Gold price likely drop below USD1,000 point by this week















Gold price likely drop below USD1,000 point by this week. Base on the chart are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's short term trend trend is positive on the close above the 9 day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number.

The next upside target is USD1,015.4 per ounce. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1,004.0 and 1,015.4, while 1st support hits today at 987.0 and below there at 981.3.

Likely the price will hold long on above USD1,000 so I plan to sale off my gold buy in during the price at RM104 and RM102. Yesterday PBBANK buying price is at RM 110.79 and today opening may see a bit lower so if sale at RM 110 the profit will be only 6.79% not mach but better that FD and EPF dividend for 1 year. From RM102 per gram till now just 5 months time of investment. Luckily get some money for coming Raya holidays.

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