GOLD upside breakout 1/23/07 - your thoughts?

Discussion in 'Technical Analysis' started by diligent, Jan 23, 2007.

  1. i am long gold - does this move today look like a valid upside channel breakaway to you?
  2. as fascinating as that website may be, i am using this forum for a reason.

    since no one other than advertisers are answering the question, i will say: yes, this is a valid upside breakout in my estimation.

    i do not see a sell signal yet, and i have been long for almost two weeks!
  3. Fast Money, for whatever thats worth - hey at least they dont disguise advertising on this site - just said gold is due for a "monster rally" if it closes above 655.
  4. You're premature. There's been no breakout in gold yet.

    (As I've mentioned here before, I'm still long gold as a long term investment. To be honest, I'm not as enthusiastic about this position as I was a few months ago.)
  5. look .. .the time to have bought gold was $40 ago

    when the commercials covered as the T.A. were
    convinced it was going under $600 an ounce

    now ... it might still go alot higher and there are tons
    of predictions for higher prices ...

    but buying breakouts does not work as often as one would like

    but thats what makes a market ... buyers and sellers

    good luck

  6. i entered this trade on 1/10/07 on the gap down. this was a very high probability entry. i side-stepped all of the washout action in gold since May 06 and re-entered here. luck has nothing to do with it. =)
  7. Gold was at 603 a couple of weeks ago. Crude around 50. Everyone loves bottom fishing every market and proclaiming that the market is breaking out. Its just as bad as top picking.
  8. its just a trade that has cleared 6.17%.

    i was hoping to get some substantive opinions on its price action either yay or nay just for discussion.
  9. Long gold from 607 and and think we can hit 660 by feb expiration........nice move but let see what can happen if the dollar gets soft again.....than we see some upside.
  10. Dude,
    who cares what anyone else thinks...
    you entered the trade - it's a great success...trail your stops, and be done with it..
    If you are looking for someone to cheerlead the position, that should be a signal for you to get out completely.

    Trust yourself - no one else's opinions mean jack when it comes to YOUR money...

    Now, as for gold, i like it. But i'm still of the camp that we'll see a dollar rally in the next month or so, which could move the PMs lower...
    #10     Jan 24, 2007