- Have not been involved in this since Oct11 when attempts to short at 1893 and 1670 both ended in failure. Then MF Global happened and I had to avoid trading high margin requirement markets while setting up with Saxo (IMR for 1 Gold contract = USD 13,000).
- Bearish on Gold this whole time. But no position as am already invested in the higher USD/Risk Off trade via other avenues. No sense in over-diversifying.
- Monthly : Correction of parabolic rise underway.
- Weekly : ABC down. C target = -(1921-1533) + 1804 = 1416. Uptrend line being broken now as well.
- Given extent of long positions and widespread blind acceptance of "currency debasement by central banks" argument, can easily see the selloff over-shooting well below 1416, maybe even towards 1300, when it comes.
- Plan : Positioned Risk Off in other markets, Bid for Gold from 1416 down.
No comments:
Post a Comment