Gold Price Will Attack On USD1,000 This Week!















Nor has the US Dollar Index hurt gold. The gold price rose USD27.60 last week to close the week at USD958.50. This means more than the simple numbers. 928-930 was strong resistance, and above that was more resistance at 938-941.5. The gold price has steadily conquered those barriers and climbed nearly to its March correction high at 965.

What can await the gold price but another attack on USD1,000? As I often repeat, the more times a market attacks a support or resistance level, the greater the odds it will break through. This rally isn't synchronized to the average seasonal pattern, but don't fight the market. It's happening. Little question that the disintegrating dollar is helping gold, but in the past couple of days demand has returned to the market, retail demand.

THIS WEEK gold prices ought to improve their gains. I think the gold price should take some days to reach USD1,000. It's just a hunch, but I think this time the gold price will finally pierce USD1,000. Once it does, you'll never see it under $1,000 again. I am buying this breakout in both gold and silver.

Back to Malaysia, due to USD/RM getting lower so gold price in RM also stronger again USD. However the gold value is on the up move so the price sure also will fly sky high.

Comments

  1. Auni MawaddahMay 26, 2009 at 3:47 AM

    bro,

    do u think now is even the right time to buy more gold since the high price?

    also, which type of investment best on this? (using maybank as example)
    a)going for physical kijang emas coins
    or b) gold saving a/c

    appreciate yr advice bro... will the currency flip flop impact on the gold saving in account type?

    ReplyDelete
  2. East Point TradingMay 26, 2009 at 8:23 AM

    Halo Auni

    Now the gold price is on the way to hits USD1,000 per ounce (31.1g) anytime soon, if you are long term inverter may can keep the investment for 6 months that now still is the right time to buy into gold.

    I think investment in gold by gold saving a/c will be better and I personally invesrt by using PBBANK Gold Investment A/C.

    MayBank buy and sell price is higher compare to Public Bank.So Public Bank will be better.

    Now currency USD/RM is moving down however base on the chart, by end of the year USD value will up again back to RM3.70/USD

    Invest in Gold not only in Gold but currency also, so currency up and down will affect the investment profit.

    ReplyDelete

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