Is The Gold Rally Still On?
Hi Everyone, it's been sometime that I write here. Have been busy with other things lately.
Anyway, straight to our discussion.
Based on the graph above, looks like there is a support now holding the price up. Some said the price is now in correction and will dip lower. Of course those long term gold bug are still bullish all the way to the tune of 'to the moon'.
There are many interesting articles on Kitco regarding the bullish trend of gold. Those writers are advising to load up on gold and if you don't do it now, don't regret when you see explosive price moving upwards of USD300 or more.
I have loaded up two days ago at Public Bank. Looking at the indicator called William's, it looks like the price has almost finished correcting and hence I loaded up. But it seems the price dip a little bit lower since then. This is a good time for those long term investors. For long term investment strategy: buy at every dip and valley, and hold it till the top of the peak.
If the price breaks below the blue support line, we might see lower price coming up with support at USD912.27. If the price moves up from here, we might see a high somewhere before the mid of July. Well, again, I might be wrong on the July target. Will just wait and see.
Somehow, I agree with some writers that once this correction is done, we will see higher upward movement. If my own Elliot Wave count is correct, once the downward move that we are currently witnessing is over, the move will be a swift up to USD1,000 and beyond. Looking at the price now, and comparing to when the price move to a thousand and beyond, there certainly is some profit to make. That's the reason it is good to load up some now even though we might not know how low more the price will go.
