Marketsurfer's bold gold proclamation

I have a feeling you'll be getting stopped out several times all the way up. Good luck with that. :eek:

 

$920 on the monthly gold chart is the most bullish entry i have ever seen in my life. curious to know what trendline you are looking at...

 

920 is both the underside of the LT uptrend line

http://img379.imageshack.us/img379/5416/goldtrendlttrendlineol5.jpg


and the top of the broadening formation (presumably ultimately bullish but downside room sub 600)

http://www.incrediblecharts.com/tradingdiary/images/20081213_gold.png

 

Your 'uptrend line' as pictured in that chart has already long since been invalidated by the price action, so using that trendline as any indicator is flawed.

And if you wish to look at the technical picture, what you should be looking at is the lower highs the price has been making since last year. If gold breaks 900, it will have broken the downtrend. If you want to short, wait and see if the 900 area holds. If it does, you can probably make some money shorting. But if it busts 900, look out.

But the bigger issue than technicals is the fundamentals, which are bullish. And fundamentals will trump technicals in the long run every time.

 

Triple bearish divergence on Daily chart now, selling with a $5 stop

 

2/3 covered +5

Keeping 1/3 to try & pin Daily chart's sell signal

 

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2246373>

 

to JSSPMK...2 questions...do you trade Comex Gold Futures or Spot Gold, or both?...looks like you are bearish Gold?

 

1. futures (electronic)
2. ImPO there is a bearish set-up on Daily chart

 

Nice trade. Good rising wedge with histo divergence. I'm waiting for full MACD divergence at a higher level indicating an IT top. Not looking good right now, but I've learned to wait or pass.....

Very nice trade.