Why I'm wary about staying long for too long in gold

I found the chart online on ArabianMoney.net which says it found it on a respected site called Golden Jackass (I didn't find much info on golden jack ass)

Certainly looks overbought, but there are buyers at every dip.
I agree with you right now , Gold is tough to trade.
What I feel one should do , is grab a large position and stay put.

I noticed that if gold is going to have a few days of weakness, it shows signs of its first day of weakness at/after 12:00 in the afternoon.

Gold dipped today at 14:30 but it recovered quite well. It's the dips that happen between 12:00 and 13:30 that signal strong weakness over a few days.

dear,
ofcourse, there may be strong weakness but it'll recover very soon...if gold dips.

In a way I want gold to dip so that I can make profit from the pull back.

There've been predictions that by year end, gold may reach USD 2,500/oz.

Adjusted for inflation, gold's high in the 80's of USD ~2,000/oz is worth USD ~7,500/oz today.

i am not an investor in gold but i want to purchase jewelery by next year....... wat u guys suggest.....shud i wait for a decent dip (upto 24K) or but asap before it climpbs and never come back


Thanks in Advance

I haven't invested in physical metals. There may be a price dip in/by October if the volatility continues. As a paper trader (ie. non-physical), it makes sense for me to buy now, exit when there are signals of weakness (first signal tends to be at/after 12 in the afternoon for gold) and re-enter the market when a metal has had strength for a couple of days (no major dips at/after 20:30).

I haven't heard news of physical buyers waiting for a massive price dip before the end of the year.