Gold calls.Long term -medium term and intraday calls in gold is here !.

[Wideboy]

Morning all

Todays outlook:
I can see price dropping to around 821/818 this morning.

From there we watch price action. If price holds above 817 we can expect a rally upto 840 region (as shown in Suji's chart posted earlier). If however it goes below 817 and we see an hourly candle close below that level we can expect a dump down to 806,804,792.

As always watch the price action, it will tell you where the market is heading

For now if price goes below 829, short with targets of 826,821,817 - stop 833

Just to re-iterate, 817 is key, watch closely...

 

[Wideboy]

short @ 828, stop 833, target 821, 817

2nd target met +$11 today.

I refer you to the post above for future movement.

 

[hurty]

Just to re-iterate, 817 is key, watch closely...

can´t see why its a key... where do i have to draw the fib´s to see?

 

[Wideboy]

can´t see why its a key... where do i have to draw the fib´s to see?

If you look at a 4hr chart, its the leg up from 15th Aug to 21st Aug.

You'll see that on the 25th/26th the 38% level was tested, that then broke and then the 61% level at 804 was almost touched on the 26th at around 10am.
We then saw the price move on up and form a new high on 28th Aug.

We are now on the retracement down. As Suji has also said 817 can be a turning point for the rally to begin, if it isn't we will see 804 in the next day or so.

 

[Wideboy]

Looking at current price action I'd say that we haven't bottomed just yet.
Targets 816,813, then 806

I'd be happy shorting here, stop at 822

 

[Sprawl123]

where do u guys get (free) charts on wti rolling front month contract?

sub 1.80 cable!! arrghh!! no more cheap NY shopping for us brits!

 

[TrentT]

Phew! No time to post. I am Capt of my ship today!

Thanks to Wideboy and Sujith - great calls!

$ so strong and Oil so weak (Gustav threat receded) it may break through 817.
£=1.799 - sheesh.

Watching 817 like a hawk - seems to be going sideways now.

We'll see. Good luck all.

 

[zees]

Been quietly lurking for a while, and appreciate your efforts Suji and everyone, great info and insights. Thanks.

Would anyone care to share their thoughts on holding short Gold positions overnight tonight CET, and what you might expect when Asia opens in their morning.

Thanks in advance

 

[b_p4tel]

1 quick question do you expect there to be a big up rally during the week..

 

[sujithsstorock]

Those who can accept the loss

buy gold around 819.5 $ stoploss 817 $ target 823-825-827.8-831-836-838-843 $.

Risky. Its trying to catch the bottom. Stop might hit too.

stop hit. Loss of 2.5 $.

Mad mad world , i have your 13 $ loss in mind. Don't worry. We can cover it.

Edit
low was 817.2 $. Stop didn't hit. !

 

[hurty]

If you look at a 4hr chart, its the leg up from 15th Aug to 21st Aug.

You'll see that on the 25th/26th the 38% level was tested, that then broke and then the 61% level at 804 was almost touched on the 26th at around 10am.
We then saw the price move on up and form a new high on 28th Aug.

We are now on the retracement down. As Suji has also said 817 can be a turning point for the rally to begin, if it isn't we will see 804 in the next day or so.

thank you!

 

[Wideboy]

stop hit. Loss of 2.5 $.

Mad mad world , i have your 13 $ loss in mind. Don't worry. We can cover it.

Unlucky, although 817 is holding so you could be right about a small rally

 

[hurty]

stop hit. Loss of 2.5 $.

Mad mad world , i have your 13 $ loss in mind. Don't worry. We can cover it.

funny i don´t see it touched my stop at 817... just came down t 817,2 missing it by 0,2 cents...

 

[cas84utd]

Guys

Just wanted to introduce myself! Have recently been introduced to spread betting by a friend and he also pointed me in the direction of this forum today, this is my first post!

Have had a quick look through this thread... very interesting stuff! And some really good technical skills are clearly present...

I currently hold a long position on the Dec 08 Gold Future @ 816.85 (current 822.45) which I opened a week ago. Saw a healthy P/L last week with the jump but have taken a beating the last few days, especially today, and now wondering what to do... the position was intended to be long term (few months) as I was expecting Gold to recover from the Mid July - Mid August beating.

Also, what is the best resource for learning the technical skills that people like Wideboy and Suji possess? I'm sure you get a lot of leechers on this site just looking for calls... I am not one of those. I want to understand how/why you are making your calls... I am very strong mathematically and feel I could pick these skills up fairly swiftly with a little guidance...

Many thanks

 

[mad mad world]

stop hit. Loss of 2.5 $.

Mad mad world , i have your 13 $ loss in mind. Don't worry. We can cover it.

I am still holding Long position and moved STOP loss at 807 now....don't want to close the position with losses now....
I want to give one more chance to NY boys when they will be back tuesday morning...i feel that they will drive POG to higher....lets see...

thanks sujith for keep me in mind ( and losses too).....

 

[unniak]

stop hit. Loss of 2.5 $.

I haven't seen your call, but after seeing the charts i thought you wouldve bought around 817. Was in a bit hurry, right ?

 

[Wideboy]

I am still holding Long position and moved STOP loss at 807 now....don't want to close the position with losses now....
I want to give one more chance to NY boys when they will be back tuesday morning...i feel that they will drive POG to higher....lets see...

thanks sujith for keep me in mind ( and losses too).....

I have a fib level at 806.90 (Aug 26th low) - I'd move your stop to around 805.5 or 806

 

[unniak]

My terminal shows low of 817.65 Stops not hit necessarily in all terminals. It depends

 

[cas84utd]

you've mentioned 917 twice... do you mean 817?

 

[sujithsstorock]

well , happy news for you

i have a YES to it this time. You can start buying from 821 $ till 815 $ and your stoploss is 804 $.

But this plan can change if we see a melt down rally.Ofcourse you won't buy on a melt down rally . If you get a slow movement , then only buy.

Target 840-855-862-873-880 -910 $

you can go with the plan now yvij . Keep strictest stop. I hope this stop is not too wide for you. There is 20 % of stop being hit.

Ps : this is just to yvij !.