Read article here
If you have been following my post, then you know I have been bullish on gold for a while.
The recent sell off in Gold and silver has created quite a panic among the traders community, fearing for a bear market.
Imo, I think this correction is a healthy one as both Gold and Silver have been going up over 100% since the March Low. Is a 10% correction something to fear about ?
I have also stressed the importance of diversification and not be overly confident that the price will continue to go up and up. If you have XAUUSD, Gold ETF, Barrick Gold stocks and last week drop will accumulate to more than 40% drop in your portfolio. That can wipe out your profits, perhaps caused a margin call and worst of all, dent your confidence in the market.
I have reiterated my bullish stance on Gold and Silver and believer there are still rooms to move on top and that is why I am not selling yet but neither am I adding at this moment. Looking at the US indices, it is possible a short term correction is on the way (sideway then fall) and that can either caused PM to follow or react the opposite way.
You want to have a wider safety of margin as the price gets toppish and protect your positions accordingly.
Trade safely !
If you have been following my post, then you know I have been bullish on gold for a while.
The recent sell off in Gold and silver has created quite a panic among the traders community, fearing for a bear market.
Imo, I think this correction is a healthy one as both Gold and Silver have been going up over 100% since the March Low. Is a 10% correction something to fear about ?
I have also stressed the importance of diversification and not be overly confident that the price will continue to go up and up. If you have XAUUSD, Gold ETF, Barrick Gold stocks and last week drop will accumulate to more than 40% drop in your portfolio. That can wipe out your profits, perhaps caused a margin call and worst of all, dent your confidence in the market.
I have reiterated my bullish stance on Gold and Silver and believer there are still rooms to move on top and that is why I am not selling yet but neither am I adding at this moment. Looking at the US indices, it is possible a short term correction is on the way (sideway then fall) and that can either caused PM to follow or react the opposite way.
You want to have a wider safety of margin as the price gets toppish and protect your positions accordingly.
Trade safely !
Note
Barrick Gold — The mining stock gained nearly 7% on Wednesday after the company reported better-than-expected earnings for third quarter. Barrick’s adjusted earnings per share of 41 cents was 9 cents higher than analysts had projected, according to FactSet. Barrick also increased its quarterly dividend by 12.5%.CNBC
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.