Is breaking lower, but is it a big surprise? To some it might be, but if you had been following the Elliott Wave Principle it should not be a surprise.
You can see my post from May 21 here: http://theelliottwavesufer.blogspot.dk/2013/05/elliott-wave-analysis-on-gold-and-silver.html (which, by the way, also point you to my post from April 17).
I'm looking for blue wave v down to 1,258, but will that be the bottom, that so many is looking for? Will it be a good place to enter into a long position?
Not in my view. If blue wave v does end at or near 1,258 it will only mark the bottom of red wave iii and we should see more downside action once red wave iv is over.
That said, I'm seeing gold all the way down to the floor as some are. In my view this has all the ear-marks of a major wave 4 and once it's over we should see a new powerful rally in wave 5 to above 1,921, but it's to early to build long position unless you have very Deep pockets...
Hi EWS,
ReplyDeleteI was wondering if you can recommend any forex brokers that you think is good. I'm with FXCM and they're pretty good. But I would like to open another account for hedging if needed. Also if you can tell me the best way to buy Gold when the time comes. Who should I open the account with? I really appreciate your input.
Thank you.
Hi Jasmin99,
DeleteI'm not able to direct you to any broker. If you trust your broker and the service is as you expect or better, then it should be okay.
Regarding the best way of buying gold. I think that the ETF GLD is a good way of getting exposure to gold.
However you can never have your entire Capital in gold this way. I don't see ghostes, but the government could impound all fysical gold and that will kill an ETF like this.
I hope this gave you some ideas otherwise don't hesitate to write me and I will do my best to answer.
Kind regards
EWS
Thanks for the Gold commentary EWS !!
ReplyDeleteDuane