Gold rebound to $670 and fell again
Gold is now trading at $642, dropped $30 from day high $672 in 6 hours.
Spot gold started correction 2 weeks ago, dropped for nearly $100 and tested $635 until it got an initial support. It formed a small rebound and continued to drop again today during US morning session. The supporting line was expected to be around $635. The previous trading range had been $620 - $635 which should show a strong support.
Investors had been too optimistic toward gold price in the past months. According to the "contrary theory", market would often go against the common expectations of the crowd. In the long term I believe gold is still in the uptrend. now gold should be in 2nd phase of the bull run, just the rise last month has been too fast that a long and large correction is necessary for further rise in the future.
Spot gold started correction 2 weeks ago, dropped for nearly $100 and tested $635 until it got an initial support. It formed a small rebound and continued to drop again today during US morning session. The supporting line was expected to be around $635. The previous trading range had been $620 - $635 which should show a strong support.
Investors had been too optimistic toward gold price in the past months. According to the "contrary theory", market would often go against the common expectations of the crowd. In the long term I believe gold is still in the uptrend. now gold should be in 2nd phase of the bull run, just the rise last month has been too fast that a long and large correction is necessary for further rise in the future.
posted by SSY | 8:48 AM
0 Comments:
Post a Comment
<< Home