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Yesterday we were giving it another day because it didn't close below 1318, though intra-day action had taken us there.
Last night re Davos "determined to fight inflation" - (thought of potential manipulation to help their story and "decided to give it another day")
Today we see a surge by the bulls - not too much of a surprise? So reminder if and when we do break 1318 on the close, expect strong counter-thrust moves by the bulls.
Notice the contrast between the text of the story below and the Kitco real time graph.
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Thank-you for the article which I found interesting reading.
One of the comments on the Wall St Journal article that is linked to was in part:
' "I had a significant, fully margined position.Mr. Shak said he quit the trade when he was 70% down." It sounds like this guy didn't bother to hedge his position, either with stops or with futures options. Yes, these measures eat into potential profits, but their use beats succumbing to a 70% loss.' - Susanne
I think Susanne makes a good point with the stops and/or put options.
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The financial press often looks for a reason for something having happened, after the fact. The 'reason' they find before press deadline may or not be correlated to the price movement but it is invariably after the fact.
Did the price move up because so and so unwound his position? -possibly
Did the price move up because Eqypt is in a state of revolution - possibly
Why did the price move down so that Shak was 70% down? -who knows
Perhaps the relevant question for ourselves as speculators is:
"Can I see from the chart where might the price be going within my trading horizon such that I can make a trading profit?"
Beginning this thread: "This weekend in reviewing the gold charts I feel the 1350 is the current support and 1320 is the next level. -January 17th, 2011, 02:01 AM"
I look away when someone post something from the nonsensical financial press.
I think gold is over priced and a terrible investment but if you can't pull the trigger on gold long here just forget about ever trend trading. You can use a stop that the trade doesn't even have to work out all that many times to be profitable.
You really can't ask for a more text book long, trade a bull flag than this. Scale in 3 units, can use a random number generator for the timing practically on the first unit here.
Would that be the nonsensical financial press that correctly called the credit crunch, while the mainstream rubbish told us that "it's different this time" and that house prices and stocks weren't overvalued in 2007?
