In many parts of Asia like India, China and many parts of SEA, gold is a BIG thing when marriage is concerned. Parents will generously provide the brides with lots of gold accessories from necklace, rings to earrings, etc to signify abundance, good luck and prosperity.
As such, parents also invest/buy gold at retail shops which drives up the demand for gold.
From the gold chart, while it is enjoying a bullish trend on the bigger timeframe, we see some possible corrections in the short term. There are 3 possible scenarios.
Option 1 - retrace to 2019 and rebound
Option 2 - retrace to 1980 and rebound
Option 3 - retrace to 1923 and rebound
Imo, Option 1 and 2 are more likely and when the prices do fall, I will be adding more positions.
(and not forgetting the Silver as well)
Trade safely
As such, parents also invest/buy gold at retail shops which drives up the demand for gold.
From the gold chart, while it is enjoying a bullish trend on the bigger timeframe, we see some possible corrections in the short term. There are 3 possible scenarios.
Option 1 - retrace to 2019 and rebound
Option 2 - retrace to 1980 and rebound
Option 3 - retrace to 1923 and rebound
Imo, Option 1 and 2 are more likely and when the prices do fall, I will be adding more positions.
(and not forgetting the Silver as well)
Trade safely
Comment:
Mr Market is unpredictable and decided to punish me for my overly enthusiastic view , haha.
