26 January 2016

Long Gold in Investment Account

  • Been stalking this for ages and ages. Think bottom is now in place. Daily chart has turned first.
  • Long at average equivalent price of 1097 (via GLD ETF).
  • Immediately, there is overhead down trendline resistance at 1150 and 1131.50 (previous support on weekly). If we can break these, then all is well with the long Gold trade.
  • Currently, high negative correlation with China equities.


Anonymous said...

Agree with you. I am long, and added after BOJ. Any further USD strength will be damaging for the US economy, and people buy gold. If US economy tanks, US fx softens and gold again benefits. Price action looks good, and we need to clear the 200dma at 1131

All the best.

Taichiseal said...

Hee hee .. didn't think that anyone is still reading this blog.