Gold correction finished, ready to test new high again ?
Gold breaks the trading range of $620 - $635, now trading at $639. Is it ready to test another new high ? This year the highest price has been $642.
US dollar turns even weaker, EUR/USD has broken 1.24 and is trading at 1.2444. This helps Spot gold to push higher. The down trend of US dollar is just at the beginning. I strongly believe it will be weaker and weaker in the mid/long term. Giving the strong support of weak dollars, Gold at $640 is never at its highest position. Further highs coming.
On the other hand, be aware that when people are getting too optimistic towards Gold, it is very likely Gold has seen its top. Few people believe gold could reach $500 when the price was at $420. Few people believe gold could break $600 when Gold was trading at $530. Nowadays, people tend to believe gold will test $700 very soon. Some even thinks it could reach $1000. Is it indicating Gold is near its top ?
US dollar turns even weaker, EUR/USD has broken 1.24 and is trading at 1.2444. This helps Spot gold to push higher. The down trend of US dollar is just at the beginning. I strongly believe it will be weaker and weaker in the mid/long term. Giving the strong support of weak dollars, Gold at $640 is never at its highest position. Further highs coming.
On the other hand, be aware that when people are getting too optimistic towards Gold, it is very likely Gold has seen its top. Few people believe gold could reach $500 when the price was at $420. Few people believe gold could break $600 when Gold was trading at $530. Nowadays, people tend to believe gold will test $700 very soon. Some even thinks it could reach $1000. Is it indicating Gold is near its top ?
posted by SSY | 8:28 AM
0 Comments:
Post a Comment
<< Home