AUY

[Melf Elf]

Nice work guys........

Personally I think tomorrow or Thursday the POG breaks out BIG time and of course this one should follow, so I had to buy some more just in case so I bought the other half at $13.89..........

Holygrale,

That would be nice. 

I'd sure like to see the gold stocks perform better than they did last Friday, when the POG was up $9.  They all rallied, but then reversed, and most of them closed lower.  I don't know what that was about.

   

NEM, in particular, has been a huge drag on the sector. 

But, the GLD broke out of a Symmetrical Triangle on January 23 at 63.86, putting 75.23 IN PLAY, and recently, it has been temporizing near the July, 2006 high of 66.42, possibly morphing into an Ascending Triangle (horizontal dotted blue line).

We'd like to see that (66.42 - 66.38) get taken out to the upside.  This consolidation pattern since last June easily looks strong enough to support the kind of rally that the GLD enjoyed back in March and April, 2006 (left side of the chart).

We wouldn't mind seeing a replay of that, would we? 

[Melf Elf]

The breakout of yesterday's Symmetrical Triangle in the 10-Minute chart (below) was a print a 13.91.  AUY gapped over it at the open, putting 14.15 IN PLAY.

Math:

13.94 - High of the pattern

13.70 - Low of the pattern

13.94 - 13.70 = 0.24 points added to the 13.91 breakout = Target: 14.15

AUY went to 14.12 on the opening gap, then sold off to 13.91 exactly.

The selloff to 13.91 accompllished TWO things:

1. It filled the gap from yesterday's 13.90 close

2. It was a successful re-test of the breakout.

After that kind of nice technical action, we would expect to see 14.15 get MADE, which it just did at 10:21 AM, as I was typing.

Looks good.

[Melf Elf]

After that kind of nice technical action, we would expect to see 14.15 get MADE, which it just did at 10:21 AM, as I was typing.

We just printed 13.89, the low on the day, and we've bounced a little, to 13.92.  I'll sell the last of my trading position from yesterday if we print 13.88, FWIW.

[Melf Elf]

Sold the last of my AUY at 13.97. 

[Holygrale]

Someone was definately heavy on the ask today again, someone who will be covering shortly above $14.15 IMHO...............     If that happens $14.50 will come in a hurry..........

USDX was showing major weakness today, if it continues it will only bode well for POG...............

Melf, your right on the +$9 in POG and not much movement in the miners, pretty strange, but I still think breakout is imminent............+ or - 2 days............but then again, what do I know......LOL

I will say that daytrading this for .15 cent pops here and there and selling for $750 in gains is the way to go while mainting your core position..............

A tight stop might be in order by EOD tomorrow, we'll see.........

[Melf Elf]

Someone was definately heavy on the ask today again, someone who will be covering shortly above $14.15 IMHO...............     If that happens $14.50 will come in a hurry...

Holygrale,

AUY didn't break below any support, so that very well could be.  The upside targets still are IN PLAY. 

Melf, your right on the +$9 in POG and not much movement in the miners, pretty strange, but I still think breakout is imminent............+ or - 2 days............but then again, what do I know......LOL

It seems as though there's some kind of disconnect between the gold stocks and the rallies in the POG, although it might just be temporary.  Yesterday was similar to last Friday, when the POG was up $9.  The gold stocks came out of the gate real strong, and then faded for the remainder of the day.

The initial rally yesterday in AUY looked real good.  The pullback to 13.91, to fill the gap and also to re-test the top of the Symmetrical Triangle looked very good.  The 14.15 target getting MADE looked great! 

But, then, a selloff from 14.15 to 13.89?   

13.89 actually was another successful re-test of the top of the Symmetrical triangle (the one with the 13.94...13.93 highs), so that's okay, but going back to re-test that breakout twice looked weak, with the POG up $3-$4, and holding steady. 

It bothers me that we aren't getting convincing moves higher, like a breakout above 66.42 - 66.38 in the GLD, which closed at 66.37.  It's right there, champing at the bit for breakout, but what's it waiting for, with the POG already having had a good rally?

I decided to cash in, and see what develops from here.



 

[Holygrale]

Still long.......

These last 3 days have been interesting to say the least heavy ASK sizes again, but there being bought..............the tug of war continues.

Not sure what to think, but tomorrows the day one direction or the other IMO......... we'll see.

[Holygrale]

Showing great strength this morning, is short covering on its way??

[Holygrale]

Interesting week to say the least............

Talk about hanging tough...........

Those day trades have also been adding up this week as well..........  .10cents+.11cents+.19cents today= .40 cents total

Not too shabby...........

Still long..............Still looking for that Breakout.............hopefully its not a break down..........LOL

[Holygrale]

Jumped out with both feet $14.02-05.................

Will wait on the sidelines for now.

[nullzero]

Nice move for AUY today up over 5%.

[Holygrale]

WOW! She done good again.

I was daytrading CYTR this morning for a quick .15cent gain, I sold, and lucky for me I backed up the truck again in Yamana at $14.03 where I sold yesterday............Nice!

Hopefully some others were able to jump in on this Monster in the making..........

$15+ within the next 3 trading days.............IMO

 

[tokyopua]

Gold went up today on inflation news, but the overall trend remains bullish, we are looking good here!  I see 15.30 as a conservative target of a recent symettrical triangle breakout 

[Melf Elf]

Target #1 - 11.32 - October 24 "Nested" H&S Breakout - MADE Nov 6
Target #2 - 11.90 - November 22 Bull Flag Breakout (Top of Flag) - MADE Nov 27
Target #3 - 12.06 - November 1 Larger H&S Breakout - MADE Nov 29
Target #4 - 12.70 - November 22 Bull Flag "Measured Move" - MADE Nov 30
Target #5 - 13.01 - July 31 H&S Breakout "Lost Target" MADE Dec 1
Target #6 - 14.94 - November 8 "W"-Bottom Breakout- Still IN PLAY

14.94 finally MADE.

I talked myself out of this rally because of the last two rallies in the POG, and the lack of response in the gold stocks.

Curses! 

Congratulations to those of you who have it. 

[Holygrale]

Still long, interesting to see how fast $15 came.........

I said yesterday + or - 3 days for it to hit $15, boy was I wrong. Im not sure where she will go from here, all depends on the POG.