This post is just a head up on gold. It had corrected significantly form 1920 to 1570. Gold had done 76.2% retracement and the current support is around 1583 levels which i doesn't seem will hold. I think gold will correct to 1500 USD levels.
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| Gold 240 minutes chart |
The most pessimistic target for gold is around 1100 levels (indicated by the blue line on second chart). Under no circumstances I think gold will fall below 1000 levels. I think long term investor should start investing in gold as it would be a safe haven when our current monetary system will be in turmoil. You can invest 10 -15 % of your investment portion (which is dedicated to gold) and average gold as it fall lowers towards 1100 levels.
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| Gold weekly chart |
It may be painful for investors to invest in gold at 1500 and watching it go down to 1100 levels but this is a pain worth taking.
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