Over the weekends, I received several enquiries on Gold, Silver, Bitcoin and a few stocks. I will do my best to provide my analysis here.
On 27/7/20, Gold breaks out from the 4 years long bearish trend and surpassed the 1922 price level. It went to a high of 2076 on 7/8/20 before it starts to tumble down, creating much confusion and anxieties among the gold bulls that it is over.
Imo, the bull trend is still intact and we are seeing some consolidation at the top before it goes higher. My target is 2300-2420. When will this be reach? I dunno......and it does not matter so long as it stays within the trend.
If 1859 level is taken out, then we might be a little concerned as that would creates a series of LH and LL. Now we have LH but not yet LL. The support at 1922 seems fairly strong (see 4H chart) and we are also seeing diminishing selling as well.
Those who had bought early at 1400-1500 level can take some partial profits and adjust your trailing stop loss. You want to have peaceful sleep so let not wild swings in prices affect that.
Some followers asked my opinion on why WB buy Barrick Gold ? Honestly, I am not that close with him ,haha. OK , OK.... he could be using this as a form of hedge for his portfolio or he has done his analysis and believe that Gold has more room to go which is a good testimonial for all of us.
One follower asked me if she should invest in gold bars vis-a-vis Gold ETFs? Hmmm, I think this is more of your own preference. There are sayings in the market that should the market crashed one day, then the portable gold bars/silver bars would become handy. I am very doubtful of that concept but treat gold bars and silver bars more like a piece of art which appreciates in value, something that I can pass on to the next generations. I covered more here.
And lastly, do not let "GREED" to control you and become obsessive to the point you want to make so much money out of it in the shortest possible time. Read through my trade posts where I highlight gold scams that comes in different ways to con people.
One crucial point I want to highlight is my take on the Stock market. I forsee some correction in the coming weeks/months and this correction may be brief but extended over a period of time. This can also influence the commodities prices as well. Do a comparison with SPX500 or DJIA and you would see the co-relation.
P/S: Silver chart is similar to Gold so I would not do a separate one (note silver prices are more volatile than Gold)
On 27/7/20, Gold breaks out from the 4 years long bearish trend and surpassed the 1922 price level. It went to a high of 2076 on 7/8/20 before it starts to tumble down, creating much confusion and anxieties among the gold bulls that it is over.
Imo, the bull trend is still intact and we are seeing some consolidation at the top before it goes higher. My target is 2300-2420. When will this be reach? I dunno......and it does not matter so long as it stays within the trend.
If 1859 level is taken out, then we might be a little concerned as that would creates a series of LH and LL. Now we have LH but not yet LL. The support at 1922 seems fairly strong (see 4H chart) and we are also seeing diminishing selling as well.
Those who had bought early at 1400-1500 level can take some partial profits and adjust your trailing stop loss. You want to have peaceful sleep so let not wild swings in prices affect that.
Some followers asked my opinion on why WB buy Barrick Gold ? Honestly, I am not that close with him ,haha. OK , OK.... he could be using this as a form of hedge for his portfolio or he has done his analysis and believe that Gold has more room to go which is a good testimonial for all of us.
One follower asked me if she should invest in gold bars vis-a-vis Gold ETFs? Hmmm, I think this is more of your own preference. There are sayings in the market that should the market crashed one day, then the portable gold bars/silver bars would become handy. I am very doubtful of that concept but treat gold bars and silver bars more like a piece of art which appreciates in value, something that I can pass on to the next generations. I covered more here.
And lastly, do not let "GREED" to control you and become obsessive to the point you want to make so much money out of it in the shortest possible time. Read through my trade posts where I highlight gold scams that comes in different ways to con people.
One crucial point I want to highlight is my take on the Stock market. I forsee some correction in the coming weeks/months and this correction may be brief but extended over a period of time. This can also influence the commodities prices as well. Do a comparison with SPX500 or DJIA and you would see the co-relation.
P/S: Silver chart is similar to Gold so I would not do a separate one (note silver prices are more volatile than Gold)
코멘트:
This chart will tell you nothing to panic for the bulls. Tonight closing candle will be key.
코멘트:
added more gold
