Yesterday someone told me that he has been long Gold and is very happy. I remembered that sometime back I had posted an update saying that Gold will eventually move below $650. I am now saying that we will go even lower, perhaps to $560-580. How do we profit from this call? There are two or three things we could do. First, if one is long already, it is time to think of where he/she should get out. Anything close to 880/890 should be terrific. Second, if it starts coming down rapidly, don’t wait for a recovery to get out. Third, see what happens when we reach 880/890. If it stalls there and starts moving down, join in the selling with small amounts, and keep adding as it moves down. You can’t pick a top in the complex correction that is going on.Here are two charts for you.
- Elliott Waves
- Elliott Waves Explained
- Elliott Wave Magic Illustrated with Wave Charts
- Elliott Wave Edge – How Elliott Wave Traders Win
- Fibonacci Number Series and Elliott Waves
- How to use Fibonacci Ratio Retracements
- Elliott Wave Books
- Ramki’s Watchlist
Don't get overly bullish on Gold
By Ramki5 Comments1 Min Read
Previous ArticleTechnical analysis of DLF, India : a follow up
Next Article NSEI has slight upside left
I agree with your count. I like to see Gold coming to that level. But the problem here is real shift in the sentiment towards Gold, if Fed prefer to go for Quantitative easing, then Gold will be the prefered investment over Bonds and Equities…. I think a major flow to Gold (purly fundamental support) will push this metal higher towards 1500 levels…… In your count itself we can see some small A-B-C after the completion of 5th wave…. I was expecting Gold to fall towards 600 levels since 2007 onwards….. but it seems to me, Gold is supported by Big Daddys (I mean Central Banks across the Globe)
All the best
Wish you & Your Family Happy Christmas and a Very Happy New Year 2009
can u reviwe the current sitiuation on gold as so many people as bullish now with tgt of 925-950 ..ur comments will highly appriciated on this…
Hello KK, You asked my take on Gold. First, the picture is not cut and dried for me to make a recommendation here (Those who are calling for 950 are following a system that I am unfamiliar with!) If you point a gun at me and tell me to trade this metal right now, I will SELL Gold!
is this a good opportunity in gold to sell at this level now at 950.