Posted by praetor54 on 7th of Nov 2014 at 09:09 pm
I was watching the gold futures last night and right at 12:00
they dropped $10, attempted to rally failed and then at 1:30 they
spiked into positive territory and continued higher. When ever you
get a big move up after such a large drop, you have to assume it's
short covering. This is why you wait for a higher low before taking
a swing. GDX and GDXJ sliced through their 9 EMA while gold almost
touched it. This may be all it's got which is why is sold my
juniors at today.
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Gold Short Covering
Gold: Hedgers got longer & covered shorts near the lows; ...
Posted by praetor54 on 7th of Nov 2014 at 09:09 pm
I was watching the gold futures last night and right at 12:00 they dropped $10, attempted to rally failed and then at 1:30 they spiked into positive territory and continued higher. When ever you get a big move up after such a large drop, you have to assume it's short covering. This is why you wait for a higher low before taking a swing. GDX and GDXJ sliced through their 9 EMA while gold almost touched it. This may be all it's got which is why is sold my juniors at today.