February 25, 2008
Follow Up Up Up on Gold
Following up on my post from the beginning of this month, Has Gold Peaked?, the answer is, not yet! Someone told me that Paul Tudor Jones increases his long positions when the stop-loss level (the purple dashed line) for the Sequential sell is broken — who knows? Price is toying with that level now.
Looking at the monthly chart, you can see that the Sequential count also recently hit 13, so I’d be looking for gold to slow down rather than speed up, but what do I know?
Cat: | Time: 9:42 am (utc+8)
February 25th, 2008 at 10:15 am
Damn, I just sold all my gold last week after a discussion with a senior analyst at my company hes been watching the gold market since the 70’s and he doesn’t expect there to be much more upside to the market. But I guess with all the things going on in the world at the moment, you just can’t tell.
February 25th, 2008 at 10:23 am
what am I missing? can you explain “stop-loss level (the purple dashed line) for the Sequential sell is broken” to me, please?
February 25th, 2008 at 10:26 am
@Nik: Yeah, well you’ll hate him if he’s wrong and think he’s a genius if he’s right. :) The trend is still up.
@Born2: After the Sequential counts to 13, it draws a purple dashed line on the chart which represents the stop-loss level … some people believe once that stop-loss level is taken out, price will go much further in that direction.