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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:

Gold, Oil & Indices (Equity & Bond Indices)

Discuss Gold, Oil & Indices (Equity & Bond Indices)
 
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Ashraf Laidi
London, UK
Posts: 0
13 years ago
May 27, 2011 4:19
Daveo, thanks for pointing out those errors. Yes, i meant 1530 and NOT 1330. Please do NOT hesitate in correcting me (you or anyone else) on Twitter or on any other medium when I make such typos.

WIth risk appetite back in play, it seems GOLD & SILVER are rallying against the junked out USD & EUR.

Gold & silver may be taking turns every other day to make things interesting (one gains vs the other) but it looks like the bottom has been set last week (espclly in silver). so cautiously proceeding w my bullishness

And see what we sai din Premium section about the INVERSE H&S in $SPX. bullish pattern remains well intact.

Ashraf
bhglitter123
dubai, United Arab Emirates
Posts: 36
13 years ago
May 26, 2011 18:29
Thanksss deveo after trading the whole day its time to stay away from the screen for me to regain my vision ... once again yet im still bullish on gold.. i think it has to break 1525-28 level for it to be able to touch the 30s again...id be more sceptical if it breaks 1513 on the lower side..

ill have to catch a flight now will post later on
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 17:36
Silver did a very clear 5 wave move down from its high. The implications of that is the curent move up is only corrective before another drive down to lower lows.

Gold on the other hand is a rather different pattern. I would not be surprised if silver and gold lose their normally close correlation going forward.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 17:28
Silver daily is similar position but on a very different scale. So far it has corrected up from the 32.32 low to exactly the 38.2% ret at 38.88 of the entire move down from all time high. Also interesting the level coincided with Ashraf's 55DMA on my chart. As with gold I am expecting a fairly minor correction here before another push up to possibly the 40.90 area. Silver is more difficult to read than gold but if we get more structure from here I will post accordingly.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 17:20
current price 1522
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 17:18
Sarah, if yer trading daily t/f on gold it broke the triangle last friday at 1498. Nice move up to 1532.6 right on the 61.8% ret level. Now correcting methinks before another push up. My targets for more upside are the same as last posted at 1538/39 or cluster at 1551 to 1557. Below 1509 would be an alert at 50% of the last wave up. Its already made a 38.2% ret at 1515.
bhglitter123
dubai, United Arab Emirates
Posts: 36
13 years ago
May 26, 2011 16:45
daveoo.. any new calls for gold or silver? its been a fantastic roller coaster day i guess by now i started to loose direction!
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 0:19
Ashraf, I'm picking up quite regular errors on your #'s for trade calls in both your premium pieces and twitters. This one is more than a minor error methinks:-

"Gold Still holding Fridays long trade, targeting prelim 1330, with stop at 1470"

I assume you mean the 1330 should read 1530 but the stop could not mean 1570 on a long position and 1470 would be $55 away from the mkt now. A $55 stop in gold would be unthinkable.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 26, 2011 0:03
silver now very close to my upper target level previously posted at 38.08 and gold close to the 1538.7 level.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
May 24, 2011 17:43
correlations are of very great value until they change. Ashraf is expert at identifying changes. When something changes we adapt quickly, we dont try to fight it :-)
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