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Re: [RT] Spot Gold



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The percentage is not really that important.  Did it do what it was supposed to do?  Did the price objective act as resistance?  Yes.  Was the entry price for the retracement down hit? Yes.  did price move to the first price objective for the move down? Yes.  Is there still downside pressure on the daily chart?  Yes.  If the price goes to the target for the retracement down will the up move still be intact?  Yes.  According to the system that I use. Is there another support area prior to the target price?  Yes.  It is 117.50.  Are these prices exact? No. they are done with draw tools rather than with pure math.  Can you trade the retracement down as well as the up move?  Yes.  As long as you know that one move is acting inside the other move.  Do I feel that it is safe to be naked short the Crude future? No.  If long I would use put protection.  If I wanted to be short I would be long puts.  If I wanted to play the volatility I would be ratio back spread. 
 
Once again, Just one man's opinion.
----- Original Message -----
From: Don Ewers
Sent: Thursday, May 15, 2008 7:51 PM
Subject: Re: [RT] Spot Gold

Ira,
FYI  drop is well beyond 10%, high to low June futures more like a big 18% (1038.0 high 3/17/08 to 846.3 low 5/2/08)?
 
 
----- Original Message -----
From: Ira
Sent: Wednesday, May 14, 2008 1:32 PM
Subject: Re: [RT] Spot Gold

gold is nothing more than a translation for the buying power of the dollar.  If you really want to see where gold is going look at the dollar chart.  Everyone is looking for the demise of gold.  It is down a big 10%.  There is currently downside pressure being applied to gold and yet price hasn't been able to take out the previous low.  Price has hit the entry price for a move higher with a price objective of 920.  That move is in force until 845 is hit.  that is the only thing that will void that move higher.  The entry price for a down move has been hit so an exit from a long position would be called for.  If you want to get short us a put and control your risk. 
 
On the long term chart I have support at 834 and a target price for a down move at 773 and there is downside pressure being applied to that chart also.  If anyone thinks that the inflationary spiral is over they had better do some more research.  The commodity boom is not over yet.  It may be a little long in the tooth, but watch out, it can still bite you.
Is the bull market back in gold?  Only time will tell.
 
Just one man's opinion.
 



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