Around a few backs the whole market was abuzz with Gold hitting new highs and it is all set to 30k-32k in MCX and 2000-2300 $.
We kept on giving warnings as investors/traders should avoid gold at 1700-1900 $ and on further rise as it is totally speculative and we may only review it when it falls to 1600 or lower. Many speculators have been killed by this commodity crash. Its better
Post that on September 13 just 10 days before this fall we again warned as well as mentioned that sustaining below 1770 will lead to huge downsides. – Gold – Long Term Top out
Also compared this fall to what happened with Silver from 50 $ to 33 $.
The short call was clearly mentioned on the site. Since then Gold dropped from 1770 to 1540 thats like 10-15% fall.
Also post the fall yesterday we again mentioned a buy for Gold to buy at 1570 and 25600 and add on declines. Check posting – Gold Bottom Fishing.
The target we were looking at is 5-7% bounce from the levels. Gold completed our targets of 1610/1650 on comex and gave 1000-1250 points on MCX.
For gold now we expect resistance to come at 1680-1710 levels where we may review for shorts.
Hope people reading this site enjoyed the trade 🙂 and effectiveness of Technical Analysis.
Also people can read our previous posts like we mentioned bull market in Copper being over in Feb 2011 , Silver a buy at 20 $ and 30k, Crude sell in 2008 at 145 , Crude sell at 110 few months back . How majority of the turnarounds in commodities have been mentioned on this site for the last many years.
For all the traders in commodities , hedging for corporates can look to join our Commodity Advisory services
More details on this link - https://www.analyseindia.com/analyseindia/view_services.jsp?serviceid=9
When everyone was shouting to buy gold at 1900 🙂 we kept warning and hope people got saved. If you like what is written here then pass it to your colleagues.
Happy Investing,
Nooresh Merani
