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All about Gold Technicals - Has gold topped out already


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hello,

Recently i sold off my gold at USD$1425. just wondering if it is the right thing to do.

Some people are mentioning of a pullback 

I am not sure if i did the right thing by selling it all off.

Could anyone please offer technicals on gold as i am not well versed in the charts

 

thank you

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Free charts available from https://www.tradingview.com perform own analysis on Gold/Silver/Stock Indexes/Currencies/Bonds/Stocks/Cryptos.

Please don't take any information presented in the charts given below as financial advice. More ways to analysis charts by technical analysis then moves on a chess board.

Monthly charts - start bull run 1999 $250 2011 $1920. Retracement price  $1050 2016. Provided Gold price unable to break below $1050 then long term price projection Gold as part of a measured move $2720

image.thumb.png.68e96b4a8ee7173b25fb32e0f6fccf0a.pngimage.thumb.png.665e73a81ef8534230800fcfcdf626b1.png

Weekly charts - Low $1050 November 2015, High $1375 June 2016, retracement $1160 December 2016 completed measure move target $1450

image.thumb.png.9b1c00b9e59abae027e91ce20722d438.png

Daily charts - expecting retracement price down one of the levels highlighted in yellow. Provided price Gold does not take out HL (High Lows) on any retracements (weekly charts) very long term bullish sentiment remain intact.

image.thumb.png.1a7f89695dab688a4ce1988cd4210009.png

1 hour ago, angus said:

Recently i sold off my gold at USD$1425. just wondering if it is the right thing to do.

@angus question asking depends on your time horizon / Gold sold physical or leveraged paper gold / the price you purchased the gold / quantity terms percent have left in your overall portfolio of Gold and reasons why buying gold in the first instance. Short term paper trade in Gold then yes selling $1425 good price. I have physical Gold purchased $1200 (although I missed opportunity to buy more physical when price consolidated $1275) and inherited late father Gold purchased $250 not sold any physical gold at current prices as I have a very long term horizon for my physical Gold stack and insurance provides other assets in my portfolio.

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Gold topped...wouldn’t it be the bottoming process if the 2011 high isn’t broken.

When you made a decision and go ahead to sell, it was the right thing for you. Other opinion shouldn’t matter unless you are trying to time an entry into purchasing.

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2 hours ago, angus said:

Recently i sold off my gold at USD$1425. just wondering if it is the right thing to do.

Some people are mentioning of a pullback 

I am not sure if i did the right thing by selling it all off.

 

trading at 100% is a bit full on, even if the odds do

favour a pullback. I've rolled 1's plenty of times.

imo probably not the way to go if it was physical.

but then a profit is a profit :) 

 

if you've taken profits on as much as your strategy

says you should then the next thing to do is to wait

for the market to make it's next move.

(this could be a multi month move)

 

with the cash you can risk the topping move on the

s&p 500.(or other short term ventures) otherwise

cash in bank and (highly recommended) read up

more on how to improve your strategy to reduce

risk.

 

(if you want to trade the ups and down, a paper

trading account is the way to go. keeping your

long term(physical gold) separate from your short

term(paper gold) can help to managing your short

and long term exposure. if you are still listening to

the fear mongering about how it must be physical,

then this won't work for you. having said that,

having a decent % in physical should still protect

you)

 

HH

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