Trader, Gregory McLeod moderates the DailyFX Forum.
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Please use the “Ask the expert” section to ask me trading questions or reply to me in this thread.
GOLD if not been able to hold 1642-43 today has a risk to slipping upto 1627. A case of triple bottoms is there around 1640 lvl but charts are looking or favoring downside..
Perhaps best to shoot the breakouts for a smaller range as don't feel like selling but have to go with the charts here..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
OIL - Looks Fragile but still can bounce as per 8 hrs
It broke earlier and did the min 108.55 but failing there and back under the bear channel supp that was resis and once again acting in as a resis..
if fails to get above there could be a massive slide coming on it. Resis top as of now holding well..
However 8 hrs indicates a move higher and hence as explained on the chart if the blue supp TL's hold we could be heading back to 110.XX..
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
GOLD if not been able to hold 1642-43 today has a risk to slipping upto 1627. A case of triple bottoms is there around 1640 lvl but charts are looking or favoring downside..
Perhaps best to shoot the breakouts for a smaller range as don't feel like selling but have to go with the charts here..
GL..
I think selling on weakness would indeed be mistaken; I try buying on major weakness like we did a week ago near 1630 (except I paid more like 1700 for physical ... I still stand by my assertion months ago that gold will trade 1700-2100 this year).
Gold tests us hard and the time to buy is when sentiment gets real bad (or maybe on a breakout but that doesn't always work)
Question... why did the dollar index cede 130 pips in 3 days recently while gold rose only 30?...lol.
Question 2... conversely, why did gold fall $150 while the dollar index rose 130 pips? ... 2 x LOL
The FED and its allies, the bullion banksters, try to dupe you in order to distract you from the awful fundamentals of the buck (which is headed way down over time IMO regardless of US shenanigans to prop everything), and these guys KNOW you are looking at yur gold charts and they know how to paint them to catch the suckers. It works short-term. But long-term, looking back to the start of the year, gold is up about $100 and up about $300 since the start of last year. So keep yur eyes on the horizon, where the sun and the gold will both rise, or if you are terribly short-sighted, at least keep sight of April delivery because that is our next deliverance (albeit temporary) from these systematic beat-downs... Keep faith and keep up with the charts we enjoy... GL + GB... bicbw..lol
Another important factor to consider is iron ore which is a bellwether for industrial commodities. Iron ore isn't a freely traded commodity like oil or copper, the price is set by annual negotiations between the major producers (BHP Billiton, Cleveland Cliffs, Rio Tinto) and the industrial buyers in China. BHP is predicting flat demand from China this year. This could have a spillover on copper and gold
But do you really think there will be much correlation between gold (a monetary metal/currency) and iron ore (an industrial metal). Gold is just a paper currency hedge. Iron ore depends a lot on china. Nothing that happens in china would surprise me. I dont think anyone can really predict china. It is like predicting locusts, and in hong kong I think we would prefer the locusts which are as unwelcome but at least they leave
But do you really think there will be much correlation between gold (a monetary metal/currency) and iron ore (an industrial metal). Gold is just a paper currency hedge. Iron ore depends a lot on china. Nothing that happens in china would surprise me. I dont think anyone can really predict china. It is like predicting locusts, and in hong kong I think we would prefer the locusts which are as unwelcome but at least they leave
Good Morning SkiBunny! Hope you are doing well! Through the magic of Google, I was able to find an Iron Ore vs. Gold price chart. And surprisingly yes, there appears to be a correlation. Here is the web site where I found it: http://www.reboilroom.com/2011/10/pr...ade-since.html
Now I would only want to take physical delivery of the former and not the latter! However, a few tons of stockpiled Iron may probably be worth more in the future than the paper money used to buy it in the first place currently. This fact alone makes it "as good as gold". (kinda)
Happy Trading!
Greg
Last edited by Gregory McLeod; 03-21-2012 at 07:06 AM.
Trader, Gregory McLeod moderates the DailyFX Forum.
If you are a new user to the DailyFX Forum, or not sure where to get started, please go to: How To use the DailyFX Forum and Introduce Yourself! Section. I’ll introduce you to the community and point you in the right direction.
Please use the “Ask the expert” section to ask me trading questions or reply to me in this thread.
Patience is virtue. The sooner we learn this all, sooner we can start walking to the bank. Good Luck to all of us
The trick is to wait the price meet ur limits, instead of one jumping in.. however scalps is a totally different scenario and is not everyone's cup of tea
Disclaimer: I'm not at all suggesting trades when by either posting the graphs, or my entries. You can view it, but in the end you have to use your own logic and approach, as there is no certainty about this uncertain market...
But do you really think there will be much correlation between gold (a monetary metal/currency) and iron ore (an industrial metal). Gold is just a paper currency hedge. Iron ore depends a lot on china. Nothing that happens in china would surprise me. I dont think anyone can really predict china. It is like predicting locusts, and in hong kong I think we would prefer the locusts which are as unwelcome but at least they leave
There is a correlation although it is not absolute. The difference is that iron ore isn't really freely traded (yet). The price is set at annual meetings. There are no iron ore ETFs so it is less prone to price manipulation
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Originally Posted by Gregory McLeod
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