If you had followed our post on longing gold here, you would have made about 20% returns thus far.
If you have not for whatever reasons and are thinking of going long, you may want to read this before your execution.
I did a comparison between Gold price and Dollar index to help me predict what's likely going to happen next.
In Gold chart, we can see price has been going sideway since 22 June 20, hovering around 1747 to 1781, pretty boring huh ? Likewise for US$, for the last 1 month, it is too displaying a range bound movement around 96.40 to 97.70.
We need Gold to break above 1781 convincingly (two false breakout on 30 Jun and 1 July 20) before adding more or for those who wish to go long.
That means, US$ will likely heads south to revisit 96.40 soon.
So, let's wait for the breakout to happen first before deciding the next course of action.
If you have not for whatever reasons and are thinking of going long, you may want to read this before your execution.
I did a comparison between Gold price and Dollar index to help me predict what's likely going to happen next.
In Gold chart, we can see price has been going sideway since 22 June 20, hovering around 1747 to 1781, pretty boring huh ? Likewise for US$, for the last 1 month, it is too displaying a range bound movement around 96.40 to 97.70.
We need Gold to break above 1781 convincingly (two false breakout on 30 Jun and 1 July 20) before adding more or for those who wish to go long.
That means, US$ will likely heads south to revisit 96.40 soon.
So, let's wait for the breakout to happen first before deciding the next course of action.
Comment:
it breaks out of the rectangle box nicely, let's see if it will do it again for the 1793.646 price level
Comment:
notice the bullish hammer at the DXY chart ? If that means a bullish signal, then Gold might comes down one more time, ie still in consolidation phase. So if you are going to long, you need to be patient for it to break out.
Comment:
oops, Mr Market does not care what I think. It just lets Gold keep on going up.....
Comment:
Praise the Lord for he is faithful, always in delivering his promises to us. Gold has been rising steadily ....