Silver is treading on multi-year support (?) levels. Well actually so is Gold. But Silver is more a proxy for the world economy and IMO signaling further downside to come for both.
I disagree. Frankly, I think gold is a great buy today just on price action alone. Will be looking to re-add the position I took off today if I see some strength in gold.
Long 1205.30. This might be coming back off real quick. Could be a premo entry though. Will figure out what that makes my average later. Edit: 1201.
Lol panic level in the miners right now. Obviously can't do it in the challenge account because it's to small but some of these buys in the miners are ridiculous. Yes, please.
Out of add at 1200.30. Barfing it headed lower again today. IMO the fear is palpable today across the board in the metals. Still think this is a buying opp and will widen my stop, on my remaining position to make sure I'm not stopped out on a test of the recent lows.
Well $XAU has gone another 1 to 1.5% lower from earlier, so that it is down almost 7% on the day. Some individual issues down double digit percentages. Capitulation? From what I look at - far from it.
Well, in my other accounts I am very long the miners as of today. Pretty much buying them all the way down today. That's what makes a market though. I can't imagine you think you should sell the miners now though? Unless you think we replay Apr. 2013 which is very improbable.
You are correct. I would not sell the miners here but I also would not be a buyer. Because what I see is 1) long term monthly support broken, 2) daily broken, 3) daily percentage of up volume to down volume in latest down trend clearly showing selling overwhelming buying. So until I see some, any change in this regard it is out of my risk parameters - to buy.
Got stopped out of the Silver at breakeven, bought it on the close along with Debit put spread Dec 16P/15P, still short Gold added a bit to my short Copper few days ago with hedge. Trading my plan.
Lost a quick $1,000 each, blew past my stops. Keeping the Debit Put Hedge. Been watching two minute chart, showed high volume bottom with sideways action and went long and no Hedge, risking again $800, going to babysit till morn I suppose. Already nodded off. Have targets set in Gold for last add on at 1150.50 and have breakeven stops GTC for short positions higher.