Practice Patience with Gold
Gold had the biggest weekly loss in close to 2 months.
It also ended a 5-week ranging market that took the shape of a symmetrical triangle soon after the breakout from a near 6-month rising channel.
With that, the gold is now on sale, an 11% discount from its all-time high.
While the dollar seems to be in high demand as a safe haven currency, what performed the best is still gold especially in a risk-off market like the one we are facing now.
Gold was just too overpriced but many will be observing for the right time and best price to buy the gold again before the next gold rush.
Therefore, we will probably expect the gold to fall into another range eventually and we will practice more patience with trading gold.
Otherwise, the best price to start buying the gold will be from the 1800 demand zone.
It was once a very strong resistance throughout 2012, and the bull rush has begun shortly after it was broke through.
It also ended a 5-week ranging market that took the shape of a symmetrical triangle soon after the breakout from a near 6-month rising channel.
With that, the gold is now on sale, an 11% discount from its all-time high.
While the dollar seems to be in high demand as a safe haven currency, what performed the best is still gold especially in a risk-off market like the one we are facing now.
Gold was just too overpriced but many will be observing for the right time and best price to buy the gold again before the next gold rush.
Therefore, we will probably expect the gold to fall into another range eventually and we will practice more patience with trading gold.
Otherwise, the best price to start buying the gold will be from the 1800 demand zone.
It was once a very strong resistance throughout 2012, and the bull rush has begun shortly after it was broke through.
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