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TFC Commodity Trading Forum

Gold Stocks/Haligonian *PIC*

This is why I don't have any confidence in the Gold stocks group. I've been trading the channels for some time now as I have little confidence in them "trending up". Today I bought the Jan 9th low support on the 15 minute chart at 47.25. It bounced up to 47.50 which was yesterday's buy point that broke down earlier today so was now resistance. I bailed out there and look at price roll over and break down to new selloff lows once again. There just is no positive price action that I can see here for some time now even when Gold is up. Just look at this choppy sideways price action so far in 2012. And the daily chart isn't any better. In fact ABX is less than it was over 4 years ago. And that is with Gold soaring comparatively. . And that is also with ABX outperforming the GDX and GDXJ as well for months now. Feel like I'm beating a dead horse here with only intraday channels to trade. I'm about to throw in the towel on the Gold group. The risk to reward ratio is not worth the trouble from what I see. Not sure what you are doing with them but good luck with them. Gold only trades are working much better but since Sept are also in a downtrend to sideways at best. Would be nice to see price trend up or down. The bear Gold stock ETF:DUST is a powerful mover being triple strength but is hard to catch and like all those double and triple ETFs don't chart well with choppy channels due to their calculation issues daily. I think I'm going to wait for the TVIX to go crazy to catch a ride on. Shouldn't be long for it to blast off.