Recent Positions

Yep I have something similar going on for gold Nathan   

Alan what's your plan managing your position from here?  

I have a take profit at 1205, which it missed overnight.  I think I will raise it a bit as I'm looking to get out by the weekend and get back in again after that if things look OK.  What are your plans?

Howdy.  I tightened the silver SL and got stopped out at $15.30 overnight.  No TP in place for gold but was thinking of tightening up the SL if it got to$1210.(I set a price alert there) . Thinking about putting a stop entry somewhere under $1200 . Not sure yet. 

Morning!  I'm just a little cautious about the strength of the downtrend in gold after last night's long-tailed red candle, and the previous one was not overly decisive either.  All the indicators are pointing down and volume has picked up, but again the candles are not strong.  So, I've raised my TP to 1213.  I would get in again if it breaks through resistance around 1210-1205.

Greetings Nathan and Alan...

Some of the grand cycle perspective people have forecast the bottom of this down cycle in gold as being 1212. So this may account for the touch on just under 1212 and the quick reversal.

However, they forecast this bottom approximately 6 months ago and more recently, they have been saying that if 1212 doesn't hold... the market will continue to fall.

The reason I've put the support line at 1205/6 is because it makes better technical sense to put it there rather than 1212.

So, what I'm looking for is some congestive activity around this area, perhaps even a little reversal, and look for a better entry for a continuing downside move.

This could account for the last two candles looking bullish but without the follow through from the indicators.

It is a little surprising that the 3Day hasn't shown any inclination of turning as yet, especially given the last 2 candles.

Thanks for that Paul.  I'm out now with a nice wee profit and I'll wait and see what happens next week.

Thanks Paul.  I too have jumped ship.  

I also had a little dabble in oil, just to test the waters, er I mean petroleum extracts...it was a tiny success.

New Gold Long 1205... S= 1185
New Silver Long 14.85... S= 14.45

Longs

Gold 1206 SL 1157

Silver 14.90 SL 14.30

Paul what's your thoughts on the silver action over night?  It didn't challenge that resistance at $15 very much at all.  Im thinking of pulling out of my long position. 

Greetings Nathan... I don't have any thoughts on this as yet... but like I keep saying... there has to be some room to let a position develop... so let's see what the next few days bring.

Ok thank you.