GLD is going much higher EVERYONE keeps saying how a small rate cut and rising dollar will impact gold but that is ALREADY priced into gold now. It is assumed the fed will cut by 25 points and the dollar always makes these headfake moves. When the fed does cut GLD will surely rise. Gold is up 3 bucks tonight. Buy GLD ASAP. No way gold is going much lower. GLD a quick flip back to 93 I also like the ETF: OIL (OIH sucks. It is too volatile and isn't a pure oil play. ) And DBA
But I do agree... the $$$ is doomed... all h$ll is breaking loose. I'd like to see a bigger dip. That really big 40 dollar drop before the ralley. On 2nd thought... 87 for GLD is attractive. Buy on the rise ? How about the DBA commodity fund ?
I guess that that huge H&S made by gold since late JAN on the daily chart means nothing. I guess the technical breakdown of Gold on the charts mean nothing? Thank god you are there to buy the gold that I just sold to you. Regards Steve
In all honesty it really means nothing. Technicals signals can be very misleading. Also, there is no H&S. The left shoulder is non existant. Gold is only off 110 from 1000, which is trivial.
This is not an H&S formation? It looks pretty classic. Granted it has not broken down yet, and it might fail. However, If you buy gold you might want a close stop.
The 'powers that be' aren't going to let gold fall much more based on a simple chart. That would be too obvious. Making money shorting is never that simple.
IMHO, The chart reflects the opinions/hope/fears/plans of the powers that be. I try not to assume the opinions/hopes/fears/plans of the powers that be. I just do what they tell me to do based on the chart.
Looks like GOLD broke yesterday's support. I think it is headed to 876 or lower by end of Friday. I added to my original 930 short at 850. Next target is 840.
After your call on VMW, I just can't help but snicker. You may be right on GLD, but it'll be by chance, as you clearly make your calls in the same fashion as Kramer. You're just a lot less popular.