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I've been quite passive in my futures trading for the month of November so far, but some interesting developments have come up. I'll briefly state my positions regarding gold prices, crude oil prices, and sugar prices.
Gold made some lows around two weeks ago, November 5, that were the buy in cue that I had been waiting for. Unfortunately, I missed that opportunity. Now, I am just waiting for another good buy in opportunity for the gold market to present itself. My buy in target area is around 1710 now, for June gold futures. I am quite bullish for gold looking at a 6 month to two year time frame.
I am bullish in oil, but I have yet to see the buy signal I am waiting for. I am looking for prices to break below 86 on the March light sweet crude oil contract. I'm looking at a holding period of about two months for this trade. If prices don't go where I want them, for a buy, quite soon, then I will probably consider this trade a scratch and forget about it.
I have been keeping my eyes peeled for an MACD divergence in sugar prices, and today I think that I may not get it. We saw prices rise sharply today, and close above an important price level. I may increase my aggressiveness here, and buy on the first pull back I see. However, I doubt very much that I will enter this market before the American thanksgiving holiday.
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