Down goes gold. Most possibly 1700.
Pailin's Trading Corner
December 5, 2011 - 1:30am
#11982
Down goes gold. Most possibly
December 5, 2011 - 1:32am
#11983
Fine. I'm out. Carry on with
Fine. I'm out. Carry on with confusion.
December 5, 2011 - 1:57am
#11984
I am also forex trader.
I am also forex trader. 
December 5, 2011 - 2:01am
#11985
Micro Silver Update :)
Ok, so maybe I can stand corrected and may make a 30 silver call.. so far I've been bull (this last week), but reviewing the chart, 30 is very possible. HOWEVER, If silver keeps on holding above 32.50 and tries next week another assault on 33, then I could assume this IS the move we were expecting, where our reverse H&S begins to form the right shoulder.
Things on the 5 min chart (ultra short term) look fantastic, and could yell BUY all the way.
On the medium term chart (4 hour), things look OK, looks like we're going sideways a bit more (at least for a couple of candles -8 hours-), before seeing any significant move -probably to the upside-
On the LONG term chart (Daily Chart), as I was explaining before, anything might go, but I might keep my bull jacket at least for a while, I keep on getting that BUY signal that is yelling at me, so we might see a nice run to the upside in the next few days.
Silver is walking the on the lower side of the channel (but near the mid side of it, if I may the expression), and trying to re-take the upper side of the channel (in the boll bands, and 18 DMA).
Resistance is STILL strong in 32.98, which was breached last week and retraced quickly. We might see another breach into 33 very soon since Silver has not gone down further and has held pretty nicely 32 and change for a while now, this retracement might just be more energy build up.
This is of course my honest opinion of 10 yrs in trading experience, analysis and using Econ and Finance 101 to try to understand chart behaviour (which could or could not be right) --and since some ppl are also with some bragging, I might also brag that I've had a 45% yearly average return for my 10 yrs exp, which -since I only compete against myself-, I think it's not so bad
December 5, 2011 - 2:05am
#11986
Mos likely 61 level will
Mos likely 61 level will hold.
December 5, 2011 - 2:16am
#11987
@Slverman
Although I follow Silver very closely, I find gold very fascinating.
I just gave a quick look to my Daily gold graph, I get the feeling gold will bounce at the $1729 level, my gut's telling me gold needs to move sideways a bit to prepare itself for the next up leg. Right now the chart is too pronounced to the upside. It should either move sideways or correct to the 1717 level, however my guess is that it should just bounce a bit in the middle side of the channel at 1729 and then recover to 1744.
This might not be a good analysis, but it's what I can see for now.. I'll try to keep an eye on it more often :)
December 5, 2011 - 2:43am
#11988
Just sitting on my longs
I've just been sitting on my position for quite some time now. Haven't changed since before Thanksgiving.
I'm not certain that gold and silver are moving higher from here. The drop in the miners on Friday is a bit disconcerting. But I'll continue to sit on my longs for now.
Asian copper says gold Monday afternoon lower than last Friday afternoon, but I'm ignoring it. I always watch it closely, but often ignore it. It continues to be correct 4 out of 5 times for the last few weeks.
December 5, 2011 - 3:02am
#11989
US Dollar Index going down
USDX is going down at this time, ceteris paribus, we're going to make a decided assault to 33 very very soon, let's see how this develops
December 5, 2011 - 3:19am
#11990
Palladium
Something of interest is the recent action in palladium.
Palladium's COT is even better than gold and silver. I didn't notice that it had dropped below $600 again and I sure wish I had.
Unlike gold and silver, it has continued to move up every day since it got back over $600.
Palladium does not look as if it is wondering whether we'll see inflation or deflation.
I would suggest keeping an eye on palladium as a sympathetic indicator for gold and silver.
I'm thinking that gold and silver will not change direction downward without palladium doing the same.
December 5, 2011 - 5:39am
#11991
Playing the P-game..
Sideways we slew. Jumped in at 1740 just above S1 both feet LBUL. Hope to jump out at 1750+
Lets be careful out there... :)
December 5, 2011 - 7:17am
#11992
Cut and pasted
Without follow through to the upside so far, I am going to suggest that all that have long positions in silver maintain a hedge at this point in time. Silver has not been able to follow through to the upside yet, and this does have me a bit concerned. Although I still believe you need to have a core holding in the market right now, as we are very close to a bottoming in this market - of course, assuming it has not happened yet - which justifies having an initial position, as I have been suggesting. But, at this time, I think it is very prudent to maintain a hedge. Breaking out over our cited levels would make me add to my position, and taking out the prior high over 35.90 would have me all in.
December 5, 2011 - 8:54am
#11994
Palladium
Have noted in past how palladium can rally in December.
Will use PAL as proxy. It is traded as an industrial metal primarily and indicator of up or down in government sponsored S%P imo.
Where is the Nigerian Nightmare? Has he gone home? Joined the Somalian Pirates confederation? I kind of enjoy the jousting. Where he fails to convince is always in his motivation. Madoff took the hard to get approach.
December 5, 2011 - 9:26am
#11995
Impetuousity
Imperturbable.. as a descending Au slithers inexorably towards S2...
December 5, 2011 - 9:28am
#11996
I don't believe anyone's
I don't believe anyone's returns on this Forum--DK is just an extreme example.
Gold is selling off overnight/AM due to EUR liquidity crunch in the credit system (just like a few days ago) i.e. euro banks are selling gold to raise cash--this is emphatically a bad sign for the world financial system. The resilience of GC in the face of this selling is very bullish. SI is holding up better than GC because it is not held in quantity by institutions, and thus not subject to the same selling.
December 5, 2011 - 9:44am
#11997
Thanks Rico
I was wondering, since it was odd that usually stocks bullish, dollar down = higher for gold. Something had to be up.
December 5, 2011 - 9:55am
#11998
Rico wrote:euro banks are
euro banks are selling gold to raise cash--this is emphatically a bad sign for the world financial system.
Makes sense, but do you have any hard data that supports this being the case overnight?
I say this because while we had a European liquidity crunch all week last week, gold still managed to tack on significant gains.
December 5, 2011 - 10:00am
#11999
32.51
Already lightly long
my add points 32.51
32.13
31.73
I used my quarter flipping system
December 5, 2011 - 10:05am
#12000
setting up a medium term 1/3d
setting up a medium term 1/3d hold FAZ core position
working on not being headline driven, trying to take what Mr Market gives. very hard for a newsjunkie
sold my small weekend ZSL insurance position for + .11 per at premarket open. flat metals right now. will watch open action
thanks for the discussion and trade pointers this weekend guys. now lets make some money
December 5, 2011 - 10:19am
#12001
Silver is not going to have a substantial rally without gold
So we wait I suppose, to see if gold goes along or if it will pull silver down today.
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