Gold not out of danger zone
Posted by Frugal on April 7th, 2008
This is going to be a short message. I caught a flu, so I’m going to be short.
I think there may be another lower low ahead of us. Buy that low. Don’t get in yet.
It’s still quite dangerous.
Right now, it’s probably best to stay in cash or short-term treasury bonds. Don’t be cute on foreign currencies. $US may be the temporary safe haven.
Stock markets are not breaking resistances yet. So be careful about heading into April expiration (in 2 weeks). Some major banks have NOT reported yet. Longs in the stock markets need to be nimble.
Best luck trading.
Frugal at 1stMillionAt33.com
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April 7th, 2008 at 7:06 am
If/when gold wanders down into the $850 / oz area, I’m a buyer. I believe it will still rise far above the current value… but I’d be surprised if we didn’t have another fairly major dip in the near future before it begins to rise again. So I’m holding out just a bit longer.
April 7th, 2008 at 4:12 pm
Major support on the $HUI is at 420. Until we break that, gold is still a hold. I’ll be watching the 480 level. If we turn South at 480 - I’m a seller.
April 8th, 2008 at 8:37 am
Ahhg. The IMF was rumored to be selling 6 billion in gold. I weep bitter tears.
http://news.bbc.co.uk/2/hi/business/7335749.stm
April 9th, 2008 at 3:32 pm
Sure glad I held onto my Gold. Actually I trade DGP for a double long gold play and DZZ for a double short gold play. DGP up today +4.16% Thank you very much.
Still watching the $HUI 480 level. If we don’t break that, I’ll sell at least 1/2 position. The other half will go if 425ish does not hold. A break of 420 and I take a position in DZZ (double short gold) with a stop at 420. But, let’s not get ahead of ourselves.
Stay tuned.
April 10th, 2008 at 3:39 pm
The $HUI 460 level is proving to be a stubborn little bugger. DGP down 1% today. Gold still a hold IMHO.
Stay tuned.