Gold Market Recap Report for 9/14/2007 The gold market forged another rather wide trading range during the action today. However, from the action today it would seem like the gold market has settled into a mode where a certain portion of the trade is in need of a 50 basis point US rate cut. In fact, in the fact of early weakness in equity prices and certainly directly in the wake of the weak US retail sales readings, the gold market seemed to be under additional week ending profit taking. In fact, even as Treasury prices weakened and stock prices recovered the gold market attempted to short cover, but eventually bullish resolve waned and the market fell back toward the early trading zone. http://www.cbot.com/cbot/pub/cont_detail/0,3206,297+50316,00.html http://www.thebulliondesk.com/
US Mint has halted sales of gold coins. They will start selling them again after they revise the prices.
S2007, If this is gold tanking in your book than you got reality issues and must be hoping for your short position to be bailed out. Cover and than you may see it trade lower....... going higher over the next 2 years but pull back will be there to shake out the weak money and it has been doing that for last 2 years. Look at the large range days down over a 2 to 5 day period and you can see that pattern over and over .....and the next week the gring up continues. i expect a pull back here before the next leg up. Trade well metal traders.
gold now on the verge of breaking out to new multi-decade highs. 731 was the cash trade high from May '06 so if prices begin to trade higher than 732 then the price disconnection that I referred to previous could occur. (i.e, gold quotes could easily gap higher upon a definitive break over 732). The USDX broke lower again today along with Crude now trading over 81 so keep your eye's peeled. What a move in US equities today! Watch SP...
Cash Gold breaking out over 730 this morning which was the May '06 swing high. No breakaway gap is apparent as the commercials most certainly wouldn't want to see a runaway gold price at this juncture. Next target is actually the January 1980 contract high of 895.00 however I could see some type of pullback into the October timeframe first. Remember that gold priced in 2007 dollars is still considerably cheap when comparing to other asset classes. This could work strongly for the gold price moving forward...
To Realist Dear Sir Did you perform training of analytical skill for GS,UBS,MS,MER? In best case in row of 1000 predictions attempts byrisk-reward 1:1 winning ratio 0.6 would very good for any analytic ...
It looks like gold will tack on $24 for the week while Silver finally appears to have broken out of its downtrend to close +$0.90 for the week. I am already hearing mostly bearish opinions as of late that gold prices are topping. This is bullish imo from a contrary standpoint. Prices have advanced only modestly since the FRB decision to slash overnight rates by 50BP. Gold is only up about $15 since the official announcement but has clearly broken through the May '06 swing high. At this juncture, pullbacks in prices appear to be bot very aggressively actually. As was the case during today's COMEX floor session when prices were sold down to 726, significant physical buying came in to bring the price back to 731. Even if there is a more pronounced pullback soon, there is likely several layers of buying support below. The risks remain to the upside imo...