Sunday, May 21, 2006

Gold $657 Friday Trades

Whence gold took a drubbing early am Friday I sold my RGLD puts about 1/2 hr into the trading day. After 11 am the selling subsided in the miners. (went to full cash) on Monday previous, I feel fortunate that I did.

Having gone to cash, I reloaded with NXG AUY GG NG and EZM all are nicely positive with all accounts totalling 1.85 from 1.60 appx.

EZM 1.96 AUY 8.75 & 8.83 NXG 3.13 GG 28.88 NG 12.52
These trades will be managed with stops after estimating pivots. Could this drubbing be over this quick? Some are projecting down to 590, I see 650 as trendline support, perhaps a dip to 633, I hope it happens in Asia and Europe rallys POG.

Need to buy some Silver Coins.

PIVOT NOTE: EZM did a nice Down 'abc' A=3.10 B=2.31 C=2.63 resulting in Short entry of 2.4325 Pivot of 2.235 and Target of 1.84 Target was within a penny for the low on Friday... Long at 1.96 on the reversal.

NXG Pivots down to 2.82 but this may be negated due to it's impressive rally of the lows

Looked at the xau gold ratio and it's pivots worked exceedingly well..
The up move from the lows progected .2778 target high actual was .28 AMAZING.
The current down move projects to .2027 we are close, see chart. This Ratio is a BUY to me.



0 Comments:

Post a Comment

<< Home