39 thoughts on “Gold Alert!”

  1. "A man sees what he wants to see and he disregards the rest" -- apologies to Paul Simon.

    I was knocked out but that's what stops are for. No damage to my stash and I may have learned something.

    Gold is OK for day trading where you're watching every tick and you're satisfied with small daily gains either way, and it's OK for buy and hold or buy the dips. But the volatility makes it difficult for a swing trader to set stops. MCs triangles work very well. If gold's monthly signal is green, never, ever, play the downside - no matter how strong you think the signals are (as I thought they were) ... just get out and stay on the sidelines until you get a signal to get back in. I was thinking: " Oh boy! you can dance in and out and make a few bucks, maybe quite a few because nobody expects a big drop." (And in fact the price of gold is past due for a healthy correction -- but never mind.) What I should have been thinking was "be patient and trade only WITH the trend."

    Should have thought of that (and used the discipline to stay with it). Hopefully, I will next time. Cheers.

  2. buystop lowered to 1248.50.

    I basically agree with the gold bulls, although I think there are too many of us at this precise moment - everybody's on one side of the boat, tipping it over..

    I am a new trader so I am working this short trade as an exercise. I like candlesticks, trend lines, dochian channels plus RSI and slow stochastics. But I rely mostly on triangles and would rarely trade against them. If I reckon there's a change coming, the triangles are either a bit ahead of me, or slightly behind, but usually WITH me -- which adds to my confidence. Thank you Adam and everyone at MC.

  5. Gold volatility extremeley high in todays trading session. Close over the moving averages. Alot of buying coming in at 1238 support levels. And at the same time alot of selling going on at the 1252 resistance levels. Confusion or are the giants buying on the small dips? Ill leave the reader to decide. Lets use a bit of logic and look at this market a little bit differently. On every fall in this rally that has taken place there was big buying coming into play and pushng the price sky high, whos buying? well only the big boys can buy enough to push the market $10-$15 higher straight after a dip and in one trading session. Do funds and banks really buy for the short term play? i dont think so. And as all the predictions above saying Gold coming down to 1132-1160-1200-1222, yes these are realistic pullbacks, but wouldnt the fund/banks add on to positions than? However i do agree that technically Gold is over bought. But i think this time we're in for a little bit of a surprise. I THINK the bears might just have a bit of whip lash. So to conclude, after viewing wat been goin on over the past 6 weeks, i think there might just be a pullback, BUT IF there is and ONLY IF there is a pullback i think 1232-34 is as low as we can go in the short to medium term but as said thats only if we do see a pull back. Otherwise i think we making new highs this week, to top the tripple top. But only time will tell.

    Regards

  6. For the subscriber who asked about how to short gold he could use a DOUBLE SHORT GOLD ETF There are several of these. But none have very high volume. DZZ averages almost 500,000 shares. The Club Chart has RED Weekly and Monthly Triangles on DZZ and no score last time I looked.

    $GOLD at 1246 is near PRICE RESISTANCE (1256). It's possible that gold might drop down to test support-- and this might tempt an investor to play a downward test of support with a position in DZZ-

    But nothing (not even the MACD) is certain, Marketclub's Weekly and Monthly triangles for gold remain green and the RSI for $GOLD is >50

    Do you really want to go short and play a juiced inverse ETF on what might happen next?

  8. "Enjoy the waterfall as all the gold bugs get their stops hit!!!!!!!!!!"

    Real gold bugs don't have stops because have their metal physically in a safe with no leverage. They can't be forced out of any position - on the contrary they will just add more if prices go down. 🙂

  9. I am a Forex trader wishing to trade oil and Gold. Can someone please direct me to the best trade station with best charts? Thanks

  10. > You need to have a contingency plan for all 3 scenarios.
    Of course on any day any market can go up down or sideways.
    Confused as to how one can make any money if you are hedged all the time.
    Sid

  15. Moving forward, it is going to be extremely difficult to trade gold on TA as it whipsaws up and down. In the not too distant future, $100 up and down moves will probably be the norm. Getting taken out on a "take loss" only to see gold rocket higher is going to give heartburn to traders.

  17. Interesting to read so many knowledgable letters. Gold and silver prices will yo yo for the near term. Everytime the ceiling is pushed or slightly penetrated, the "boyz" with millions of ounces shorts and the bullion banks that have to repay the tons of borrowed metal, will slam the door. Fortunatly for us, the undeniable market forces will prevail and return to the inexorable move upward. If the CFTC ever invokes the limits on options mandated by the recently passed financial reform bill, more normal changes can occur. Cynicism and skepticism are de rigueur.

  18. Doesnt feel so good finding out Goldman Sachs gets up each day, sets the gold price to what it will be, and thats what will be. The price of gold does change in regards to money printing, but GS manipulates the price, just as they do the stock market. GS is under extreme pressure tho. Number 1, they are holding a beach ball under water, and their arms are getting tired. Number 2, GS is under pressure from groups such as GATA, and Ron Paul, exposing them for their illegal tactics.

  19. Forgive the newb question but how do people short gold? As I have only previously bough gold through bullionvault.... Any information would be much appreciated

  21. I am with Keith,
    I sure hope gold goes down. I’ve lightened up on position. I’ll be buying the dips!

  24. On the daily chart, Gold is now a sell. But on weekly and monthly charts, it is still a buy. So, Adam is right.

    Forget target prices and Fibonacci retracements. Be short until the daily chart is bearish. When it reverses, go long.

  26. Did not I gave you alert guys a week ago? Yes I did, so now we gonna have rally down to $990, maybe even more till $930. ( candle set up will show).

    Have a good trading day

  27. Here we go again. I would like to know the percentage record of all of this buying and selling. Does anyone keep a record? Could you please post it? Thanks.

    In the meanwhile the juniors and exploration stocks are up tremendously over the past 2 months. Heed Richard Russell and Jim Sinclair's advice: try not to trade a bull market. This is a once-in-history move and many will be out when it takes off. We are going parabolic just as we did back in the 1990s.

  28. Farhaan,

    Rule #1 of trading and investing is that you can never know for sure. Don't be overly confident or doom will overtake you one day. I am a big gold bull, but even I do not rule out a sudden plummet to $1,000. These things do happen and they tend to happen you when you least expect it. Forget fundamentals. Forget T/A. Forget rationality. Only remember that you can never know for sure. Might go up. Might go down. Might go sideways. You need to have a contingency plan in place for all 3 scenarios.

  30. lol... to all those who are loving this short term pull back, i must warn it wont be for too long... gold will top the tripple top and reach out for 1300, than we will see the waterfall... so dont get before yourselves now... and remember evrything doeasnt need to go straight up, there always minor pul backs before all the bears get whip lashed.... remeber we in time of confusion where unexpected things will happen... just keep your eyes peeled....

    Regards
    The Gold Bug

  31. SEPTEMBER 9, 2010

    GREAT, A BREAK IN AUGUSTS' STEEP CLIMB.
    I CANNOT WAIT TO LOAD UP ON 3 CONTRACTS TO BUY 'GOLD' BEFORE SEPTEMBER, 20-21
    HOPEFULLY DOWN TO 1221 THE FIBINACCHI = Target is 1221 (38.2% Fib retracement

    THEN, IT'S ALL ON BOARD TO A NEW HIGH, AT JUST 1271 IN GOLD,
    THEN THE YEAR END RALLY ABOVE $1300. DOLLARS PER OUNCE OF GOLD

    IN 2011 THE FLIGHT GOES UP, UP, AND AWAY TO $1600. DOLLARS PER OUNCE OF GOLD,
    BEFORE THE 2012 ELECTIONS. YES, THIS IS JUST A GUESS, NOT A SOOTHSAYER AT LARGE, BUT WE ALL HAVE OPINIONS, NOW DON'T WE.

    BEST HAPPY NEW YEAR TO YOU,
    JEFFREY

  32. Mmmmm?
    My indicators show Gold is maybe slowing at present, however my instincts are saying it still has a decent way to go yet, with some good profits for the taking.

    European situation plus US Govt printing more paper money might support this..?

    I came in just under $1,000, so am already showing good profit, do I follow Indicators and Sell or hang in for another 6 months....? More than the proverbial $64 Question, I guess.

  34. I BOUGHT PUTZ YESTERDAY GOLD STOCKS, NEM,ABX, DID GOOD TODAY. JEREMY STAY ON TOP OF THOSE BAD TICS BUDDY! ED

  35. Differentiating between short and long-term traders here is a good benefit for your readers. Gold will be going up, but right now it's struggling with finding its bottom. (Best thing to do, I think, is get in and just hold on. Few people ever hit that exact bottom anyway.)

  37. Thanks for the alert!

    We're in a longish (30+ day) uptrend showing signs of wearyness. Two dojis in the past 4 days. Rising trendline is broken at 1254. Stochastics & MACD both crossover. Went short at 1256, more at 1252 and more again at 1245. Buy stop now at 1250 which is about breakeven. Target is 1221 (38.2% Fib retracement)

  38. Every one of my setups now says sell. I am looking for 1200 as a minimum and will maybe go as low as 1131.

    Enjoy the waterfall as all the gold bugs get their stops hit!!!!!!!!!!

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