2nd of September was the day!

Production Chart for Gold

http://www.theaureport.com/images/BC41401.jpg

Browns Great Dilema, the PM smacked with the losers stick sold the Bulk of Britains Gold at $257's.

Thereby calling the bottom of the undersupplied market where 'consumption' exceeded supply for years, but for which only reserve bank sales covered the undersupply.

As Granny Shares Gold miners were incentivised and rewarded for cash & dividend disbursement, exploration has suffered.

Rumours abound that 'COMEX', sold Bullion happily that they did not own to create cash float on the basis they may buy it back later.

Increased 'chatter' off this fact states that Comex could not come near to filling delivery if reqd to do so. Fannie Mae by another name?

I caution against shorting this market.
 
The Baptist said:
Bramble 17% of total trade actually takes delivery. The bulk of trade is hedging & speculation.

It seems you have an alternate view involving a short that you expect to get out of at $890.

I believe we will not see those levels again for a very long time. Miners Hedge, the nations I believe you are refering to our continual net accumulators for both cultural and investment purposes, they are net buyers regardless in most instances.

I wish you well with the trade.

So Much so I have posted my Youtube clip on the 60 minute Gold chart for the end of day for your scrutiny and critisim ; - ) Be well. (y)
Click to expand...
I'm not actively trading Gold Baptist. Just taking a slightly alternate view on a technical basis. Probably why I can afford to be so casual in my analysis.

As I alluded to in my post, the technical basis for the exit from a consolidation favours a continuation of the move leafing into it. So the probabilities are with you - on a technical basis. I'm a born contrarain when it comes to Gold I guess. LOL
 
*************** $1,000 **************

Market broke $1000 as anticipated, (Still trying to load final clip as of 0110 this morning, troublesome Media handling)

Currently $1002. may congest here as it has run up to $1004 level but stopped short of the key level at $1005.

Picked up a great EUR USD Break Out last night for quick profits by time I was up, see chart.
 

Attachments

  • EURUSD Hrly BO 8 Sept.jpg
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The Baptist said:
YouTube - Gold 7th Sept 2330 GMT
Click to expand...

So the trade on this clip for those who viewed it was:


Buy stop - $ 996.15 or more conservatively $996.55

Sell Stop - $ 991.90

Target - prior to $1005/6 level - I went for $1004.75

Money management states allow for possible $4.85 loss if risking £1000 POINTS TO JUST NORTH OF £20/PT.

Profit at $1004.75 - from $996.15 = $8.60 x £20 = £1780 (with first decimal being a pip)
 
First Deep Breath?

Gold has pulled back a fair bit at the resistance level of $ 1005/6.

Hence the value of profit targets of The-Market-Sniper strategy at these levels. This could be a short precursor to some consolidation before the next run upwards.

Great week so far regardless had share BO's, Euro BO's and Big run on Metals' Breaking outs.
 
I don't trade gold but there seems an obvious area K + mid teens where decisions will have to be made...run up to break north or reverse hard.

The obvious bit may be price has to get there...the not so obvious bit may be where it goes after that.

btw Good thread.
 
you still long baptist? 15 bucks is a fair bit of pain to take..can kiss goodbye 990 2morow IMO
 
N Rothschild said:
you still long baptist? 15 bucks is a fair bit of pain to take..can kiss goodbye 990 2morow IMO
Click to expand...

Bulk out at $1004, cleared the rest out after the evening star take out.

Long run very bullish and will re-enter this market on a similar setup. But Daily has turned short run down. 2nd September remains the day the big move began.

It has behaved just to type, so far.

It took out $962,then 971 & 990 then placed a finger through $1006/7 before retracing. All these are key levels, on a monthly and weekly set up, pull backs will happen.

Interesting to see where it bases out. Could well consolidate around $990, whilst dipping below this level maybe a possibility as it is a key level to build up steam for the next squirt up imv.

I have benefited greatly from this trade and will again once the new base is established.

The evening star Daily Topping assessment below. :cool:

YouTube - Gold Update Short Term Turning Point
 
The Baptist said:
Bulk out at $1004, cleared the rest out after the evening star take out.

Long run very bullish and will re-enter this market on a similar setup. But Daily has turned short run down. 2nd September remains the day the big move began.

It has behaved just to type, so far.

It took out $962,then 971 & 990 then placed a finger through $1006/7 before retracing. All these are key levels, on a monthly and weekly set up, pull backs will happen.

Interesting to see where it bases out. Could well consolidate around $990, whilst dipping below this level maybe a possibility as it is a key level to build up steam for the next squirt up imv.

I have benefited greatly from this trade and will again once the new base is established.

The evening star Daily Topping assessment below. :cool:

YouTube - Gold Update Short Term Turning Point
Click to expand...


I believe recent Price action may already see sight of a bottom, Silver is particularly strong.
 
Silver at new highs 16.87+ and Gold rebounding strongly $1005.65 - early breakout type pullback this, it is being rebutted very strongly!
 
Kind of relieved last time it was this high someone asked me if Gold would see $980 or sub again soon, I replied not in my view its low on my platform on this pullback $980.75
:p
 
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