Hey guys....
I'm new to this thread. I'm also new to Gold trading... I've speculated on it for a while now and discovered it's BULLISH IMO, but I fear for a good entry. Since it's close to 1000 which could cause some hesitations... and I'm a big fan of 21peroid RSI.
Pls can anyone advise me on when he feels I can join the train... Thanks
) , the metal's bullish on both the daily, weekly and monthly charts...According to my charts (and everyone elses probably
Nevertheless, volatility has increased dramatically as it nears the $1,000 an ounce mark, and its hard to call s/t direction (as witnessed through yesterday's sell-off).
Its still worth a buy if you can afford some drawdown or buy at technical entry levels (or dips), although the jittery moves caused by nervous speculators can make it quite dangerous atm as well (for sure on highly leveraged accounts).
For the longer term - despite the bullish picture - I would'n be so sure to call it a buy anymore, as the metal has already gained a lot this year (+18pct), without any noticeable (or significant) pullbacks so far. Moreover, above $1,000 is further into uncharted territory, and increases the risk for a $100 dollar or more correction.
I believe we're near a turning point for now, with support from the EUR/USD softening sooner rather than later, as more and more voices are raised that the Euro is overvalued (which is IMO true to some extent).
While gold has so far done a good job resisting pullbacks in the Euro, I'm quite sure it won't neglect bigger moves.
So, it really depends on which time horizon...
On the very short-term (trading the 1-hour chart), I would advise to buy dips or technical figures.
On a longer timeframe, I would wait and see what happens if the $1,000 gets broken (or not)
and share.
