The outlook is very muddy for gold from where I stand. This
chart shows we have had a Wm% buy signal but I only used it to
cover most trading shorts as we are still in a downtrend on the RSI
and pitchfork - downtrend channel. I have played long on this move
up but only off 15Min charts.
The 'Harami' plotted friday at resistance and close to the 34ema
while RSI has bumped into the RSI 50 line from below and left a
hook may auger further weakness this week. If not it would indicate
a rather bulllish stance. Also note the Gold:Gdx ratio looks to be
'Bull-Flagging'.
However if we do breakout to the upside there are still several
layers of resistance to surmount but it would mean the RSI would
regain the 50 line and that has to be viewed as a bullish
achievement.
I am still uber long bullion and 80% of it Silver bullion. And
trade around it shorter term. I have still some of my april puts
open, and spreadbet shorter term moves, but am flat at prsent.
I have $1260 as a potential target for this correction...
Saturn, I am with you 100%. I too am long bullion and miners
long term. Short term I see gold needing to correct more (as matt
had suggested). The main wild card here is Egypt, and the markets
have priced that in. Hence the charts are "muddy". We are at
resistance, but also some potential for massive breakout.
I suspect if Egypt erupts, then gold will take off (perhaps to
1400 and then come back to retest this area. If on the other hand
it stays the same (or at least does not erupt), then gold will go
down one more time.
Not sure about 1260. I suspect 1300 will be major support. If it
goes lower, it will probably be very sharp and very short. Maybe
time to put some GTC orders in.
Mamaduck - Good Charts....
GDX - Multiple H&S Top?...
Posted by saturn6 on 6th of Feb 2011 at 07:26 am
The outlook is very muddy for gold from where I stand. This chart shows we have had a Wm% buy signal but I only used it to cover most trading shorts as we are still in a downtrend on the RSI and pitchfork - downtrend channel. I have played long on this move up but only off 15Min charts.
The 'Harami' plotted friday at resistance and close to the 34ema while RSI has bumped into the RSI 50 line from below and left a hook may auger further weakness this week. If not it would indicate a rather bulllish stance. Also note the Gold:Gdx ratio looks to be 'Bull-Flagging'.
However if we do breakout to the upside there are still several layers of resistance to surmount but it would mean the RSI would regain the 50 line and that has to be viewed as a bullish achievement.
I am still uber long bullion and 80% of it Silver bullion. And trade around it shorter term. I have still some of my april puts open, and spreadbet shorter term moves, but am flat at prsent.
I have $1260 as a potential target for this correction...
Saturn, I am with you
Posted by mamaduck on 6th of Feb 2011 at 03:48 pm
Saturn, I am with you 100%. I too am long bullion and miners long term. Short term I see gold needing to correct more (as matt had suggested). The main wild card here is Egypt, and the markets have priced that in. Hence the charts are "muddy". We are at resistance, but also some potential for massive breakout.
I suspect if Egypt erupts, then gold will take off (perhaps to 1400 and then come back to retest this area. If on the other hand it stays the same (or at least does not erupt), then gold will go down one more time.
Not sure about 1260. I suspect 1300 will be major support. If it goes lower, it will probably be very sharp and very short. Maybe time to put some GTC orders in.
BUT
Posted by zach06 on 6th of Feb 2011 at 08:27 am
Cramer on CNBC says to buy gold for your Honey for Valentines day.....
zach - I would urge you...
Posted by saturn6 on 6th of Feb 2011 at 01:10 pm
to tune out of the gunk and tune into some soothing and inspirational...
Like This!