Monthly Chart
As mentioned in my previous post "
Gold - The Big Picture", Gold price is in narrow range and need to decide whether to breakout or breakdown. A month later, Gold price closed above the long-term downtrend line after Fed Chair Janet Yellen comment on no need to hike interest rates much more as the rates are close to a "neutral" level now.
Daily Chart
The long-term downtrend line has become a support for gold after the breakout. It has retest the support and continue the rally. Gold is ready to break the immediate resistance with W-shape triple top breakout.
Although it may still moving in sideways range bounce, but the downside is limited. Any price below 1300 is a good chance to buy Gold while it is still cheap. As always, while gold rallies, silver will also follow.
How to trade Gold/Silver?
- Gold ETF (GLD) / Silver ETF (SLV)
- buy and hold like a stock.
- Gold Futures (/GC) / Silver Futures (/SI)
- Short term trade for bigger account can buy with margin ~ $5000
- Gold Futures Option
- buy call with longer period contract
- sell put for higher winning probability
- Open Gold/Silver Investment Account from Bank