I have always noticed how little is posted when this stock/gold gets hit...but when it runs up the posters come out everywhere.
Here's my contribution...
Last Thursday the break of support by gold moved us off the buy signal to neutral, and we exited the position in the volatile gold mining stocks etf GDX. We stayed with the position in the bullion GLD primarily because we expected it might be able to rally off the oversold condition back toward the resistance at the 30-week m.a.
But it was not able to, and closed down again today. That deteriorated the indicators further to an outright sell signal for gold. It looks like our expectation that the rally would only be a bear market rally within an ongoing bear market was probably correct, although we did not expect it to end so quickly.
Therefore, tomorrow we will close out the position in the gold bullion etf GLD, probably taking a small loss on the position, unless it has a healthy bounce tomorrow. We have a small paper loss of 1.3% as of today's close.
The week of important potential market-moving economic reports continues, and the Fed's FOMC meeting begins tomorrow. It's difficult to imagine it will result in any surprises. The Fed has pretty much telegraphed that at most it will begin to taper back QE in a very small way.
But please stay tuned . We are probably close to dramatic market changes.
.
- Forums
- ASX - By Stock
- X64
- posters gone quiet
posters gone quiet
-
- There are more pages in this discussion • 16 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add X64 (ASX) to my watchlist
(20min delay)
|
|||||
Last
57.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $129.8M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Featured News
X64 (ASX) Chart |
Day chart unavailable