I usually see some resolution to the "indecision" in $Gold in this time period but all I can tell is that traders don't know which way this thing is going so they are tacking. EJ, I finally saw your post in response to mine of yesterday. I appreciate the compliment but I also trust that you are doing your own due diligence on gold and miners!

always. I couldn't bring myself to pull the trigger at market open, but I did add SLW and NXG on the afternoon pullback. still not as overweight in GLD as I was last year at this time, but i've sold all my non-core equity positions and will add the miners on dips. EJ

needs to hold this 1362-1360 area

Todays gold market reminds me of the run to $730.

Fundamentals are stronger than then, yet the same trader nervousness regarding the possibility of prices going higher exists.

Technicals will get overbought in near term and daily charts, but look at the weekly - long way to go. We just broke through a major downtrend line which signifies a rise to new highs. Obviously there will be pullbacks, but IMO, the pullbacks will not be severe enough for ME to worry. Like I asked last spring as gold traded in the mid $600s and moving higher, "how many traders are wishing they bought with a '5' handle? How many are hoping for a pullback to correct their mistake of not buying on weakness?". Feels the same today. Commodity prices can run up making price oscillators meaningless as the mo mo computer trading hedge funds jump on the trend.

Good luck to all.

g034 /MarkM

When trading gold is it the spot price and fibs
on the spot prices you are trading? - or is it technicals on the near term contract ... and other related technical tell's as per MarkM's charts?

I was also wondering what significance you place on the overnight trading in gold versus the trading in regular hours when COMEX is open.
Is it equally significant in your opinion(s)?

Also I see multiple quote sources for gold including 'Gold Zurich', 'Gold London Fix' etc...
I assume from my quote source these are just the spot prices locally? Are they of any other use other than on days when COMEX is closed?

...Just brushing up on my gold trading skills - in case we get a followup on this gold breakout sometime in November

thanks in advance ... T'man

Question for the daytrader bull board -

I've got Dec 140 XAU calls (purchased at 4.3) they are up nice, but don't want to regret selling too early. Anyone have an opinion on the XAU breaking this 200 DMA 140/share resistence. My target price for the XAU is 151 on this run, but because I am also in the camp the major market moves are over I suspect downward pressure soon. So my overall market view is testing my sell trigger on the XAU (as I am guessing it will not go up if/when major market index decline).

Interested in any/all thoughts.

Thanks
Matt

As g034 will tell you, best to use mechanical trading triggers. Channels, trendlines and Fibs rule. I can tell you from numerous personal observations and tests that if I had followed his rules from Day 1, I would have made 4X the amount I have from the Gold Bull. End of Story.

Google the site and search for his entries. You'll no doubt find plenty of examples of him explaining his rules.

Good luck.

good advice MarkM. I like much of what g034 brings to the table regarding this gold bull.

personally, the technical analysis studies I use follow price/volume, fibs, trend line and rsi. i don't use much else (i see moving avgs, but they are last on my technical analysis). this blog helps fill in many of the fundamental analysis i desire for the market as well as some technical studies. (the RSI is so simple yet so powerful. i learned how to use that tool here.)

this blog is a real find if you ask me. i've got my family and friends studying it now too.

i hope to be adding some substance once i've got my trading patterns down. as of now - i'm still in student mode.

thanks again