Thursday, June 15, 2006

Gold Market Update

Gold and Silver are deeply oversold and thus present a rare buying opportunity.
The devastating 188$ sell off have cleaned most of the speculative long gold positions and attracted speculative short gold positions. This is the time to be cautiously bullish. Long term Investors (savings) should just take a position and hold it for years to come. I highly recommend that you get at least some physical gold and keep it handy.

Traders should be extremely careful and manage risk wisely. I do not recommend trading gold for no one but the most professional experienced traders. Holding a long term gold short position is a death wish in my opinion. Is this time shorts are going to sweat? – time will tell…

Technically Gold have completed an Impulsive extended correction wave 2 of [3]. The next up move could be quiet long (3 0f [3]) and there is a good chance it will extended more then 313$ and will probably challenge the all time gold price high(1980). Interesting times head.

Click the chart below to enlarge:

spot gold chart, XAU



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