Will Gold continue down next week?

Discussion in 'ETFs' started by Trader7793, Jun 13, 2009.

  1. I am long puts on GLD, that I bought after the US dollar began to recover some. I have a slight profit, but I am definately nervous that things might reverse and Gold shoot back up again...taking GLD with it. Does anyone see GLD reversing early next week? Say before Wednesday?
  2. With the bozos in charge of US, short gold is high risk.
  3. You're actually willing to risk your money based on the opinions of strangers posting here? Trade the trend an employ stop loss orders. Let price determine your decisions.
  4. I say take your profit. You are shorting gold during the worst economic crisis in the history of the world. It just sounds plain crazy. Nobody knows if gold spot is going to go up or down because of the banks manipulating it right now. Personally, i dont know how gold is under 1,000 per ounce right now. I think with the situation we are in it should be at least 1,500 minimum. I dont know anyone who is holding physical gold that is saying "yeah i think gold has topped, i better sell before it goes down" People are buying gold and holding for the collapse of the dollar right now. The demand of the people is so much higher than the price of spot right now and people are starting to horde it.

    Short term for next week though? I dont think its going down, but probably not going up much either for the next week.
  5. The conventional wisedom says...

    The $USD looks like it wants to rally into the 82 area.

    Gold looks like it will continue to move lower, many think into the 925 - 910 area.

    Mr. Market will do whatever to prove most folks wrong.

    Happy trading!:)
  6. It does make one wonder when they start talking the dollar up, what their agenda really is.
  7. Gold down because 10 year yield is up, approaching 4%. It is just that simple.
  8. the conventional wisdom says, that all the opinions here will have no impact on the price fo gold. No one "knows" where it will be next week.

    They guess, and the ones who are accidentally right crow about their predictions.

    Stick to trading, not being an economist.
  9. Nexen


    How will you ever land a big trade with such sentiment?

    Take some off, keep riding it until it's over.
  10. We just finished a tasty meal at a Szechuan Chinese restaurant and we all had the traditional fortune cookie. :)

    My fortune said " Dark wealth will be your undoing" :eek:

    Based on the fortune, the conventional wisedom now says...

    $USD to initially rally to 82 area, consolidate and then move to the 83-85 area.

    Gold going down to 925-900, consolidate and then move lower to 875-850 over the next 2 to 4 weeks.

    The fortune cookie is never wrong...:D
    #10     Jun 14, 2009