franciskim
Long

GOLD - The Bigger Picture

FX:XAUUSD   Gold/U.S. Dollar
344 3 5
First off, $1200 an ounce is what it costs the miners to produce gold             . Miners have recently been doing great - this obviously adds support to the gold             price. The closer gold             gets to $1200, the less miners will be interested - the supply will drop and the price goes up. Fundamentally, gold             can't really stay below $1200 in the year 2014 and beyond.

Many people are banking on September being usually the best month for gold             - and for all the right reasons:
#Gold 1990-2013 September stats


Geo-political crisis may ease - and gold             will need to show that it can support itself without Ukraine and Russia providing support.

In summary, I do not see much of a downside here and we could see a breakout to the 1400-1500 range very soon. Long gold! Shorting gold             is an 'old' idea that will fade away very soon.
gegau
2 years ago
Would you go long now or wait for gold to breach certain long term resistance?
Reply
franciskim gegau
2 years ago
I'm already long now & I'm betting it won't break the support at 1275 for a while.
Reply
gegau franciskim
2 years ago
So do I. Thanks, SHIGGA.
+1 Reply
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