Barley I have expected before two months when I wrote an article on January 3rd “Gold Way to Safe Future” that gold will hit my price target in two months instead of a year. I have given a buy recommendation on gold at INR 10500 with a target of INR 12500 and INR 13500. Few days back Gold made an all time high of INR 12700. Current chart patterns suggest some weakness in Gold and may correct up to 12000 from here and if the trend line which gives support at 12000 is broken gold may correct significantly in the intermediate term. But, According to me commodities like Gold and crude oil are on multi year rally and they will keep on making significant new highs. But intermediate corrections are inevitable and a trader can use these corrections for his benefits. Any fall form here will be definite buy for a long term investor with 3 to 5 year time horizon.
No comments:
Post a Comment