It's Now The Right Time To Buy Gold?
Gold is approaching my value zone of $1220-$1250 for a bullish trade. Back in March when Gold was trading around $1340, I wrote that the price would eventually make a pullback into the buy zone of under $1250. We are getting the opportunity now.
This will be a long term trade to hold positions through 2019 and possibly longer.
This will be a hedge trade as global equity markets are coming under selling pressure in 2018 and this uncertainty is going to continue through the rest of the year.
It makes good sense now to consider a longer term investment view in Gold.
We already saw the price of Gold dropped briefly below $1250 on June 26th. It is possible for Gold to retest around $1200 in coming weeks, so keep adding positions on any weakness going forward.
Again, this is an investment trade for longer term view. Looking at the weekly chart below, Gold has been trading for almost 5 years between $1150 and $1350. Once it breaks above $1350, we could see price to appreciate rapidly to $1600 and then could push towards $1800 before 2020.
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About the author
Ramesh is an active trader producing over 200% gain in 2017 and author of 3 trade strategy development books sold on Amazon. He is the creator the 10/20/30 Rule™ that could transform a mediocre trading system to become a top performer by following a systematic and thoughtful approach on strategy development.