Monday, January 29, 2007
You know I'm long term bullish on gold. The chart (April futures) looks promising for trade, as an intermediate term ascending triangle combined with a possible "second mouse" setup from the pullback the last few days from the breakout line. The beefers were adding to their net long position in the latest Commitment of Traders report as of 1/23 (Tuesday), but are not close to an extreme. So I bought some April gold this AM early. Whenever the beefers are playing, there's risk they might hit gold on a dollar play. (I wonder why they do that, why not just play the dollar if you are a dollar bull?) So watch your stops (or mental sell points) - you can always re-buy later.