Gold flagging BO

The Baptist · Mar 24, 2006

Hi,

In my view Gold is setting up for a nice triangle BO. It looks like it may BO to the upside taking out relative resistances at 560 and 570 and possible moving up passed $580.

What do you guys think.

Author has position long at $550 level.

The Baptist · Mar 24, 2006

went to lunch 3 hrs later $9.00's to $559 I think their could be more to come in the new week

shrenickshah · Mar 27, 2006

The Baptist said:
went to lunch 3 hrs later $9.00's to $559 I think their could be more to come in the new week

The range still remains the same from 540 to 570..Gold has to break the level of 565 and stay on the level for atleast a day to make a move upwards....

The Baptist · Mar 27, 2006

Thanks for your comment.

I agree that the $570 level is the last relative high and will prove to be first signiicant level of resistance, I had a standing sell order on 40% of my posiion just below this at $568,7. Which has filled in the last 30 mins.

I do not however see the context as that of a range or ledge, but more of a asymetrical triangle for which the breakout set off from the apex.

If $570/1 is properly breached, as I anticipate it will, although some short term consolidation before this is possible, I think the next level to reduce will come before the $578 - $580 which was the preceding high.

I have a 35% reduction at the 574,8 level in anticipation of some tentiveness as the next resistance zone is approached.

I do still feel it possible that this level could also be taken out and exceeded possibly after some pull back days. Although, I am still biased to bullishness on the back of this formation and feel comfortable to position trade the residual on a trailing stop.

I hope some others grabbed what has turned out a $17 move so far. Good luck

shrenickshah · Mar 29, 2006

I still believe the trend is bullish but the fundamental of gold are very strong at moment...Fed increasing the interest has a strong impact on gold and oil commodities...I believe friday might be a crucial day for gold to make a move above 565 range...Till then i believe its more of a choppy and range trading between 560 and 567....

The Baptist · Mar 29, 2006

I had closed out extensively on yesterdays pull back day.

This was precautionary ie. a lock in, on a down day.Today's action (mainly +ve) has me believe yesterday was the expected breath at natural resistance level after a run up. So I am of the view we may challenge the 570 level.

The Baptist · Mar 29, 2006

Gold 572 currently, can it hold and build?

The Baptist · Mar 30, 2006

Gold has Taken out both previous relative highs as expected, this has turned out to be the fully fledged BO I had hoped it would be. In true greed form I am wishing I still had closer to my original size on the trade not a fraction.

That line of thought wants knocking on the head.

But in excess of $28 in 5 days has been fun and may continue further but tight trailing stop in place so I expect next pullback to be completely out.

Time to scan for similar, GBP looking interesting against Yen and USD but thats for another thread. Good Luck

The Baptist · Apr 3, 2006

Not many Gold bugs out there, enjoying latest BO, judging from this thread?

TWI · Apr 4, 2006

Here is one that has been riding this all the way.

neil · Apr 4, 2006

Gizza chart

The Baptist said:
Not many Gold bugs out there, enjoying latest BO, judging from this thread?

Hi Baptist,
I enjoy your posts but could you post a chart now and again _ I need my chart fix

peto · Apr 4, 2006

The Baptist said:
Not many Gold bugs out there, enjoying latest BO, judging from this thread?

I'm lurking away, keep posting! I'm absurdly overweight in gold and silver stocks, ADR's, been holding for two to four years in my Isa. Not trading them though, just ltbh and wondering when to cut and run. I think there is a good bit of mileage left.

belgiumbrit · Apr 9, 2006

Are we going to see the 600 level broken this week or what ? Really felt that Thursday - Friday last week would have done it ! Are we short term bulls or not folks ? Its gonna happen but when ? Any comments ?

pietro · Apr 9, 2006

gold digging

gold should get through the $600 barrier, as every UK fund n co is getting the hell out of sterling currency, which will push general inflation into the UK economy which means buy buy buy that yellow stuff to protect against that nasty inflation. haha has a ring to it.

warmest regards

ps Silver is the next gold, ive been in silver for the past month and its just not stopping, anything thats metal at the moment is a buy buy buy, just look at copper!!!!

oatman · Apr 10, 2006

You've missed a good move on Ag already. Ag and Cu are by-products of Au. Check out their correlation.

The Baptist · Apr 10, 2006

twalker said:
Here is one that has been riding this all the way.

Good man, Surf on, I too belive there is more but the most explosive is behind us for now anyway.

Using P&F to target, I noticed clustering in the $580- $595 levels, this could mean we bounce a bit around here for a bit fair enough given recent moves, with the next level being $632-635, followed by $680 -700

The Baptist · Apr 10, 2006

neil said:
Hi Baptist,
I enjoy your posts but could you post a chart now and again _ I need my chart fix

I am running MS 9.1 and find I have to paste into word to get it up and the quality is poor. I agree a pic says a thousand..

I have reposted the Gold chart with comments. If any tech smarty can tell me how I can post charts better please advise.

You may also have noted I made small mention of the USD against the yen. I got in 117.58 up to 118.4 at the moment took a similar set up on crude too yesterday at 67.7 up to 68.82. (classic BO1) I am waiting for todays download to be ready and will try get a chart or two up for them I have attached both seem to be just on the initial (BO1) bar as I call the initial move, so hopefully early doors here soon.

Keep lurkin', shout out from the side lines if you diggin' it.

belgiumbrit · Apr 11, 2006

600 look at it go !

OK ... so it was worth hanging on till late evening after hrs Monday to watch that tick slither thru 600 ... We need dollar weakness tomorrow and I believe we're into 605 up !!! Anyone agree ?

Lightning McQueen · Apr 11, 2006

Hi there The Baptist

Nice thread you have going here.
I also use metastock 7 and its a pain that you can't save charts directly but if your later version has a save as html function you can use this first. Then copy off the picture. Then upload to your post.
All a bit long winded so here's a link to a free screen capture software programme that I use for posting my metastock charts.

http://www.wisdom-soft.com/products/screenhunter_free.htm

Enjoy

Don

The Baptist · Apr 12, 2006

don_h said:
Hi there The Baptist

Nice thread you have going here.
I also use metastock 7 and its a pain that you can't save charts directly but if your later version has a save as html function you can use this first. Then copy off the picture. Then upload to your post.
All a bit long winded so here's a link to a free screen capture software programme that I use for posting my metastock charts.

http://www.wisdom-soft.com/products/screenhunter_free.htm

Enjoy

Don

Great help, Thank you will refer to link before next post.

Still in Gold but Yen weakness Vs $ and £ is my current BO trade may post a chart over 'egg hunting' Weekend.

Gold flagging BO

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