- July 10, 2011
- Posted by: Ramki Ramakrishnan
- Category: Gold
In my most recent update on Gold, I shared with you two charts that were prepared for a friend in the Far East. Some careful readers noted that I was calling for one more rally after we dipped to 1460. The rally has developed from around 1478, and is looking strong even now. So strong that we shouldn’t be surprised if it reaches the old high near 1574. Having said that, I am going out on a limb and suggesting that we will get one more rapid decline towards 1460 once we finish the current ascent. I sometimes wonder why on earth should I make these announcements publicly because of the obvious risk of being so very wrong. (Just today someone showed me a report with the title “In Gold We Trust” and saying we will see $2000). Well, in its current avatar, Wavetimes is not a forecasting service. It is my personal blog with the specific objective of connecting with people who wish to learn and trade the markets using Elliott Wave Analysis. Coming back to Gold, we should be careful about the levels we pick to sell. Ideally, wait for the markets to pause and turn down a little. Then when it attempts a slow move higher, sell with a stop above the high seen. Ofcourse you will see many levels where it pauses. So be patient until it reaches a technical target, such as the prior high, and then try the above described strategy. If ot works, it will be fun! If it doesn’t, you would escape with minor scratches, and no broken bones. Good luck.