Gold Price - Where is it heading?
- Thread starter guycharles
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LOL Edwood. There is MASSIVE support at 1181. Even when the USD rebounded hard, gold has been holding above the 1180 mark. I'm giving it a 80% chance to go to 1200. 20% chance of a reversal. I don't like your odds. Follow the trend dude. (Using a trailing stop loss). Don't try and pick the top. Wait for a clear trend reversal or u will get burnt.
thanks for the advice hitman. in my experience its tough to get burned if you have stops in.
the rr from a drop is a lot better than the rr of going long at this point, so to have a few points at risk on the table is neither here nor there. gold is setting up for a fall imo, I'm more interested in going for a 2000pt move than a 200, but each to their own
still holding GBP-NZD from 2.1326 fwiw
the rr from a drop is a lot better than the rr of going long at this point, so to have a few points at risk on the table is neither here nor there. gold is setting up for a fall imo, I'm more interested in going for a 2000pt move than a 200, but each to their own
still holding GBP-NZD from 2.1326 fwiw
No probs Edwood. I must admit, I have been thinking about shorting it myself (not really going to do it, just thinking about it). I guess your reason on RR makes senses, just as long as you have a stop loss. Looking at the charts, its forming a nice pennant triangle right now at $1185. Could break either way. So you could be right.
FYI. Gold would have been easily at the $1200 mark right now if it wasn't for USD rebounding and the markets tanking. Luck has been on your side mate!
FYI. Gold would have been easily at the $1200 mark right now if it wasn't for USD rebounding and the markets tanking. Luck has been on your side mate!
yeah well hitman you get some, you miss others. that 5 off the high was a good sign of potential - with the initial signal the bearish engulfing on 5min candles at 04.05 GMT 26Nov.
support potentially around the 1160 area
dyor etc good luck
Ed
support potentially around the 1160 area
dyor etc good luck
Ed
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thats a lotta stops being triggered i'd imagine. Havent seen such a huge move for ages!
My guess is it'll be square once markets open on monday
thats a lotta stops being triggered i'd imagine. Havent seen such a huge move for ages!
My guess is it'll be square once markets open on monday
yeah think you're right re: the stops
You reckon it'll be back? This looks like the bear waking up again to me, possible start of "catastrophic wave c down"
edit: sorry I don't mean wave c for gold, I only occasionally trade gold - I'm referring to global equity markets fwiw
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Too hard too fast imo. Volume looks like its just one guy dumping a lot of contracts. Though SPI went down similarly so not sure what really happened.
Looks like a textbook parabolic move; would like to look for a long somewhere and reassess once US opens...
Why are all the good moves already done when I find out..
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Think its gonna break 51? (trading SPOT thru dodgy cfd provider)
So much for the quiet night in:
So much for the quiet night in
:
explod
explod
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Seen it a number of times before, dumping when the main players have knocked off for holiday break. The volatility of course will increase now, will return as fast as it is put down by mid next week.
Gonna be a heluva ride, the real fight up the wall of worry begins. Gold bugs are laid back as cash is trash.
Gonna be a heluva ride, the real fight up the wall of worry begins. Gold bugs are laid back as cash is trash.
Fek the price is out of control at the moment. Spreads for bullion have blown right out and i have never seen so much scrap being sold and bullion all at once.
Today it was a frenzy and it hasnt stopped. 100k scrap collected and i have pre-sold 10kgs of bullion. I have seen rush's but not like this. Perhaps the real market is telling us something.
Today it was a frenzy and it hasnt stopped. 100k scrap collected and i have pre-sold 10kgs of bullion
. I have seen rush's but not like this. Perhaps the real market is telling us something.
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I share the same sentiments explod. I'd like the financial longs and gold shorts to tell me where the next line of financial risk is coming from. Dubai World are $59 Bill in debt, probably looking to get bailed out by Abu Dhabi. Usual rigmarole on the newswires, flight to safety into $US. All announced prior to closed US/Canadian markets for Thanksgiving.
So where is the next financial risk? Oh it's gold, it's in a bubble they cry !
(sarcasm intended) Of course it's got nothing to do with over-leveraged financiers who can't eat their own toxic paper and are too fearful to mention the next dodgy default collapse location.
I'm buying more gold now that US paper is in demand for a brief interlude of debt repayments by sovereign wealth funds who need to repay soon or they're cactus!
DYOR
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