Finding a good place to go long is key, and I believe today it is a very good spot to do just that. Corrective with divergences on all three oscillators, and a false breakout below the local support.
I allready made a partial entry last night, but I want to see some momentum to enter with a full position.
Stop under yesterday's candle. First resistance at 1330$, and then at 1400$.
If you look at junior miners from 2008 - 2011 many of them gave over 1000% return on investment.
-1000gold are the companys going to make money?
-Some i bought based on negative cash flow now but what if gold went to 2000?
-I looked at shares diluted
-What they have in the bank, i made one exeption on debt with astur gold corp(since every 1 belives they wont be permitted, but its more likely they will... verry risky stock)
-I looked at how much they have in the ground proven reserves, and also of there is more room for growth
-Mangment is key and shared owned by the managment is posetive.
This is what i looked for with the fact that i belive gold will in 2-3 years time make 2k-2.5k in price.
I think the gold stocks as reflection of the gold price, and ofc good news like they gotten more gold in ground or they cleard permitting etc, always spikes the stock price.
Thanks for sharing your ideas., your chart work is terrific. All the best to you in your trading.
I actually trust this trade a lot, it's a very clear picture. I've been waiting for it for quite a long time, everyday I have been checking the price of gold, and it is not an instrument that I follow closely, like the US indices. I have not fully put up a long position, as there is no momentum. I have only one contract, risking less than 1% of my equity, so I say bring on the 1260 level, I will still want to go long below it. Thank you again!