the projested tgts/lvls are speculative, do not take positions as they may be risky for you.
(refer ew chart and views posted on 06th dec 2009 http://valuetrading.blogspot.com/2009/12/my-gold-ew-chart.html)
these are not comex but london exch gold rates in $/oz, so some difference will be there. there is a small resistance near 1380.
from elliott wave point of view, at a glance looks like sub-wave ((v)) of (v) of iii of the 5th impulse wave from the low of year 2001 is going on. after which iv down and v up remain. iv can result in minor correction just near/below $1200/oz. v can go up to a tgt lvl 1452-62.
very long term tgts are about $1800-1850/oz after a good amount of correction below $1000/oz i.e after 5-v completes near 1450 etc.
on mcx my short to medium term tgt was about Rs 19250 and 20000/10gms, it made high about 20028and currently facing resistance on one of the trendlines from high of may 2009. if gold still rallies up and only when takes that lvl as well as the trendline out then can rally to roughly 22000. minor support currently is at 19250 and strong support for gold is at 17500.
5 comments:
Hi abhay,
Happy diwali :)
What a chart.. thanks a ton. chakkar atha hai :) now really confused..i am a regular buyer (yearly or whenever i hv money - physical gold) shall i continue my buying?? unless you give "DOWNWARD" target, once if you give "downward signal" (hope not nearby :P ) that time i will sell everything encash and convert into ornaments when it comes low. what say? what's your personal opinion?
thanks in advance.
regards
PS : 1) what to do i hv daughter na? typical housewife saving little, little now onwards :)
2) No look -alike photos??
sujatha don't worry gold is such a great investment, esp for us indians! the medium term tgt is approaching on my chart, but it would be again a gr8 buying opportunity for long term say few years from now when it corrects from there hopefully will be buying opportunity.
look alike photos?? u mean silver platinum? lolz
Hi..Abhay,
Wish you happy Diwali and a prosperous New year.
Best regards.
ilango
thank you abhay :)
silver, platinum??? haha :) silver too going high..this silver and gold is part of "south indian brahmins" :P
ilangoji, thanks for ur wishes. here's also wishiing u and ur family all the good health, wealth, prosperity on the eve of diwali and new year and in times to come.
sujatha, happy diwali...yes everybody buys gold but in tolas/grams unlike south india...i guess they have it in kilos!!!:)
regards.
abhay r somkuwar
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