Sunday, August 30, 2009
Pay attention to gold! I think something will be happening next week (or soon). Looking at the daily chart, we can see that a symmetrical triangle formation. The breakout point is 970. Looking at the weekly chart, we can see that it has been almost 17 months that gold has challenged and failed to stay above 1000. I'm sure that a lot of people are giving up on gold.
One interesting news is that central banks are the buyer of gold in Q2 2009 as compared to Q3 2008. So, will investment demand outstrip higher supply? Since Deepavali is coming, maybe the purchase from India and government buying will provide the needed fuel to propel gold above 1000 and beyond.
How you can profit from a surging gold:
In Malaysia - GLD-C1
In US - GLD, IAU, UGL, DGP