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Gold - Technical analysis 5th Jan





We had mentioned Gold would rise higher in our last post a month earlier. Gold was trading at 770 levels when the post came. Ever since the post, gold has risen and gone all over the place giving a return in the range of 15 - 20% last month. This is my opinion is the way the gold will shape in this New Year. Gold and silver would outperform, I would keenly bet on silver, as we go ahead this year.



The technical on the longer term chart are very bullish and remain so. From a shorter term perspective i.e. using the daily charts gold seem to be making a rather quizzical expanding bias. It’s cheeky because in this monetary and investment climate, I would not expect this. This simply means there are still lots of non-believers. Non-believers who are shorting gold and probably every rise and they have probably kept the advances in check.



Expanding bias though bearish in all aspects, can be very bullish or more precisely tear-apart bullish if it breaks on the upside. No surprises where I would be betting. The channel is still largely maintained and some expanding bias could be momentary too. Nevertheless, Gold and Silver would be the investment of the year.

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