Comments on: Contrary play of the month: Long EUR, Short Gold http://sovereignspeculator.com/2010/05/19/contrary-play-of-the-month-long-eur-short-gold/ Just another WordPress.com site Mon, 30 Jan 2012 00:05:17 +0000 hourly 1 http://wordpress.com/ By: rogerjarema http://sovereignspeculator.com/2010/05/19/contrary-play-of-the-month-long-eur-short-gold/#comment-2048 Fri, 21 May 2010 03:55:13 +0000 http://sovereignspeculator.com/?p=4753#comment-2048 Huge call that paid off handsomely, at least for yesterday. Congratulations, Mike! Keep up the great work and great posts… and as always as traders keep down the ego :p (LOL, I know you never brag about your great calls)

For the short-term, do you think gold is quite oversold and due for at least quite a strong bounce? It’s down around 7-8% in less than 1 week and it’s closing to its 50 DMA support. It’s also about to meet its shoulder support of the Inverse H&S breakout. All these at around GLD 113 area. Daily RSI is also at important support at the 50 level – a level that provided a launchpad for great rebounds & rallies recently, e.g. Oct 2009 & later March 2010 bounces. Doji daily candle, too. The other day, I think it was last weekend, I also read at ZH that short interest on gold futures are at historic highs at around the all-time high breakout area. As you may guess, I’m itching to get in :p.

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