If I closed all my positions now I'd be a teeny bit ahead. Thinking of doing it because AU and AG are not behaving the way I expected. As I was walking down the street tonight after the markets closed it suddenly occured to me: are gold and silver about to divebomb ala Feb 27th because the dollar's drop means there is lotsa unwinding going down and soon some BigFoot traders are going to have liquidate the pmetals to have cash to cover? Don't know exactly, just wondering if some people weren't caught on the wrong side of the soaring euro and pound.
interesting read about UK gold http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/04/17/cngold17.xml
trying to breakout over 691 cash trade tonight in Asia. Europe could possibly open metals higher over resistance tonight. Silver also getting anxious to stay back over 14 as support. Could be on the verge of a nice upside break here soon imo. just sitting tight and right for now.
gosh am I tired of seeing "spoofing" in the metals sometimes the market makers must really be confident that if they show a few hundred on the bid or offer that they will not get slapped around ... ( of course soon afterwards they cancel their "spoof") oh ... and sometimes they are note "spoofing" and it is real size too I guess
Metals are looking much more vulnerable to a selloff now. The major US and European Indexes are starting to pullback and I don't think that gold/silver will be spared. I'm quite disappointed with the performance of both gold and silver on this run. Locking in profits and now looking for a decent short entry on gold
ha ha ha I just saw one of the all time great "spoof"s bidding for 600 GC contracts then offering the same 600 a few ticks higher nothing done either way
I caught that as well. There was some very interesting action this afternoon. Buying keeps coming in at 686 when ever they try to break it. Strong possibility that they will get it up and over 700 here real soon. Back in on the long end but with a real tight leash.
Think both gold and silver due a sell off today/tomorrow - have been bullish until today. momentum indicators in both pointing lower and they have failed to break back higher to 690 and 14.00 despite the dollar being so weak. Both resting on channel support at the moment. market is long and funds are long from way below - price needs to come off the return to health and think funds will take some profit off the table before month end. feel we will see 663 and 13.00 soon enough