Once again I'm trying something new. I began toying with recording some videos a while back and got bored with it soon but have renewed my interest. Since this is for fun and not for profit it is what it is. One guy's view just like the name implies. I'm not a pro nor an expert so if you make any trading decisions based on anything I publish you are a fool and are not to hold me responsible for your irrational decisions. Again this is NOT investment advice and you must use due diligence when making your own financial decisions.
Now that's out of the way. I've been getting emails and calls about gold making a break out. Some almost in a panic to "get in" but not sure. The usual sellers of gold and gold financial products smell blood in the water and have escalated the fever. None of this gets me too excited because nothing spectacular has occurred. Yes gold has been in a bit of an up trend for the past couple of months and yes in the past week or so it has broken out of the sideways move of late. It seems that about the time 3-4 days ago when it exceeded the peak from July the operators started touting all sorts of gold product and making lots of noise about the BREAKOUT. Here I simply make some off the cuff remarks (playing with the software more than anything) about the recent move in gold price. Enjoy and make comments is you like.
You can click on the screen below to start the video and click the square box on the lower right of the video to enlarge the screen for better viewing. I can see the quality is not that good and I will find a better upload method to fix that sometime in the future.
India accounts for about 32% of the global gold market. Half of the gold Indians buy is spent on jewellery for the 10 million weddings held there each year.
ReplyDeleteIt's a very predictable trend.
India's wedding season runs from late September to December.
But buying in advance or on weakness more often than not leads to this demand being reflected in the price of gold before September and finishing before December, when (hopefully) western gold demand for Christmas takes over.
BUT
A weakening in demand from the Indian-wedding effect is often experienced in or by October.
From a trading point of view that's one of the times to be most on your guard.
I take the work, and opinion very seriously and consequentially............
I'll be watching with interest you're 1700, 1750 level closely especially in the run into the end of September.
October often gives some of the best clues to gold (support. Top). But most if not all of my buying (gold and silver)was done end-July to mid-August. With the exception of buying significant pull backs.
You have been reading Sunseekers view.
http://i47.tinypic.com/25oxqth.gif
:)