We just had a cross of price over the 50 MA after a very long correction. I think miners may be big winners coming up also. Anything over that level will just be a bonus.Īlso, I posted this in MMM, but wanted to reiterate here for anyone that doesn't visit that thread. So, my target for this current move will be the $37.50 level again. Even though we've seen big moves like that before, it's nearly unrealistic. With this look, it's easily to envision silver to run to $40+ in fairly short order. Although, I've fretted over a target for silver. I think gold will retest $1900 on this run. In the scenario that it does not, I have a pain threshold where I will exit. I've positioned myself on the long side because I believe it will hold. I like this scenario and the current level of support has been respected on many occasions. I plan to spread across silver, gold miners, and junior gold miners It should atleast make a run for $80.40-50. and I say this simply because the dollar is just moving out of it's bottom. I agree that we could see a few more down days. Today's candle has a bottom feel to it, but I'm not buying it yet, literally.
If we dont hold it here then around 1687USD/Oz (61.8% fibo retracement of this entire move).
Oct 29th coincidentally is a full moon, additional point for bottoming around that date. Next turn for gold is coming up on 10/29/12 +- 3 days. Sept low (2011) and feb high (2012) were nailed +-3days. Then switch to daily, fine tune 1st to the actual turning point and see where the rest of the lines fall. It may reverse on us so manage your risk accordingly.Īx, pull up weekly gold and draw fibo timezones from 1/23/11 (1st) 3/13/11 (2nd) etc. Sell signal came in on weekly SnP at ~1410 level. I'm looking for a run to $1500+ into early January. On top of that, I'm buying NTM calls in SLV to help curb the volatility with time. I'm also changing my buying strategy to ride the entire wave up, rather than trading month to month. I feel like there's a lot of making up to do in the miners. The last time gold was at $1900, GDX was at $66. I believe equities will rally through the end of the year as well as metals. It depends on if we can get some more downside over the next couple of days. I'm looking at calls in SLV, GDXJ, and GDXĪnd a position in GDX. does anyone have plans to initiate a position once we turn? hence im holding off on buying long calls as i believe they will get cheaper.
except im looking for a low of this cycle to form in the next 2 months.
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