Post by
feenewbie on Aug 08, 2020 1:49pm
Good thoughts everyone!
While I'm hoping not to see a drop to the $1.20's on Monday, a close at $1.36 could be the welcome double bottom/oversold conditions we need to see a bounce up :) If ELY does drop a bit further, this could be a great entry opportunity for those wanting in &/or average down.
IMO, it was perhaps the highly anticipated USD oversold bounce/overbought gold combo (hence profit taking) that appears to have been the major forces in effect on price on Friday. We shall see if the USD can retain the gain - I'm still pondering (hmm...snickering at) the positive global sentiment despite the massive $ printing/covid resurgence potential & political conflicts scenarios.
IMO (and chart gazing of course lol) I think gold may be stretching up toward topping the high wave 3 shortly, before a short term wave 4 pullback (if following the historical parabolic gold 10 year pattern) before continuing a longer wave 5 up?? A guess as history does not always repeat itself - with no shortage of opinions and projections in this space lol! It has already stretched higher this past week that my initial targets.
As for a holding strategy, I must admit that I have changed my investing strategies in recent years - I use to be a strict buy and hold long investor = sometimes holding longer than I should have!. That said (i.e., admitted!) there is nothing wrong with holding shares, as long (pun intended) as they are the investment grade ones lol! I have since divided my account into 3 different categories. For favourite spec shares (like Ely) I like to work towards holding my shares "on the house", which I do - then holding long with less stress as initial capital has been recouped and then available to deploy elsewhere. So, spec trader with L/T investor sentiment, long term high quality investments, and TA price target momo trader taking frequest pops and profit. Definitely not for all as it takes time/discipline to keep the % in balance and not overload in one category.
I find Eric Sprott to be a good teacher, supporter of the industry and all around person of integrity. He does however have more pennies to risk than most of us lol! Happy weekend all!
Comment by
colt45acp on Aug 08, 2020 2:18pm
fEENEWBIE Like your post. I tend to be a holder lol . Maybe sometimes way to long but sometimes it pays off. Funny you opin on the 1.36 level drop, i had put a stinker in @ 1.30 just for fun. What about that. Wait and see i guess LOL. Have a good one, or two.
Comment by
feenewbie on Aug 08, 2020 2:38pm
lol Colt - we shall see - if dollar continues rally on Monday you may get your stink bid filled. Still, it's nice to know that POG doesn't always act inversely to the USD....but gold does seem to go nowhere without the Yen - I will be watching, chuckle!