I received an email from CK who wrote:
Mario, I remember a few weeks ago you mentioned that Gold will reach USD1,700 by the end of Jan.
Now the gold price is above USD1,700. How did you know this would happen?
I believe you’re referring to my reply to Subra’s question “What is the prediction for gold for December 2011 and January 2012?” dated 5 Jan 2012.
As to why above USD1,700, take note that Gold was USD1,550 at the end of Dec.
Resistance level was around USD1,680. I knew that the “risk on” mentality of the fund managers at the start of the year would push gold beyond this level, hence my prediction of USD1,700 by end January.
You can also refer to my reply to CWPang’s question “Why is the gold price in a downtrend?” for more insights on how I came to this conclusion.
To your success as a profitable trader,
P.S. Ask me your most burning Forex question today!