Talk about sitting on gold!
Wednesday, December 31, 2008
MOVING AVERAGES ON A DAILY CHART DEC 31, 2008
Gold still above the 200 day MA.
Dan Norcini points out, in his comment today,
that when gold neared the 10 day MA, buyers
moved in, and that was why gold took off.
That and the fact that there was almost nobody
on the trading floor which, oddly enough, should
have left the markets at the mercy of the short
sellers.
THE BIG PICTURE SO FAR
Gold has now retraced more than 50% of
the entire move down from THE TOP at 1045.00
10:45AM PST GOLD ROARS INTO THE DAY CLOSE
I made $170 per contract.
At the top, they were worth $1640.
SHIT!
9:46AM PST GOLD RUBS MY NOSE IN IT A LITTLE MORE
Gold breaks above the white downtrend channel
and moves above the previous high at 878.
Next highs to pass are:
88590
89010
then the big high at 892.
Right now it is pulling back trying to find support
on the top white line of the previous downtrend channel
9:35AM PST GOLD MOVES UP TO THE WHITE DOWNTREND LINE
I'm just glad I didn't have to take a loss.
But look at what I missed.
This happens frequently when you are pressured
to avoid a loss. You just want out and cover your
commissions, especially after the market plays
with you by dancing up and down around your
buy in price and keeps looking weak like it will
go down again big time. This happens all the time.
It's as if the gold gods know how to screw with
your mind.
9:27AM PST WED GOLD SELLS OFF ALL NIGHT AND MOST OF MORNING, NOW SPIKES TO THE OLD HIGH
GT started a trade last night that went south
big time. I had to stay awake all night to monitor
it, and I'm in gumby land.
The horizontal green line is where I got in.
The trade went negative and just now spiked up
to my buy in price and played with me, dancing
on my price, finally it spiked up sufficiently to get
me out with a small profit....BUT....
then it went even higher and would have made
three and a half times as much.
At least I'm out with a profit.
I didn't want to end the year with a loser.
See the next chart for the close up of what
just happened.
Tuesday, December 30, 2008
9:08AM PST GOLD BEING SOLD OFF BEFORE YEAR'S END TO SETTLE BOOKS
Today and tomorrow could be interesting as
various players decide to close their positions
in all commodities to balance their books for
tax purposes by taking losses now, or profits
(if they have them) to make hedge funds look
better for the quarter.
Monday, December 29, 2008
9:34AM PST GOLD ALL OVER THE PLACE TODAY
Dollar moves up to .81105
Euro moves down further
Dow off about 100 points
7:14AM PST GOLD RETRACES BACK UP MORE THAN 75%
Dollar and Euro not giving any definitive
indications that help predict gold's movement.
Gold, more or less, moving on its own, except
that the dollar is still low.
Dow falling, off about 60 points
Yen moving up, Oil pulling back to the 38s
Bonds leveling off after a climb into the 141s
Euro trading very oddly and not moving with gold
6:45AM PST GOLD LOWER EVEN THOUGH DOLLAR IS HOLDING NEAR .8075
Gold may fall to fill the opening gap from the
Sunday open
5:15AM PST QUICK SELL OFF BEFORE THE NY OPEN
Dollar moves up from its low at .8043 to .8096
Euro falls after a good run up
Oil spikes to 42 earlier, now just under 40
Sunday, December 28, 2008
5:42PM PST DOLLAR DROPS TO .8117, GOLD HELD BACK AT 891
No sooner do I post this than one minute later
gold jumps up to 892 on about 200 contracts
4:34PMPST GOLD SPIKES HIGHER, DOLLAR FALLS TO .8130
I can't believe my rotten luck! The very minute
I stepped outside to fix my water pump than
has been down for more than a week, the damn
gold takes off, same as Friday when I went out
to clear the snow. The gold gods really are out
to screw with my mind.
SUNDAY 3:23PM PST GOLD OPENS UP STRONG
Dollar falls big time to .8145
Euro up with gold, then backs off with gold
Friday, December 26, 2008
12:10 PM PST GOLD SPIKES INTO THE CLOSE
And I was out clearing snow instead of making
enough money to take a trip to some Paradise!
That's the way the chips fall!
9:27AM PST GOLD GETS CAPPED AT 85070 AGAIN, MAY GO HIGHER LATER
I'm not trading these moves because of the
light volumes, and have outside work to do
clearing snow today, so I can't monitor my
trades. Gold will close today at 2:15pm pst
for the weekend, and I don't like to have open
positions over periods the market is closed.
I take what profits I have, and stand aside.
Too many radical moves in this market to
gamble on long term moves anymore.
FRIDAY 8:39AM PST GOLD TRADING WELL ON VERY THIN VOLUME
Some very profitable moves so far this morning,
but thin volumes can give you problems getting
out on a market order, as you may wind up getting
a wide range of prices for your fills if you put in
too many contracts at once. On the other hand,
you want out a soon as you feel the price has topped
and should take what you get and be happy.
Thursday, December 25, 2008
6:58PM PST XMAS DAY
Gold opened at 3pm pst and will be trading
regular hours for the rest of the week.
Wednesday, December 24, 2008
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