Clearly I misjudged the technicals. If gold won't rise in this environment where all central banks are printing and pursuing beggar-thy-neighbor policies, then I'm certainly not going to fight the trend to the poor house. Good luck, longs.
In other words you were one of the people who got caught in this bear trap. They played everyone like a fiddle. Sorry you went short a few days ago. This bear trap was done not to have a day or 2 of gains but to ride this up for months.
If you can't see what was done and that every reason you were in gold before has only strengthened I am sorry but you are about to lose your shirt again.
I can only say that this engineered trap was a good one that caught a lot of people off guard. Don't be ashamed of it, but now taking the opposite side is exactly what they want you to do. Well, not exactly... they wanted people to be caught off guard and hold and not cover. Those people are going to find themselves with accounts worth zero rather quickly as this rally continues from here day after day. They are counting on those who were caught to stay short.
Sentiment: Strong Buy
things sure looks like the bottom's in and turned up right here. seasonally this is a good time for gold too. Also sept.you have gov raising the debt limit again should be good for gold. hang in there you will be rewarded very soon
most of all my losses over the years came from 'throwing in the towel' too late only to not look at the stock for months or years and see it is back 200% or whatever. for sure if you throw in the towel early on at the first sign the chart is failing you can maintain your account value. The technicals are not showing a turn in the down trend yet. a few days above the 50d ma doesn't make a trend change. it will be choppy consolidation then more cliff falls imo. GDX can easily go to 20 or lower and gold to 850 before the turn comes. maybe not but it is a very real possibility.
The problem for most traders and investors has always been getting in too early and then getting scared out too early.
I got in too early here and am not about to throw in the towel now that GDX "may have" nearly bottomed out.
Sure it may dip lower but there's much more room overhead. Do you think MMs run prices down just to get themselves out at lower prices? They want us out as low as possible. They want our shares at the bottom.
The MMs lure you into getting in too soon and the next bit of fun comes when they trick you into bailing.