Sean K
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That H&S mixed up in there with the support at 870 gives me a target of 830.
That H&S mixed up in there with the support at 870 gives me a target of 830.Looks like support has been tested and held at 855 for the moment. Will it range or break? US dollar dead cat bounce has run it's course (again!)?
The Uncle Ben's helicopter will be re-fueled mid air as there is much money to be distributed to the needy hedge funds, banks & brokers - 50 bps minimum is a certainty. Although, gold appears to be less & less inclined to be influenced by interest rates or the dollar - getting more "unhinged" so maybe start to trade on fear by itself.
In the past hour or so the US S&P went limit down, 70 points or 5.3%.. trading has been halted until just before the opening bell on NYSE. When the NYSE opens, the limit on the S&P futures will double, and if the Industrials fall 10% I believe the market closes for an hour.
There's also talk of simultaneous rate cuts from multiple central banks... so it'll be an interesting night!
According to Bloomberg CBOT futures are now pricing in a 75% chance of a 75bp rate cut and a 25% chance of a 50bp rate cut. I doubt Bernanke would want to disappoint the market now.. I would be absolutely amazed if he doesn't act today. Aside from inviting a US crash the Eur Stoxx50 is at a critical technical support level..
I'm not sure I have the guts to buy gold futures in this market. My trade would be at the whim of a few central bankers, their timing, etc.. they may even co-ordinate gold sales to go along with the rate cuts.. who knows! I should have entered at 850 as planned but I'm still watching from the sidelines after getting out at 880.
GLTA
barrett
Looks like support has been tested and held at 855 for the moment. Will it range or break? US dollar dead cat bounce has run it's course (again!)?
Might end up being more than a dead cat bounce this time
Sheesh, nice work on that 850 target Kauri! From a few days out too..
big inverse head and shoulders.. on the 5-min chart (below).. would suggest bottom is in.. at least for right now, that could change if it falls below the neckline at 867. If it holds above 867.. that looks likely just now..an initial target of 884 is likely.
Hard to conclusively call a turnaround esp with the H&S not very clear on the hourly, but clearly this rate cut is fundamentally bang on the money for gold..
Nice woody.Well that's what the bugs think of the rate cut.
Nice woody.
I failed to top up on my gold stocks yesterday as I said I would, out of fear. Be interesting to see how gold stocks perform. Follow market, or follow gold...
Nice woody.
I failed to top up on my gold stocks yesterday as I said I would, out of fear. Be interesting to see how gold stocks perform. Follow market, or follow gold...
Yeah me too, fail to top-up yesterday. Do you see SBM go down to 62c yesterday to be up to 75 this morning ?I've been burnt to the tune of 10% as of last night on my gold stocks. Managed to buy more OXR yesterday so that will help. But my Bullion is up more than 10% since October and it is 30% larger than my trading portfolio which has been a good buffer.
Realising the value of spread overall. Aussie gold price $1020 this am so that also should give a good lift.
Feel sure you will find plenty of opportunities in gold stocks. Some very good ones very oversold and I feel after the rout of the last few days there will be some tentative heads for a few days.
Cheers explod
Yeah me too, fail to top-up yesterday. Do you see SBM go down to 62c yesterday to be up to 75 this morning ?
I bought them a day too early at 75. Oh well... lesson learned.
my long strides are off... as a precaution... against a long squeeze.. on the back of margin calls possibly materialising...plenty of time to rejoin the fray when/if I am wrong (had masses of practise at that. )
Cheers
..........Kauri
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