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  • #741
  • Aug 24, 2011 4:05pm Aug 24, 2011 4:05pm
Quoting Fmfx
Here is a quote from another thread:

"It's a fact by now that GOLD is going directly to 2000".

I think mentalities like this are what causing the people in the other lose their accounts, get shocked, ...

I hope so-called experts leave the newbies alone instead of pushing them to buy more and more gold so that theybhave enough people to run over their stops...
that gold is going to reach 2000 SOON OR LATE, is no news... if you check the post, it says that its his OPINION WHEN will that happen.

Or do you think it will not reach 2000, never ever ? Whats your opinion?..

Do you really believe that a correction means that gold is now on BEAR TREND??

We don't need to be geniouses to realize that gold is bullish LONG TERM..

BTW, if you trade based on following others peoples opinion, then you are destined to fail, period.
The Black Swan: The Impact of the Highly Improbable
  • #742
  • Aug 24, 2011 5:45pm Aug 24, 2011 5:45pm
Thank God the USD wasn't any stronger or it would have been a real bloodbath today.
  • #743
  • Aug 24, 2011 6:33pm Aug 24, 2011 6:33pm
Quoting Icosahedron
So you think the gold has had its final run and that this is a start of a major bear trend?
No but what we observed was not sustainable especially in this season and this economy.

If the price falls back to 1600-1650 area we can expect to see 1850 by the end of this year. And that is NOT a fact. It MAY happen.

It does not matter how much people talk about technicals, forks, ... some market moves are just meant to push people lose their money. You can see it for yourself now.
  • #744
  • Aug 24, 2011 6:39pm Aug 24, 2011 6:39pm
Quoting MapleLeaf
that gold is going to reach 2000 SOON OR LATE, is no news... if you check the post, it says that its his OPINION WHEN will that happen.

Or do you think it will not reach 2000, never ever ? Whats your opinion?..

Do you really believe that a correction means that gold is now on BEAR TREND??

We don't need to be geniouses to realize that gold is bullish LONG TERM..

BTW, if you trade based on following others peoples opinion, then you are destined to fail, period.
See below for my opinion.

If you step back for sec and lookmat the other thread, you could clearly see people have been acting euphoricallly with every move up in gold.

That emotional reaction was the problem and one of the major causes behind today's crash. Look, Mr censor in that thread is even scared to call it a crash and tries to ignore the whole $160 drop in price.

When a similar drop happened in stocks, people were forced to think it will NOT happen in GOLD and that is exactly where one should start to feel the danger.

Anyways, I still have my longs from $1300 and $1400 and some small from 1500 and have not added anything above 1550.

Will only add to my longs IF we go back to 1650 otherwise I have enough lots if the price goes even to $5000!

By the way, I think $2000 is a bit of a stretch for this year or maybe a few years to come. Think about it: people should be able to buy gold and they can not eat gold.
  • #745
  • Aug 24, 2011 6:40pm Aug 24, 2011 6:40pm
Quoting robbmickey
Thank God the USD wasn't any stronger or it would have been a real bloodbath today.
We might actually see a USD rally early next week after people are ensured there will be no new QEs.

I think will be interesting months to come: some stocks and USD will rally while gold and oil remain rangebound.
  • #746
  • Aug 24, 2011 7:03pm Aug 24, 2011 7:03pm
It is still intestine to see people rationalize the drop and ask "WHY"...

This is the lesson: if everybody can buy gold today and sell tomorrow and make profit so who and when is going to lose?

I know it is hard to think about these when you see such massive crashes and become emotional because you see most of your account in red but that is also how you becme a trader: stop buying if price of something looks has rallied a lot in a small amount of time. Technicals and forks, speens, etc are not always the answer.

Common sense all the way.
  • #747
  • Aug 25, 2011 1:57am Aug 25, 2011 1:57am
Well, while talking about 2000$/oz and this weeks decline - we should zoom the end of decline... If some signs of strength will occur - we will see 2000$/oz next month i think. if decline will continue (at least till 1650) then chances 1900 to be a major top will be increased.

Gann S9 says me, that next important date for gold is the 12-19 Sep. week, so probably the decline will continue till 12-19 week, or at 12-19 Sep. we will see price around 2000$/oz.
  • #748
  • Aug 25, 2011 3:03am Aug 25, 2011 3:03am
Quoting ph3onix
Well, while talking about 2000$/oz and this weeks decline - we should zoom the end of decline... If some signs of strength will occur - we will see 2000$/oz next month i think. if decline will continue (at least till 1650) then chances 1900 to be a major top will be increased.

Gann S9 says me, that next important date for gold is the 12-19 Sep. week, so probably the decline will continue till 12-19 week, or at 12-19 Sep. we will see price around 2000$/oz.
I think this focus on a specific number, here $2000, is another problem. It is just $100 higher than 1900 we just had a few days back.

I think the issue is when will gold begin to rise again. Everybody knew about summer, Indian wedding buying season, etc so market has to surprise people therefore some win and some lose. We need both in a healthy market and GOLD is no different.
  • #749
  • Aug 25, 2011 4:02am Aug 25, 2011 4:02am
Quoting Fmfx
I think this focus on a specific number, here $2000, is another problem. It is just $100 higher than 1900 we just had a few days back.

I think the issue is when will gold begin to rise again. Everybody knew about summer, Indian wedding buying season, etc so market has to surprise people therefore some win and some lose. We need both in a healthy market and GOLD is no different.
Don't forget about Friday. We really can see biggest rally within SP500 and Gold at Friday, so if our friend Ben will say again some sh*t bout US Economy - Gold may do rally till 2000$/oz well, while SP500 will decline till 1050 The next one idea is that both Gold and SP500 will fall down. The last one - Gold is falling down, while SP500 is rising No other ideas...
  • #750
  • Aug 25, 2011 4:19am Aug 25, 2011 4:19am
1703 lowest so far... $200+ fall in almost 48 hours and counting

I bet experts in the other censored thread will call this a "small" and "healthy" correction

I wonder wgat would they call a "crash".
  • #751
  • Aug 25, 2011 4:23am Aug 25, 2011 4:23am
Quoting ph3onix
Don't forget about Friday. We really can see biggest rally within SP500 and Gold at Friday, so if our friend Ben will say again some sh*t bout US Economy - Gold may do rally till 2000$/oz well, while SP500 will decline till 1050 The next one idea is that both Gold and SP500 will fall down. The last one - Gold is falling down, while SP500 is rising No other ideas...
Don't hold your breath. There will be no more QE. At least for now.

US government drive up the gold price up to cash in some of it's resrve gold and they will substitute it later at $1600.

I do not think it is a matter of $2000 now, we might be looking at $1500 area instead...
  • #752
  • Aug 25, 2011 4:24am Aug 25, 2011 4:24am
Quoting Fmfx
1703 lowest so far... $200+ fall in almost 48 hours and counting

I bet experts in the other censored thread will call this a "small" and "healthy" correction

I wonder wgat would they call a "crash".
Nene my friend, still not a "crash" but possible A-wave of retracement... Gold STILL HAVE powers to grow below 2k$/oz, and if Flat is forming - then current decline fits well to be the first wave (of three). While we stay higher than 1600 - we should be aware of possible rally to 2k$/oz.

Only when Gold breaks 1600, we can say that 2k$/oz target becomes not real for this year at least...
  • #753
  • Aug 25, 2011 6:13am Aug 25, 2011 6:13am
I think that you're not complete right, but you have the point.

Anyway, I would call this a correction as someone big triggered their TPs at ~1910, which later resulted those who bought at 1890-1900 to close longs, making the price fall further and hit SLs or make traders take their profit before they go to negative profit.

There were so many long positions, and there still are - so the price simply had to collapse due to so many people closing their longs.

Anyway, the lower we go - the more new buyers we have. I think that all the people who closed their positions and caused the crash in the first place, are ready to push the price higher again.

Anyway, there is NO possible way of fundamentals pushing the price so low so quickly, no way. I think it's just the guys closing positions who ruined the price.

I'm just being careful with catching the bottom because I'm in very awkward position right now. If it falls further below to 1600, I might get wiped out very easily.
  • #754
  • Aug 25, 2011 7:04am Aug 25, 2011 7:04am
Quoting Icosahedron
I think that you're not complete right, but you have the point.

Anyway, I would call this a correction as someone big triggered their TPs at ~1910, which later resulted those who bought at 1890-1900 to close longs, making the price fall further and hit SLs or make traders take their profit before they go to negative profit.

There were so many long positions, and there still are - so the price simply had to collapse due to so many people closing their longs.

Anyway, the lower we go - the more new buyers we have. I think that all the people...

well lets hope you get wiped out at 1600 !!!

......only joking.....


my own long position took a heavey beating...a lot of pips lost.

not too worry still in profit. hope it rises back up again.

waiting for the right chart setups then i may enter another small long position.

how you guys doin ?
  • #755
  • Aug 25, 2011 7:10am Aug 25, 2011 7:10am
Quoting Icosahedron
I think that you're not complete right, but you have the point.

Anyway, I would call this a correction as someone big triggered their TPs at ~1910, which later resulted those who bought at 1890-1900 to close longs, making the price fall further and hit SLs or make traders take their profit before they go to negative profit.

There were so many long positions, and there still are - so the price simply had to collapse due to so many people closing their longs.

Anyway, the lower we go - the more new buyers we have. I think that all the people...
I'm holding since 1830 and very in the red, pumped some money into the account today so hopefully it will reach in time to provide margin in case of a bigger move.

I will never trade without a stop loss ever again.
Anything can happen.
  • #756
  • Aug 25, 2011 7:18am Aug 25, 2011 7:18am
i think whats going to happen is this:

it is either going to rise up from now and the next few days, or if it falls below 1695 .. should be a heavy fall.


anyone who is not in a trade i would suggest wait to see which way the market will go. potential longs can be taken if market heads up...
  • #757
  • Aug 25, 2011 9:48am Aug 25, 2011 9:48am
I know how most of you guys feel.

The price WILL eventually go up just do not hold your breath for $2000 in a couple of weeks. We might see that price by the end of next year... But then again, maybe...
  • #758
  • Aug 25, 2011 2:34pm Aug 25, 2011 2:34pm
People beware: the next round of correction might be just around the corner (tomorrow).

If you have lost some money recently due to this last euphoric move, give it more time. You can always make the money back. People on the other thread seem to be pushing it again!
  • #759
  • Aug 25, 2011 10:45pm Aug 25, 2011 10:45pm
Quoting whatfx
well lets hope you get wiped out at 1600 !!!

......only joking.....


my own long position took a heavey beating...a lot of pips lost.

not too worry still in profit. hope it rises back up again.

waiting for the right chart setups then i may enter another small long position.

how you guys doin ?
Well that looked funny small long - but i think that could be a good for fresh traders and i am sure gold will not fall from 1701 :-)
  • #760
  • Aug 26, 2011 8:59am Aug 26, 2011 8:59am
I was right as per my post 755 . Gold did go up !
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