On Friday GOLD price fell by Rs. 1000/- and on Saturday it again fell by Rs. 250/- so within matter of 2 days GOLD declined by Rs. 1250/- so is it right time to buy gold ? Also this fall is predictable or unpredictable ?
Whatever may be the reason technical charts are showing possibility of fall in gold prices from Jan only. See our post
http://www.kolhapuritrader.blogspot.in/2013/01/gold-will-it-bounce-back-or-is-it.html which is posted on 27 Jan.
Now the down trend in gold has been confirmed.
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| CHART 1 |
In the above weekly chart you can clearly see that the support 1 approximately at 29100-29200 level got broken last week. so price may target 26000 in next 3-6 months. Even it may reach 20000 or lower than that in next couple of years. So the answer is simple this is not time to buy but is time to sell the gold. Unless and until there are signs of trend reversal henceforth gold is sell on rise.
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| CHART 2 |
In the above daily chart, we can see that there is pin bar on Saturday, so there may be bounce back which will be confirmed by Monday price action. So in short term gold price may bounce back and may target / test support 1 shown in chart 1, where it will face resistance and start to fall once again to target support 2 shown in chart 1. So the future price action may be as shown in chart 3 below.
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| CHART 3 |
For those who are interested to read more about pin bar here is link
PIN BAR
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