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Thu, 04/03/2008 - 13:57
Moved topic from http://qotion.sg/is-it-time-plunge-gold-now to here so that more pple knows there's a chart...
Doing a basic technical analysis it seems rather toppish as can be seen from the head-shoulders pattern it is threatening to break from the daily chart in the 1st figure above. On the other hand, the uptrend support line isn't broken as of yet as well. Coincidentally the 2 lines meet around the same area currently, so a break below that intersection should potentially turn the charts very bearish. In any case it isn't broken yet, and it will be still guiltily bullish until proven innocent. So it is only wise to wait for the process to happen.
In the hourly chart above it is forming a symmetric triangle that can break either way. So short term wise doesn't say much as of now.
(Figures are from futuresource.com)
Well what was threatening to happen has happened... The charts speak for themselves...
Nice charts, boliao...
I think for this gold baby, not a good time to enter at this current moment. I agree that gold just got battered.
But that doesn't mean ignore.
Fundamentally, the demand for gold is still surging ahead with respect to supply especially in South Africa.
With China and India continuing affluence, they will have a major say in the gold market.
What is happening now could just be a pull back or shakeout. Maybe. Nobody knows exactly yet. But one thing for sure, the long term uptrend is still very much intact.
In the meantime, let's stay at the safety of the sidelines and monitor.
Jag
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"The point is, ladies and gentleman, that greed - for lack of a better word - is good..."
Gordon Gecko, "Wall Street", 1987
I am holding to FIrst State Global Resource Fund, and it is in the red now...
hmm... I guess I bought it at a high then?
Hi Guys,
Mr boliao, care to explain more of the supports being broken. Is that broken point being that point where the two lines intersect??
Would it be possible for this drop today to be a correction?
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.
Mr boliao, care to explain more of the supports being broken. Is that broken point being that point where the two lines intersect??
Would it be possible for this drop today to be a correction?
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.
Well it's not so much of whether they intersect or not , but the fact that 2 support lines have been broken. As of today gold has rallied back to 922 region (the place where support becomes resistance) which I thought would be a good time to open some shorts... But that is only my opinion :) .
- Boliao
Thanks for the explanation.
In market conditions like this where US dollars is dropping...GOLD prices has a high chance to maintaining or moving upwards. Especially with the Crude Prices a all time high. Well thats my personal point of view.
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Contest theory: More entries = More chances - Concept of Probability.
Time & Tide waits for no Man.
can someone explain the fundamentals of opening an acct with UOB to buy gold shares? Or hw do i use my CPF? I understand by doing so, i dont have to pay GST but have to bear the admin fee.