Do it again- Go big or go home- and thank me in two weeks. Current spot price: $1146.60. Official RM prediction.
I`m long GLD from 111.90. My algos firing buys across all my frames since pre mkt. Not that it means anything to you. But i`m in agreement. Looking at 119.18 target. 106.47 i`m stopped.
RM, still bullish on gold? Also bearish on the dollar? And by implication, bullish on equities? I am thinking this correction is something bigger. The anti-dollar trade is over now. And gold was heavily bought by people wanting to be short the dollar. So it might take a while before gold bottoms. Now 1117, the Feb future.
I don't like gold here... I LOVE it... just bought more. Absolute worst case scenario is that it goes sideways for the rest of the month.
getting close to a technical bounce in gold ,crude, eur/usd, soon. might coincide with funnyclaus rally.
Ok. That must also mean the dollar to stop strengthening right here. What's your risk/reward? Since gold has been down $30+, you must be looking for a move back to the highs, at least? Not worried about this chart? Record-high spec longs, even after the worst crash (Dec 8). http://snalaska.net/cot/current/charts/GC.png
The spec long positions don't really worry me, as the same thing was going on <i>before</i> the big breakout two months ago. Think 1999 tech stocks- Everyone's bullish, yet the orgasm spike top in gold is still about to occur. The top in this decade-long bull market may be near in <i>time</i> (probably within 18 months tops), but not in <i>price</i>. The only thing that worries me about the gold chart right now is that we might move sideways for a few weeks, and I'll look stupid on my "thank me in two weeks" call when I should have said two months. As for risk/reward, you know I'm a play it by ear/gut feel/INTP kind of of trader. My options are always open. That's not an evasion- I just don't yet know how and where I'll be scaling out of this one.