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Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

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  • #1

    Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

    "This may very well be the final leg down into the low for this correction - we just repurchased our gold trading position at equivalent to 1110.10 spot, and reentered our full GDXJ junior gold miner position.

    I'm fully aware that gold quite plausibly could go to $1080, but probabilities did not favor waiting any longer at this point. We're also on the seventh trading day from the top (counting the top as day one), so the minimum timeframe for the end of a normal short-term correction has also been met.

    A weekly close below $1080 would make me expect a correction all the way back to the $1034-$978 support range, but I do not consider this the most likely scenario at this point.

    More likely, we will bottom somewhere in the $1115-$1080 expected support range, and it is even possible the low could be in at $1109.05 spot (but who knows for sure yet)."

    http://www.facebook.com/photo.php?pi...d=140608094660

    Attached Files
    27
    Gold either already bottomed around $1109 (spot price) or eventually will bottom somewhere above $1080
    44.44%
    12
    Gold will bottom below $1080 but above $980
    40.74%
    11
    Gold will collapse to below $980 (and maybe even to below $681 as Prechter has decreed)
    14.81%
    4

    The poll is expired.

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  • #2
    Re: Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

    My recent math shows my PM allocation stands at just a smidge over 26% so I may go ahead and load the truck up one more time.

    Not that one.


    This one.

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    • #3
      Re: Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

      Approaching 50 DMA, I'll wait to see if it bounces off again or goes through. In the long-run, if it bounces the difference will be negligible. But if it goes through, might be able to get some at substantially lower prices!

      Comment

      • #4
        Re: Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

        Originally posted by jpatter666 View Post
        Approaching 50 DMA, I'll wait to see if it bounces off again or goes through. In the long-run, if it bounces the difference will be negligible. But if it goes through, might be able to get some at substantially lower prices!
        Don't you think the gold price will be primarily dependent on the news and what's happening in the world, especially in the short term? You know, consumer confidence reports, housing sales, unemployment, government policies, sovereign debt defaults . . . that sort of thing? These are fairly unpredictable . . . . .
        raja
        Boycott Big Banks • Vote Out Incumbents

        Comment

        • #5
          Re: Gold - just went back to full long position at $1111 - 50 day moving average nearly touched

          Originally posted by raja View Post
          Don't you think the gold price will be primarily dependent on the news and what's happening in the world, especially in the short term? You know, consumer confidence reports, housing sales, unemployment, government policies, sovereign debt defaults . . . that sort of thing? These are fairly unpredictable . . . . .
          Sure it will. Monday will be a big day with Dubai on tap.

          But technical analysis is important as well and *is* a factor. Decisions are made on that basis as well, why ignore it?

          Comment

          • #6
            I like the open on gold so far this Sunday - an almost instant reflexive plunge and then a reversal

            Originally posted by Dr.No View Post
            "This may very well be the final leg down into the low for this correction - we just repurchased our gold trading position at equivalent to 1110.10 spot, and reentered our full GDXJ junior gold miner position.

            I'm fully aware that gold quite plausibly could go to $1080, but probabilities did not favor waiting any longer at this point. We're also on the seventh trading day from the top (counting the top as day one), so the minimum timeframe for the end of a normal short-term correction has also been met.

            A weekly close below $1080 would make me expect a correction all the way back to the $1034-$978 support range, but I do not consider this the most likely scenario at this point.

            More likely, we will bottom somewhere in the $1115-$1080 expected support range, and it is even possible the low could be in at $1109.05 spot (but who knows for sure yet)."

            http://www.facebook.com/photo.php?pi...d=140608094660

            I like the open on gold so far this Sunday - an almost instant reflexive plunge to near last week's low followed by a quick reversal higher of about $7 in a matter of minutes. Should it turn out that Monday sees a strong close near the high of the day for gold, odds would increase that the low has been seen. At this point, however, it is hard to say whether a drop further into the $1115-$1080 likely support range is in the cards. So far, at least, the drop at the open was nice to see.

            http://www.facebook.com/photo.php?pi...d=140608094660

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