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TFC Commodity Trading Forum

Re: Trades - Gold / Silverbear *PIC*
In Response To: Trades - Gold ()

You must be a mind reader. Been watching the Gold chart and GDX along with the double bull Gold ETF:DGP like a 'Hawk". I missed the bear Gold ETF:DUST as it didn't quite double bottom and catch my buy stop. See price on Gold now test that $1705 minor support point that it loves to bounce off off. That was the Aug lows and is resistance when below and support when price is above. But being fussy I would prefer to see price come back and test that 150ema or even get close. I'll then buy the DGP and perhaps some GDX as the GDX does have a higher beta on a snap back. I wont trade the $1705 minor support here as it's in the middle of the pattern. Nice triangle to breakout of. Best odds is either a test of the 150ema that has worked for a few years now without exception and is basically the long term uptrendline as well. Or buy a breakout over $1800. I've been ignoring most other markets as I find it is easy to get scattered looking at too many others. This Gold trade should pan out. Don't be surprised to see this $1705 hold as support and then breakout of the triangle on the upside. I'd prefer to see $1800 cleared as well as the triangle downtrendline to confirm. If I wasn't such a fussy s.o.b. and perfectionist I'd just start buying at $1705 with a stop below on a daily close. But oh no, that would be way too easy.