Gold 05 June ’09

Gold (GLD) has continued to show more strength than expected, currently its 50/50 as to direction, most likely Bullish.

Waiting for potential short setup.

Gold 06 April ’09

Gold has dropped, as expected, unfortunately I did not get on board. Looking to short at 920′ish on a bounce to resistance.

EDIT:  24/04/09  Gold has risen back up toward the descending TL currently at about 915. Looking for a short around 915-920, with a stop at 950. Waiting for some price action on the short term charts for a sign of reversal.

EDIT:  27/04/09  Gold reached the descending TL and RSI started turning down from an overbought level, after reaching the 50 fib.

Short  Ticker: GLD  Price: 915  Stop Loss 950  Risk level 5. 

EDIT: 28/04/09  Gold has moved spiked as low as 889.60, stop moved to BE at 914, waitng to see if support at 864 can be reached and broken before, locking in any profit.

EDIT:  05/04/09   GLD  stop hit at 914  (+1)  +0.14%.

Gold 27 February ’09

Short  Ticker: GLD  Price: 950  Stop Loss 1008 Risk level 5. 

Entry taken after break of ascending trendline thru Jan, Feb 09 lows.  MSM is talking up gold never a good sign.  EWI has been talking about this very fact……….

 “The spike to $967.95 (overnight) was quickly repelled and prices closed back under resistance (now $957-$966 based on additional pattern development). A decline beneath $925 should be large enough to eliminate any near-term bullish potential and indicate that wave 3 down has started. Any push above the February 20 high ($1007.20) means we were wrong in our assessment that wave (C) down had started.”

Source: http://www.elliottwave.com/stu/FFS-Portal/

Hold position Target 700.

Stop moved to 945 after bounce on 50 MA Daily, stopped out  (+5)  +0.43%

Looking to short again on close below 50 MA Daily, if price remains below 1000.