Got Gold? No got DZZ! Anyway, the
65 week MA for gold is still only 820! Gold metal still needs to
play catch up with the gold stocks.
Though I doubt it will go straight
there and will probably bounce soon and gold stocks are probably
going to bounce soon as well. But over time I think gold
eventually catches up with that 65 week MA
maybe, maybe not; gold will either
just go straight to that 65 week MA or it will stair step its way
down over time, who knows, all the matters is the end
destination.
The 65 week MA goes up over time,
maybe $5 a week, so the longer it takes, the higher it will be
Posted by dodgerdog on 5th of Aug 2008 at 10:50 am
Many people were bottom fishing gold last week and on Friday I
said that GDX looked like it would break below 40 which has now
happened as we traded into the 39's today - now watching to see if
GDX can produce a "hammer candlestick" on the daily chart after
today's gap down. Should a hammer form today one could look
to take a trade long position for a bounce. Need to see how
things play out but this sector is deeply wounded
technically.
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Got Gold? No got DZZ!
Posted by matt on 5th of Aug 2008 at 10:25 am
Got Gold? No got DZZ! Anyway, the 65 week MA for gold is still only 820! Gold metal still needs to play catch up with the gold stocks.
Though I doubt it will go straight there and will probably bounce soon and gold stocks are probably going to bounce soon as well. But over time I think gold eventually catches up with that 65 week MA
Are you saying that you
Posted by lsherrer on 5th of Aug 2008 at 10:39 am
Are you saying that you expect a short-term bounce in gold, but that over time it will get close to 820?
maybe, maybe not; gold will
Posted by matt on 5th of Aug 2008 at 10:41 am
maybe, maybe not; gold will either just go straight to that 65 week MA or it will stair step its way down over time, who knows, all the matters is the end destination.
The 65 week MA goes up over time, maybe $5 a week, so the longer it takes, the higher it will be
Are you talking about today's
Posted by califman4u on 5th of Aug 2008 at 10:46 am
Are you talking about today's close under 40 Dodger?
Many people were bottom fishing
Posted by dodgerdog on 5th of Aug 2008 at 10:50 am
Many people were bottom fishing gold last week and on Friday I said that GDX looked like it would break below 40 which has now happened as we traded into the 39's today - now watching to see if GDX can produce a "hammer candlestick" on the daily chart after today's gap down. Should a hammer form today one could look to take a trade long position for a bounce. Need to see how things play out but this sector is deeply wounded technically.