Gold Futures /GC ready for another move up? February 17, 2012

On the Dollar, iIf that pop above 80 a test for sellers, they sure seem to be there.

 

Nice pop on the Yellow.....deal in Greece seems to have strangled the dollar, as expected.....Alll...and I mean ALL.....depends on if Greece/EU close the deal.......

 

If they do.....gold has a nice rise up and the dollar continues down.......LOL.....Until the next crisis in the EU.....Whose next?.....there are sooooo many canidates.................GLTA!!!

Oh wow your indicator looks good for GC for sure, as you have said before. Dang... looks like GC doesn't really want to enter into buyer's auction. I guess that is because there is likely a vacuum up to 1800 or so and they need to create the illusion of a ceiling somewhere if/before they run it up. But it sure looks like a good short entry on a risk-reward basis with stop aroun 1761 and a target around 1741 if you can get the right entry... not sure the downward target is realistic but it sure looks appealing. ED: if you did not suspect, I was actually speaking more of a forward looking trade into tomorrow's session, should go without saying that fading the move here is only for the riverboat players.

Greek deal done....dollar down ....Yellow up.....hmmmmm..............................GLTA!!!

Not by any means discounting the chart play......just saying I think the set up was due to the Greek deal....Would have almost cetaintly gone the other way had the deal fallen apart................................GLTA!!!

 Yep...gets to 1705ish and we see 1650 IMHO...needs to close above 1750 again tomorrow for the next move up.....Once again IMHO....Enjoy your charts .....hope you enjoy my input.........................GLTA!!!

You may be interested to know my fortune cookie from lunch today... paraphrasing "We are the best architects of our own fortune." Good one.

Nice Rando......We do create our own luck.........................GLTA!!!

what kind of spillage do you think there is on stops when it moves that like?
 

 

According to one analyst I follow there are a lot of commercial trading advisors who recommend similar trailing stop strategies and levels, which in this case most likely led to a significant snowball effect on that biggest down bar. In addition, if you were watching price when it hit 1700, on my ToS chart I was staring at it and after 1700 I think the next tick I saw was straight to 1690, that may have been a combo of pyschological 1700 level stops and also that was a big breakout area late in Jan. But the meat of the move was almost certainly fueled heavily by snowballing stops, IMO.

Thats what im saying, who knows what price your stop getting filled at when a move like that occurs.
 

 

I think it was stops because It happen in less than 10 minutes. I was watching it and it happened too fast for me to try and grab anything to ride down. I had been in some miners the day before and was glad I was out because they get hit pretty hard.

 

Crazy moves. Definitely stair up and elevator down.

Looking like we may have a pretty tough time getting bothsilver and gold moving north this week............China didnt help things much....N Korea blinking last week didnt help much..........and a close for gold under 1705ish didnt help today...................could be a buying op coming up here pretty quick....:).........................GLTA!!!