It has been few months I haven't written about precious metals, But accidentally saw the charts today. :D I found that COMEX gold and silver is ready for breakout from its descending triangle pattern, in this case I am expecting a positive breakout. Look at the weekly charts of silver as I see its ready for a breakout (may be in few weeks) see below chart. But gold may take some time for giving ... [Continue Reading]
Short Term Strategy: Gold Trading near its Strong Support, Buy Gold Above 1694, Target 1746
The strength in USD was responsible for huge selling in Gold, as the dollar index was seen above 77 level today. So not only Gold but also Silver and Crude were hit by this USD strength. We see that Gold is trading near its strong support zone of 1694 level so traders can accumulate gold at this level for short term targets as 1746 and then 1777 levels. Demand for this yellow metal is still ... [Continue Reading]
Huge Selling Seen in Gold Last Week, We Advice Gold Traders to Add Short Position in Gold Next Week
Gold is considered as safe heaven asset in the time of uncertainty, but decline that we have seen last week was just because of strength in US Dollar. We believe that USD will see more strength in the coming week. As in the bad times (recession) we always see major strength in USD. So this weakness in Gold was mainly due to strong US Dollar, the near term strength should be reason for weakness in ... [Continue Reading]
Gold will See a Bubble Only Above 2350, till then we are looking for Buying Positions in Gold
Gold may move sideways for sometime now and but we are still sure that asset bubble is still far away at this point of time. So still it attractive from the buyers point of view, gold is still considered as safe heaven asset. We are suggesting that above the 2350 level gold will be a asset bubble for then. The recent price action suggested that consolidation is ruling the gold market right now, so ... [Continue Reading]
Gold Trading near All Time High on 29 July 2011, Buy Above 1608 for Target 1622
Gold technical analysis for today, we recommend to trade long on Gold above 1608 level for targets as 1622 and 1628. A protective stop loss order should be placed just under 1601 level. Why is gold consolidating: Gold was consolidating as a new problem from United States has emerged of USD debit. We are looking for some strength in gold due to weak USD, so this alone can be a strong signal to ... [Continue Reading]
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