See chart below...I figure its in a nice ABC correction after which a good uptrend should start again....
Other reasons why GOLD should go up is flight to safety and inflation. Overall its a good a safe place to park some money. I believe we have some very tough times ahead and GOLD is a good place to park some money. I am buying GOLDBEES..No leverage...Bit by bit until I build a sizable position. Again note that this is a long term position without leverage so I will not be worried about short term price blips...
And we are very close to long term supports. The 770-740$ area is extremely strong support.
Buy the dips...
Watch out for my 2 next posts probably today itself where I will go over market thoughts and also take a look at the bigger picture....Tech and Funda...Will touch over GOLD again then.
Best.
5 comments:
Your "Gold" chart with wave labelling is very good. If you present a similar chart with some technical indicators like RSI or MACD, it will be quite compelling like your earlier Nifty charts on the 9th August.Just a timely presentation for those who want to meet the festival demands.Thank you.
Ilango see it now..I have updated the charts...No interpretations on the indicators now...I will revisit this one after a few weeks as this is a long term call
Thanks a lot, Lee. Though the indicators are in the oversold region now and bouncing, one more low(into its C5) should produce positive divergences. Accumulating slowly "Gold Bees" in small quantities is a good strategy, you have suggested. Simply great !
Ilango..exactly!...
Not planning to buy everything in one go...bit by bit only...For example I bought 10% at around 790$ levels...Rest bit by bit I will buy as we go by..I am expecting a long term bottom before end of this month...
Thank you for your compliments and comments...
Ilango..exactly!...
Not planning to buy everything in one go...bit by bit only...For example I bought 10% at around 790$ levels...Rest bit by bit I will buy as we go by..I am expecting a long term bottom before end of this month...
Thank you for your compliments and comments...
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