    Will re-evaluate day by day.
     
  20. [​IMG]

    Potential long setup if gold bounces off the rising weekly trendline.
     
  21. I've turned bearish and sold out all positions.
    The price looks tired and so am I, gonna give gold a rest for a while, hard work trading this stuff.
     
  22. Yeah, I gave up trading gold a couple months ago.

    Probably means it's gonna start moving nicely again lol :D
     
  23. Yes that's normally what happens when you throw in the towel.
    The Australian gold index has done well recently which feels like an exception but will not push my luck any further.
    Copper futures hammered hard overnight but I'm in only 2 positions on copper and will continue to hold those.
    Yesterday I had a big sell out all up and sold out of 17 positions, still holding 6 positions atm.
     
  24. Looks like a bottom has been hit but the signal not quite strong enough, will await further confirmation before committing.
     
  25. Quite large gold rally on ASX today but I'm not sold. Remaining flat.
     
  26. This rally in Gold in the last week is interesting. Dollar Index has basically been going sideways, ES going sideways. Gold Rallying on incredibly low volume. Really confusing.... is money flowing from bitcoin into gold?
     
  27. Boxing day the Aussie markets were closed, that's when I wished to go long, but a solid gold pop overnight now is making me reluctant to join in, will await a pullback. Aussie gold mkt may open with a gapping up bang, I don't wish to pay premium prices right now.
    The gold price signals have indeed been weak which has made it difficult to enter long.
    This time of the year large funds may be having a Christmas break therefore lower volumes, but besides that, there doesn't appear to be a lot of conviction in the current rally.
    Most often gold will rally on a softer USD, this time it appears to me to be rallying on an anticipated weaker stock market.
    Recently I have had a good run with my trades and added to my bank, considering that, I'm not going to get greedy and buy this pop, gold has a habbit of popping, then correcting.
    Saying that, this is the time for the Santa rally, stocks may ease off this time and in its place gold may begin a run.
     
  28. First day of trading for the year and gold has been rising cautiously since mid Dec.
    The last 5 trading days has seen gold price gather speed an I'm still sitting on the sidelines.
    I missed an opportunity to enter on Boxing Day as our markets were closed but open in USA.
    Was very tempted to jump in this morning on open (market opens here in 1 hour) but my reading of things is USD is going to bounce back, so, once more will continue to sit on hands. That's a month out of gold positions. Will continue to evaluate throughout our day and toward close of trade today should know if this is the right decision, hopefully the signal is going to be strong enough to decide.
    January is usually a bullish month for gold, however that is not good enough reason to jump in atm.
     
  29. Got in long finally on ASX mkt close today, 7 gold positions, $30k ea on one acc. & $50k ea on another acc.
    A few days late to the party, better late than never.
     
  30. Nice technical setup for a long here. $1500 looks like a great target. Hopefully it doesn't retest $1200 first.
     
  31. Golds steady but surely rising today hopefully making a good profit sitting on it for a few days. I'd suggest buying a few ounces.
     
  32. Certainly wasn't steady today in Australia, :) ASX gold mkt was hammered, :( had me a bit concerned.
    'Tis never a nice feeling being on the wrong side.
    But feeling better now with the USD smack down. Tonight / tomorrow hoping for gold mkt rebound.
     
  33. To be honest I really couldn't say which way this is going to go as it's dropped quite a bit and then just sitting around the same mark.
     
  34. I am short since last late week . Was tempted to cover yesterday at the lows but still holding short. Looking for a healthy Reteracement from this late December rally we had.
     
  35. What are your thoughts atm regarding holding short?
    Imo there is no convincing story to being short, saying that, being long atm is also in doubt.
    There will be a breakout soon enough, the weight of evidence right now according to me is USD looking weak and gold will continue to push up.
     
  36. I think it will break out tomorrow on USD data at 8:30am EST. Can breakout either way I guess but my average price is close enought to resistance area that im willing to hold and see what happens. I like to think that the market is setup technically before big big news. I tend to trade into the news announcements. If Im wrong I lose a little. If Im right it will be much more than the loss.

    Im basing my ideas mostly on Wyckoff Market Cycle type of analysis and right now it looks like its been distributing since mid last week. Could be wrong..but that is trading I guess.
     
  37. Is there any expected news event on horizon that could affect?
     
  38. Those prices are at good levels for the purchase
     
  39. Ye I may pull the plug on the short. Will see what happens tomorrow. I made an error on the news announcements, got the dates mixed up.
     
  40. For those who want to buy gold is a good time, but do not expect large profits immediately
     
  41. Gold is rising made a extra £30 on top of the £30 from yesterday in an hour I suggest buying at this moment in time for a tidy little profit.
     
  42. Erick, I assure you that if you keep it long you'll earn more, it's going to be a trend all year long
     
  43. How you feeling now holding a short position on gold?
     
  44. I got out on thursday overnight at a loss.
     
  45. The last quote is time stamped Friday.
     
  46. Im in canada. I bailed my short over night so early am friday est
     
  47. Gold is playing nice today jumped in bought some and right in to profit seems like it's going to be a good day for it.
     
  48. **Update**

    Not as good as I first thought the profits are coming in but verrryyyy slow.
     
  49. I'm outta gold 10 minutes ago, the punishment being meeted out on ASX today is too severe, so coming out with bruises over all of my gold positions. It started off badly and that's how it's ended.
    Live to fight another day.