Forum >> Precious Metals

Opened by: swisscheese
Opening date: 21 January 2010 10:47
Number of entries: 2
Last entry: 21 January 2010 10:47

silvertrader wrote: 21 January 2010 21:18

Hi Edi,

You may have been smarter than I was, running with the profits you made. I was waiting for a specific price target to be met (1,175 in Gold and a double-top above 19.00 in Silver), but none of them happened. However, there was no sell signal for any of the precious metals either, so we may see a bounce soon. But I DO NOT RECOMMEND to go long at this juncture. Not because of the current price levels, where both may seem to be a bit oversold, rather because of an Elliott wave count, which indicates that both precious metals are in a downtrend. The question is, whether the current drop is part of an impulse 3rd wave down or a corrective B wave down within wave 2 up. So I'm still sitting in both positions as a lame duck, hoping that our system will give me soon some clues what to do with them. On the other hand the current USD and JPY strength  -   a result of emerging risk aversion, which is responsible for the selloff in both precious metals  -   seem to be running out of steam...  So now I'm just sitting and waiting. That's all I can tell you for now.

Best

Silvertrader

swisscheese wrote: 21 January 2010 10:47

Hello Silvertrader

Your Signals for XAU and XAG where "Homeruns" both Targets (one mentioned in the Signal the oder mentioned in the Newsletter) where triggered.

I'm out, and thank you! But there was no Exit Signals for both running Trades, so your are still in the Trade? Now my question: Can we go long again at those Levels?

Thank you

Edi