From 814-816 on four contracts, looking for 920 short term, and 950 by 3/15 from triangle projection and measured move...my two cents (keeping in mind you get what you pay for!). No chart to post (different computer).
Made a tidy little sum to day on my long. Gold might continue up, but who knows? I'm happy right now with consistent profits.
Yeah in a way I regret taking off longs Friday...Monday I didn't when it dipped....but then after the move up...it would have been nice to have stayed long. No worries though, I am happy with the part of the up move I did catch. Let's see what happens next.
Like I said..watch out for a wash-n-rinse move or a blow off top. :eek: I am now flat my very long term Gold position (thank you market for $860.00 in 2008 instead of at the end of 2007.. ). That was one heck of a ride and I am done playing gold until we get some good pullbacks with panic selling (that may take a while). Praetorian..have any info to chime in on what you think Gold will do this year? BTW, you should have really enjoyed this ride in Gold..great job!
Guy at TradeForGain wrote a nice article about Gold mining stocks and seems to think it's still going up... read it today, check it out http://www.tradeforgain.com/market-analysis/looking-at-the-history-of-gold/
Must suck to be short gold right now....l Gold Hits Record High of $870 an Ounce http://www.cnbc.com/id/22484566
With sentiment in gold starting to shift to an extreme, I'm starting to sniff around for a small contrarian play.
With all due respect, you're wrong. If you really want to understand whats happening, read the article - http://www.silverbearcafe.com/private/1.08/kondratieff.html Sumosam, just for you there's some discussion on which Elliot Waves we are currently experiencing in Gold. Might save/make you some money if you take the time to read it.
"We are concerned that gold is vulnerable to a nasty correction. After all we consider the metal to be $100 to $150/oz above near term fundamental value," said John Reade, head of metals strategy at UBS Investment Bank. "But this may not matter in the near term following a decisive break of the previous all-time high. Accordingly, we raise our short-term forecasts for gold and now see the metal at $900/oz in one month," he said in a client note. UBS had predicted it to hover around $750 in the short run. what on earth is "near term fundamental value" typical bullshit from brokers who sold out their postions $150 dollars ago....