Commodities
Tuesday, April 16, 2013
GOLD
GOLD IN INR:
GOLD: (OH MY GOLD!!!)
AT CRUCIAL SUPPPORTZONE:
Gold closed @25634 levels on 15.04.2013. We have seen sharp fall in last 3-4 trading session in GOLD. It’s trading very close to 40 monthly moving avg. as per chart attached (i.e-25000 levels). It acted support zone historically 2-3 occasions & able to hold this support zone will lead to temporary some kind of relief rally or consolidation (Cooling off) in short term. Daily Positive close will be an advance confirmation for the same.
Break of these levels will lead to further sharp fall till tgt1-23800 to 23300levels (i.e. – Long term Trend line support as per chart attached) in short term.
21600 levels are long to medium term support gold.
Medium to Long term Wave Count: (Postmortem Report)
It looks like wave-V ended as a wedge distribution Top with wave-E as an expanding triangle & fall form recent top can be counted as 5 wave decline first time as per chart attached.
Close below 30859 levels on yearly basis this calendar year (i.e. Dec-2013) will confirm this count on yearly basis that is still long way to wait. But if it confirms then Gold will be in wave-II correction& will not remain proffered Asset class to invest for this corrective period. It may under perform during this period as compare to other Asset class.
One has to find out other Asset class ( such as Equity, debt etc) rather then buying gold at every dips in anticipation to earn better returns from safe heaven for Investment perspective in medium term.
By looking this fact, I preferred to go with this count till get any other further evidences of over all Medium term Trend reversal
GOLD: (OH MY GOLD!!!)
AT CRUCIAL SUPPPORTZONE:
Break of these levels will lead to further sharp fall till tgt1-23800 to 23300levels (i.e. – Long term Trend line support as per chart attached) in short term.
21600 levels are long to medium term support gold.
Medium to Long term Wave Count: (Postmortem Report)
It looks like wave-V ended as a wedge distribution Top with wave-E as an expanding triangle & fall form recent top can be counted as 5 wave decline first time as per chart attached.
Close below 30859 levels on yearly basis this calendar year (i.e. Dec-2013) will confirm this count on yearly basis that is still long way to wait. But if it confirms then Gold will be in wave-II correction& will not remain proffered Asset class to invest for this corrective period. It may under perform during this period as compare to other Asset class.
One has to find out other Asset class ( such as Equity, debt etc) rather then buying gold at every dips in anticipation to earn better returns from safe heaven for Investment perspective in medium term.
By looking this fact, I preferred to go with this count till get any other further evidences of over all Medium term Trend reversal