Gold not moving up on China move

Discussion in 'Metal Futures' started by silk, Jun 20, 2010.

  1. silk

    silk

    After half an hours trade in gold tonight, i show it up less than $2 and off the highs. I show it up slightly less than the dollar is down.

    My trader sense tells me that if they aren't ripping gold up the usual $10 on the move by china, then they must be selling it. Maybe its down big by the morning?? I don't understand anything about gold, but i shorted it all week and am holding for the coming week. A crap shoot really. But with other markets all stabilizing, gold could be set up for fall.
     
  2. Dude,

    It's Sunday evening. At least wait for the Europeans to come in and trade before making any proclamations or analysis. You really should wait till 9AM when NYC trading really starts.

    You do realize that the market is very thin right now, right?
     
  3. dhpar

    dhpar

    difficult to say which way the gold should go on the chinese move.

    dollar down makes the gold go higher
    "risk on" makes it go lower
    israel-iran situation makes it go higher
    yields up makes it go lower
    trend up makes it go higher
    all time high makes it go lower
    inflation (emerging markets) - higher
    deflation (developed markets) - lower
    etc etc
     
  4. ess1096

    ess1096

    I agree, Sunday night futures moves rarely mean much.
    I've even noticed that Comex Gold is even usually dull from the bell at 8:20 (NYC Time) until 9:30 when GLD starts trading. Then the meaningful action begins.
     
  5. I guess the OP may need to re-think his trade.
     
  6. silk

    silk

    I guess my trader sense was correct for once. Gold down 25 smackers. I covered 75% on close which probably means this is the big smack down. Maybe gold panic by end of week.
     
  7. You been shorting Gold all last week as it was hitting record highs and covered it at yesterday close which is above where Gold was last Mon-Wed. Yeah, quite some trader sense there. Here comes the meltdown. Just like 3rd week of May and every other month when Gold has a 2-3% sell off after making a new high.
     
  8. Silk, if you withstood the high on June 28 and hold the short until now... you won big...

    What do you think of gold in the following datys?
     
  9. I don't think that a panic will set in before the "experts" admit that they were wrong about all of their crazy predictions.

    The best thing about shorting gold is that I can see traders adding to their long position all the way down; millions of greater fools brainwashed by the media into believing that this artificial economic hardship is going to get worse.

    If USDCHF closes above 1.089 in 2011 then I will be extremely bullish the dollar.

    Until that time I am looking at the dollar not making new lowest lows on the yearly chart as a reason to start shorting gold from the highest highs.

    If price closes higher than 1.089 in 2011 then I can use the cushion of profit to safely create a larger position for the longer term move.

    Blasphemy I know, but I am just that kind of guy :p
     
  10. pspr

    pspr