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Politics : Welcome to Slider's Dugout
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From: Yulya2/17/2009 11:30:40 PM
2 Recommendations   of 50467
 
Strong again today as gold showed a spot high
of 974.5 and front month futures
high of 973.8.

Judging from this morning's action
in the corresponding equity ETFs,
traders are skeptical and still
prone to take profits. This
is supposedly bullish--the "wall
of worry"--but it's often difficult
to tell with gold.

In any case, recent strength and
strength relative to other assets
are both good. Next evolution
of the intermediate trend should
be either:

1. a selloff to channel support
2. a parabolic "blow off move,"
that rises strongly along a
positively sloped top Bollinger
band.

The latter is often the phase that
attracts the heaviest trading interest, which results in a
sharp ramp of the gains in terms
of momentum (or time value.)
Once established, such relatively
violent gains in gold futures
usually end with a violent selloff,
which can be hard to trade at
the remove of "gold equity."

So you need to watch your price
targets here.
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