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When most in the world are planning to just short commodities, metals have started showing some signs of comeback.
Precious metal pack as of now looking good to go long. And those looking to avoid the extra volatility of silver might choose to go long in Gold.
Why long gold at a time of commodity rout -
- It always pays off to remember that a bull market takes birth, when bears are most prevalent and everyone is bearish to extreme. Even if this is not a turnaround bull market, gold seems to be looking for a correction at least.
- As of now, Gold bugs/bulls have hold onto support around $1060 area pretty well, so well that bears are hardly been able to push below $1080 area in last few trading days. Naturally a push higher seems reasonable.
- Technically speaking, gold has cleared above $1100/troy ounce today. Though actual resistance is around $1120 area, it is highly significant.
Trade idea -
- Buy gold at current price, targeting $1150 area and $1075 area as support. Gold is currently trading at $1108/troy ounce.
