Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

[ocelotl]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

Well, personally I don't see it as more than a blip in the market, I had the opportunity to increase positions last year before the mexican peso devaluation and at nearly the bottom of last correction. Both kept me smiling with a 60% gain until this $50 correction. a 5% temporary loss is less than the spread I've seen around here, so, will wait and keep position.

Forgot to add, Mexican government is promoting gold and silver. I've heard lots of ads from Mexican Mint telling people to buy their products for gifts...

[xela]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

Well my min. target was met (1125) and I went right back in, might close that gap and hit 1100 but with the euro racing it, it seemed a moot point for me.
BTW, just how cool is this: Buillionvault offers silver in London now

[Dr.No]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

Well, personally I don't see it as more than a blip in the market, I had the opportunity to increase positions last year before the mexican peso devaluation and at nearly the bottom of last correction. Both kept me smiling with a 60% gain until this $50 correction. a 5% temporary loss is less than the spread I've seen around here, so, will wait and keep position.

Forgot to add, Mexican government is promoting gold and silver. I've heard lots of ads from Mexican Mint telling people to buy their products for gifts...

By the time of your post, was it not already a $100+ correction? Or are my math skills not nearly as good as I imagine?

[ocelotl]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

By the time of your post, was it not already a $100+ correction? Or are my math skills not nearly as good as I imagine?

You are right, I was not taking much attention of the noise, According to my accounts it has gone from MXN 15523 on the wednesday fix to MXN 14587 so far.

[Dr.No]

Re: I've only been expecting a minor correction in gold at this point

I've only been expecting a minor correction in gold at this point. Seems too early for an intermediate correction based on prior runs in gold during this bull market.

Will buy back our trading position a couple percent above the 50 day moving average whenever and at whichever level that occurs (knowing that it could easily fall a couple percent below even during a minor correction), or if there is a nice sideways consolidation and a renewed breakout.

P.S. My definition of a minor correction in gold is one that does not last more than a couple of months (they can hit bottom in as little as a week or two), and does not see a drop in the gold price of much more than about 10%, often less).

Correction may be close to the ultimate low already (assuming we are not about to have an intermediate term correction taking us down toward the $1000 area - which is, of course not out of the question although probabilities do not favor that scenario at this point). Estimated likely target range remains 1115-1080, and we basically touched the top end of the range on Wednesday.

[Slimprofits]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

Would absolutely love it if Bart turned out to be right specifically about the first half of 2010: http://www.nowandfutures.com/forecast.html#predict_gold

[Dr.No]

Re: Gold Correcting as Anticipated, but Major Rally Likely to Continue into Spring 2010

Would absolutely love it if Bart turned out to be right specifically about the first half of 2010: http://www.nowandfutures.com/forecast.html#predict_gold

Could be. If so, look first for a weekly close below 1080, then a weekly close below 978.