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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Roebear who wrote (35671)	6/12/2008 10:14:42 AM
From: TobagoJack	Read Replies (3) \| Respond to of 217548

in the meantime, this just in my in-tray, from one who uses no capital letters as i said guys...it's time to be careful with trading precious metals from the long side. we're going to get another retest of the 840-850 'zone' now, and if that support breaks we're likely going to see 810. a turn back up slightly above the support zone would be great, but this has relatively low probability imo. i'm beginning to get worried about the wave structure developing in gold as well. the 'corrective count' looks more tenuous by the day. long futures positions should have stop no lower than 846 imo (you have to give it a little bit of rope for slight overshoot, as everybody else probably has a stop at 850). i'm personally very wary at the moment, at least for the short term. 3 lower highs in gold and HUI, and no breaks of the downward channels yet. gold could easily dive down to the 65 week ma at 810 or the trendline at 770. mind you, if that were to happen i think it would rally big thereafter. right now i'm very suspicious of the fact that specs haven't reduced their net long positions a whole lot yet. to push prices up, you need more buying, and where's that going to come from when everybody is already long? maybe i worry too much, it's still possible that we're simply in a consolidation that will soon end. i also don't like how gold stocks are acting...i'm currently stopped out of all trading positions, i need to see some positive action to recommit.