GOLD: last day of this week
end with gains and closed just below near term res of $1670/72 and weekly
formation is also good. Monday, a flat to +ve open and steadiness ‘ll hint some higher areas.
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| (**spot gold daily chart) |
On last 29th feb ’12,
it fails to breach $1800 area, sharply fallen to
$1688 and damaged for near term, a failure. So many times it's showing failure in last few months but not failed actually as previous.
 |
| (**spot gold weekly chart) |
Holding
long term trend sup and near term trend sup too. We've to keep eyes open as can make bear trap with any news
or event as general sentiment also damaging after longs getting hurt so many
times.
Movement, area of movement and background suggesting me accumulation is going
on and not changing my idea till $1500 is intact (due to many reason it’s
a big sup area for gold and psychological too).
RECENT HISTORY: While went to the past years
movement, in 2008 after given downside
breakout it holds and ultimately made a bear trap (can see in my this blog on dt.
24th oct’08, 15th nov’08, 22nd nov’08). (Again
I’m grateful to my seniors, suggested me to write this blog).
(**long term weekly spot gold chart )
LONG TERM EXPECTATION FOR GOLD:
Till $15k is intact, seeing
only buying in dips is better option, record high will be the target above
$1800-$1840 and new record probably on the cards. Revising my long term target
of $2300 to $2670, followed by $2300, $2100 and $2k.
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