GC Exited Short

By spycharter On Wednesday, 25 January 2012, 1:23 PM · 3 Comments

Instead of adding to my short today, I exited my short when Gold broke above 1681. Gold rallied strongly following the Fed statement to avoid raising rates until 2014 and I now think Gold could head to 1760.

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  • Afzal Shaikh

    Like I said in the past. Gold was one statement away from being 1700 again.

  • Mephistios

    @ Shaikh
    Doesn’t mean it won’t fall back again.

      @ SpyCharter 
    I remember when you first set up this trade you said your line in the sand would be 1767.
    What made you change your mind? Is it because the strong bar from today crossing the downtrend to the upside? Or is it that you prefer getting short when and if gold fails to clean 1767?

    Personally i’m holding the trade, actually added to a silver short 2 days ago as well.
    Of course I’m having a hard time riding this now that that downtrend has been cleaned; and surely this mindless FED president hinting at a third round is adding to my disconfort, but untill I see 30 years futures making fresh new highs, I can’t see how would gold keep on climbing much higher…   We’ll see!
     

  • http://spychart.net spycharter

    When it broke 1681 it became very certain to me that it is headed to 1760 so I didn’t see the point of losing more money when I have such a strong feeling that the trade will go against me. 

    I’ll do a chart on Gold to clarify where it stands on a technical basis.