28 June 2016

Gold : Chart Update

  • Long GLD ETF at 1097 equivalent, took some profit at 1308.
  • Longer term, expect gold to trade much higher by sheer force of fundamentals. But immediately, expect strong resistance at the downtrend line around 1360-1370 [high on Brexit results day was 1358]. Market must be very long by now as every analyst and his dog seem to be saying to buy.
  • This is one for patient periodic accumulation on large dips.

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