Below is the monthly chart of Gold (Comex) as we come to the close of the year. If you see Gold made a lower low on monthly and then decline in prices is happening on declining volumes. Moreover the macd on monthly charts is at the verge of going into sell signal which may move prices lower to sideways since until now the metal is in bull run. Hence on monthly charts -- waiting for few days more and obeserving the action of prices is the way to go. Incase one is accumulating the metal, one can continue to do so but if you have waited for so long then few more days wont hurt.
Gold is moving in a range and possible making a double bottom on prices here at these levels. However we will need to wait to see if things bottom out.
On near term immediate 200dema is the resistance for the prices and lets wait before buying the metal here.
Silver is the metal that sold off almost 50% after hitting its high at $48 to an ounce. Now the correction has happened at lower declining volumes we will need to wait for some bottoming signals. Though for now $27 region looks fantastic levels to buy IF THEY come which looks less probable since the metal would be accumulated much faster by the people in the know of the metal and its bull run.
Again on a weekly silver is trying to make a bottom here and lets not try to trade it. Rather accumulate the metal and enjoy the gains when they come.
No comments:
Post a Comment