Wednesday, February 07, 2007
GOLD in the GEAR
Gold Finally maybe making the move we expected We bought it again n the futures market and have a very tight $2 stop. (well, not really, I gave $1 on this trade) there is a stealth move up in gold with higher lows and higher highs, but no breakouts. We could go close the lower limit today, where there is also Moving averages support. OK, the strategy now should become the one where GOLD must break 6778 ( futures ) or watch local retracements that do not go below 648.3 to position long and see if it can turn into a long term trade.Good Trading
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7 comments:
Dear Boris: I've got a vert option spd 650/660, basis March, and I'm hoping gold stays above 658 for another 14 days. But I'm wondering if today's distillate number is small and oil drops from 60, will gold follow?
Best
Nick
Dear Nick, If gold does not trade higher this week than last week we could be heading lower in GOLD and OIL until END of FEB. My hope was that we had few more days of upside left in GOLD, but not making new highs this week will put this in question.
GOod Trading
Dear Nick,
I would watch 65.66 in April Futuers or 64.64 on GLD. If broken on a close bases. I am abandoning short term bullish outlook on GOLD
Good Trading
Dear Nick,
On GLD it is more like 64.56 on a closing basis.
Good Trading
Dear Boris: I see april futures are now at 657. I didn't sell today I missed the close, but I may get out tomorrow. I had puts on vlo,xom,bhi,cvx besause I thought the draw wouldn't be as big on oil, and it worked out. clh7 is down to 57.55 and looking worse. tomorrow could see 55 easy - there are a lot of long April positions and they may start to liquidate in a hurry at 55
Dear Nick, If you saw, the GLD stopped, where? EXACTLY at 64.48, which was the LOW announced around 10:00AM ET. Then we moved up $2 Dollars. Not bad HA. I would watch carefully this 64.48 and 64.28 levels. This perhaps is the last support for anybody with an intermediate term view.
Good Trading
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