Wednesday, December 28, 2011

Gold is a big story

A sharp decline in Gold prices has been the big story in the last fortnight. Prices have fallen from 1700+ to 1570 and the intermediate trend has turned down. The impact of lower prices has been subdued in India, thanks to the sharp devaluation of the rupee. But prices have fallen.

In daily charts, Gold has been making a pattern of lower highs and lower lows - confirming a down trend. So far, this pattern continues, traders should stay away from buying.

3 comments:

Bharat Thakwani said...

hi sir..

have a query.. it is irrelevant to this post of urs but im making my query here as this is the latest post...

are u still holding ur positional shorts which u talk about on the channel for which the stop was 4800?

SWEETY said...

Gold gets a **strong buy** reco, by smartmonies all around globe, during this downward trend. Gold is one of the few assets that would get you 80% to 100% return during 2012-2013 in addition to safe-heaven comfort.

Many central bankers (especially Chinese) are silently accumulating gold.

Rushabh Shastri said...

its always good to hear what is market is telling than people is telling....you spot the right point....congrats for BLOODBATH in gold