GOLD ---- NEXT TARGET

On 28 jun we have mentioned that if GOLD gives weekly close below 25000, then it will head towards 20000 or even sub 20000 levels. See this link http://kolhapuritrader.blogspot.in/2013/06/gold-20000-or-sub-20000-level-possible.html

NOW SEE THE BELOW CHART WHAT HAPPENED ACTUALLY ----

As shown in the above chart during week ending on 29/6/13 it breached 25000 level but closed at 25669. That means it taken support around 25000 level and rallied towards 28000 level once again.

Now as shown in the chart above last week it has been closed above the long term trend line ( shown in blue in above chart ). So now if it dont starts trading below last weeks low i.e. 27,552 then it will head towards 30,000 initially and may start moving much higher.


IN SHORT THIS IS HOW TECHNICAL ANALYSIS WORKS. YOU HAVE TO KEEP CHANGING YOUR VIEWS ACCORDING TO PRICE ACTION AND HAVE TO TRADE ACCORDINGLY.    


DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.

 

 

GOLD --- 20000 OR SUB 20000 LEVEL POSSIBLE IN NEXT 6-12 MONTHS ?

On 5'th june we have mentioned that GOLD may head towards 28000-28200 range. See this post http://www.kolhapuritrader.blogspot.in/2013/06/gold-heading-towards-28000-28200.html

After reaching this level GOLD resumed it's downtrend. Now what will be next possibility ?

This is weekly chart of gold future. One can clearly see that now gold is near its important support level of 25000. So now if it gives weekly close below 24900-25000 range. It will head towards 20000 or sub 20000 level over a period of 6-12 months.

DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.

GOLD ---- HEADING TOWARDS 28000 -28200

GOLD- 1M

This is the GOLD FUTURE chart, in which it can be clearly seen that since last 1 month or so it is getting sold off at resistance which is approximately at 27200-27250. Now if it able to break this resistance on daily closing basis it may head towards 28000-28200 range. In the process it will fill the gaps formed during april because of panic fall.

If it closes above resistance, gold will return to short term uptrend.

CAUTION :- LONG TERM TREND IS STILL DOWN.

DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.

SHARP SELL OFF IN GOLD --- IS IT TIME TO BUY OR SELL N RUN AWAY ?

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.

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. 

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.

CHART 3

For those who are interested to read more about pin bar here is link PIN BAR

DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.

GOLD -- WILL IT BOUNCE BACK OR IS IT ENTERING DOWN TREND ?

This is weekly chart of GOLD-MX. It is trending in a channel and given breakout above the channel on week ending 6/8/11. But recently it entered the channel  once again.   It may be false breakdown but as of now until and unless it gives close above upper trend line gold is sell on every rise. And it may target lower trend line approximately 29000-29500

GOLD --- FOLLOW UP

On 3 June we mentioned that gold has been  given breakout from ascending triangle and it may target 33000. Now let's see what happened ?

If u observe the above chart carefully, you will note that on  7 June gold sold of sharply, but actually it tested the breakout level. And for short term trader retracement  to break out level is good buying opportunity.

To minimize risk short term trader should keep stop loss of daily close below 28750, while medium term investor should keep stop loss of weekly close below 27855.

NOTE :- Since 2004-05 gold had dream run, so this is not right time to invest, since it is in strong uptrend, someone can invest for short period with proper technical analysis and with strict stop loss.

CAUTION :- Even though gold in rupee terms given breakout from ascending triangle.If u observe the chart of gold in dollar terms given below u can realize that, after forming top around $1780 in Feb 12, it is in down trend and trying to take support around $1540. So recent appreciation in gold in rupee terms may be because of rupee depreciation. So take care while trading / buying gold.

 DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.

GOLD --- 33,000 ?

This is weekly chart of gold which shows this week gold had breakout from ASCENDING TRIANGLE pattern. On 1/6/12 it made LIFE TIME HIGH also. The breakout from ascending triangle pattern gives target roughly around 33,000/-, will it be achieved? We will just wait n watch.

 DISCLAIMER: This Blog is meant for sharing our trading and investment ideas only and no calls to be taken as trading / investment recommendation. Visitors please do your own research or consult your advisers for safe trading, investing.