Take Profit Now For Gold, Sell
If you are still holding gold, this is the signal to sell now. Take your profit now or cut loss. There is always another day to buy at a cheaper level.
The weekly chart is showing a downward turn. In article #198 about gold investment, I mentioned that the weekly chart has a support at USD1,115.93. The price has closed below that support on Friday 11 December 2009 at USD1,114.55. This is my signal to cut loss and get out. No ifs, ands or buts.
When the daily trend is down, followed by weekly trend is also down, we should not be in the market. It is selling time.
Oh well, market is always there and patience is a virtue. Let's wait for a more opportune time to pounce again.
I may be wrong, heck. The price may turn up sharply right after you sell. Make your own decision and don't follow me blindly. I am just saying what I see from the indicators.
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Saturday, December 12, 2009
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4 comments:
You are right Carson. Gold price is in down trend now. Luckily I've sold them when the price hit $1620/ounce. I think the next stable gold price would be around $1000/ounce, what do you think?
Jeremy,
$1620? We have not reached that level yet! Typo?
It's hard to say at this point where the price will reach to. It broke USD1,115, so I think it may go lower. USD1,000 is even a possibility.
Anyway, by watching the indicators and charts, we will know when we reach there, whatever the price is. I am waiting for the coming great opportunity to load up again.
"If you are still holding gold, this is the signal to sell now. Take your profit now or cut loss."
I do not own much gold. I'm sure if I sell what I do own it will double the next day.
Thanks for the good read.
Daddy Paul,
My strategy is to buy-and-sell rather than buy-and-hold. Therefore I am calling for a sell and buy back later at a lower price.
Price has indeed gone down lower now. It's almost time now for a buy back. Just waiting for the right moment.
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