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.
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Saturn, I am with you
GDX - Multiple H&S Top?...
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.