Thread: Discuss Commodities and Stock Market Indices

Originally Posted by brad_1199

Gold pushed into a new high as expected.. But this should be the final high, or very close to it before we see some large downside correction...

Respectfully brad, I took a look at other patterns historically in gold and strong bull markets and I could find just as many situations where prices continued higher vs when they topped.

I see 1400 on this move before any meaningful correction.

Gold hits another "all time high" intraday at $1,244 an ounce! Wow!

wow..

Do not go home long or short anything euro related this weekend!!!

Guest Post: New Kitco DEM Page Lets Rumors About Germany Abandoning the Euro Fly | zero hedge

Originally Posted by cool_fx

iam out bro at 1091. Made sweeeet profits. this indeed is the best gift santa brought us. now lets not do some rash moves and lose it ;-). I playing very cautiously and preserving every pip i make. ;-)

The market closed so im expecting slow moves now plus we might see some retracement now bfore we go down. I will reenter in asia or may be in london when prices are at 1100 or 1105.

For long term, these are my reasoning:

1) This downward spike was a retracement. majority predict 1070 as the downside limit

2) Big traders are gone for vacation. so once they are back in january the prices will go up again.

3) Dollar is strong but if you see for the long term with all the loans, spending,etc. I mean someday the dollar will go down.

4) Not like $2000 but $1200-$1300 expectation is a fair demand.

Thats why i will go long for 30-40oz once GOLD hits 1074 area or after jan-1st.

** Pardon my english. i tend to type very fast and miss a lot of grammar. ha ha.

goodluck

Nice call by cool_fx... I enjoy going a few months back in the forum and see what some traders were thinking when gold was not that strong...

Originally Posted by speculator84

wow..

Do not go home long or short anything euro related this weekend!!!

Guest Post: New Kitco DEM Page Lets Rumors About Germany Abandoning the Euro Fly | zero hedge

Yeah, will be interesting to see if there's anything to that rumor. According to the article...they'd make an announcement by tomorrow. I have my suspicions that its strictly a rumor since it would benefit gold traders and its on a gold site. But will be interesting to see. It would be monumental for sure.

Oil potentially breaking its daily chart uptrend line as it heads into the $74 area.

Originally Posted by Sean Hyman

Yeah, will be interesting to see if there's anything to that rumor. According to the article...they'd make an announcement by tomorrow. I have my suspicions that its strictly a rumor since it would benefit gold traders and its on a gold site. But will be interesting to see. It would be monumental for sure.

I'm on the same page as you Sean, alot of smoke though. It's just goes to highlight the uncertainty of the market right now and going long or short anything euro in my opinion is gambling.

We are only ~50-100 pips away from the low, who knows what happens down there...mass exit as the "market" plunges into stops? Does the ecb step in an pump it up a few hundred pips? SNB could certainly be lurking..

Does the euro break to new lows as Merkel addresses the germany nation and what would most certainly be a complete death plunge if they left the euro?

Or as Zero Hedge wrote...the french banks are en mass shorting the euro in hope of some more bailout money which goes straight to there bonuses as non performing assets now turn a profit!! lol it's too funny.

Originally Posted by speculator84

I'm on the same page as you Sean, alot of smoke though. It's just goes to highlight the uncertainty of the market right now and going long or short anything euro in my opinion is gambling.

We are only ~50-100 pips away from the low, who knows what happens down there...mass exit as the "market" plunges into stops? Does the ecb step in an pump it up a few hundred pips? SNB could certainly be lurking..

Does the euro break to new lows as Merkel addresses the germany nation and what would most certainly be a complete death plunge if they left the euro?

Or as Zero Hedge wrote...the french banks are en mass shorting the euro in hope of some more bailout money which goes straight to there bonuses as non performing assets now turn a profit!! lol it's too funny.

Yeah, seeing the euro in the 1.23's is wild.

Oil also has been crashing lately...$71ish...broke al major moving averages and a recent trend line. So the main trend in oil now is likely downward!

Oil is being stored quite a bit lately...but also I fear another global slow down as oil goes crashing down as we approach the "summer driving season" when demand is usually high. So with it diving and not being stable before this time...it's a huge negative for oil.

I'll be in Montreal next week, teaching a bunch of traders. However, I'll be back on the following Monday.

In the mean time, the course instructors will be posting in here occasionally throughout the week and monitoring the forums.

Will miss you guys and look forward to seeing you when I get back.

Strange how both USD and Gold are rising at the same time.
Also, will oil and nat gas continue to head in opposite directions?

Originally Posted by speculator84

The wolf pack circles......


Todays action is scary, 1 trillion dollars created to support the market and we get probably the most ominous hammer I've ever seen.

I'm gunning for 1200 on EURO GOLD!

STOP @ 907. 36EUR /oz risk. Bring it on.

Gold is about to get scary for even gold bugs. Do not think for one minute this thing cannot "leap" off the page.
Attachment 56112

Hey speculator, do you still have that target? You still have that position open?

Originally Posted by erikthered

Hey speculator, do you still have that target? You still have that position open?

Absolutely, I'm following the rise with a french curve and won't exit until it collapses through the curve.

Originally Posted by speculator84

Total destruction......

Nice blowoff but it may not be....

Until it crosses THROUGH THE CURVE the momentum is still UP!

French Curve in action again.

Expect the same price action once we clear and back test 1226 in US Gold.

Attachment 55906

This is the original curve and the back testing of the old US Gold highs is almost complete.

It's quite remarkable to see price carve out the same "pattern" that is sitting in front of me the form of a utensil!

Actually with these kind of strong trends, it is a good opportunity to buy a bit more in these dips. Besides looking at the XAU/EUR chart, the corrections have not been that big in the past.

Originally Posted by speculator84

Absolutely, I'm following the rise with a french curve and won't exit until it collapses through the curve.

Has this 5% pullback broken through the curve?
More meaningful correction seems likely and should present an opportunity for more long.