Grrrrrrrr........What a bad full week for me in Gold and Silver....
Only Gold and Silver gave me trouble this full week by again and again hitting my stop loss....
But any way I kept stop loss at support, and once they are taken out my next target is next support and I buy again.....
Other commodities, are exactly going as per my predictions.....
So overall just marginal profit in Gold and silver, instead I could have made huge profit in Gold and Silver.....Through out the week, my bias was bullish even though the 4 Hr chart was showing downward movement.....lesson to learn......
Now what next???
Gold : Overall I am still bullish for bigger targets....
Let me share some technicals with you....
Now Gold has survived 29400 level which is another support and 200 DEMA is right there at 29440....This is technically supposed to be a strong support...Secondly on daily chart it has formed a Dojji candle at this support....Third : it is trading at 38% Fibbo level of Swing Low 24451 to 32455 Swing High....
RSI(6) and MACD are Deep oversold on Daily chart, Weekly Chart : Just entered Oversold territory....Monthly Chart: Trading above 50 level....
There will be some more testing of the bottom, and quick recoveries, like we are seeing for past 2 days....This is a sign of forming a bottom.....So long as every time it is closing above 29550 is crucial........ All these Points put together....Gold will Bounce back for sure at least to 30500+ levels and may be to 30800+, 31000+.....
My strategy will be to start accumulating at these levels.....Come what may be the drop.....Because I think If I am correct this time then my upper targets will be achieved soon....( Even though market has fallen down so much, my upper target of 32780 is still intact...rather now I have increased my positional target to 33785+....on Comex Gold 1st TGT 1420 and 2nd TGT 1540-1560....
So all in all I have started accumulating Gold from 29400 and will keep accumulating till 27000 if it goes there....Possibility is very less at the movement.....BUT FOR SURE MY TARGETS WILL COME ....
Please remember this strategy is for Positional Targets only.....you guys trade safe as per your risk appetite.....Keep Stop loss in place to reduce losses.....