Double bottom at 740? I see a double top, triple top if you use a bit more imagination. It's currently testing support at 768. I don't think it'll hold so next target is what? 740 for the double bottom?
Hi, I just started with this post on GOLD, please comment your take on this post. Here is my take on gold short term 1-2 weeks, it will trade in the band $760 - $810 based on these 3 links given below 1) storing dollar 2) hedge funds forced unloading as part of delevarage Dollar soars to 20-month high; euro drops vs yen http://www.reuters.com/article/hotStocksNews/idUSTRE49D12L20081021 Gold falls for seventh day on funds liquidation http://www.marketwatch.com/news/sto...E4BC11-FD94-4FA5-9726-B3D758BD84F5}&dist=news Freaky Friday Part II - The Big Roil http://www.kitco.com/ind/nadler/oct172008A.html Cheers ------------ http://goldnews.bullionvault.com/gold_mining_supply_demand_102120083 "We believe the normalization of money markets should support precious metal prices as liquidity returns," says Walter de Wet for Standard Bank in Johannesburg, "[but] a strong Dollar would make large price rallies difficult to sustain." The $3 trillion now promised by major world governments to shore up their domestic banks continued to reduce money-market interest rates on Tuesday. The gap between 3-month US Treasury yields and London's inter-bank lending rates dropped to 3.15%, down from the record 4.50% hit at the start of last week. Interest rates on so-called "commercial paper" â meaning short-term debt issued by corporations â fell to a four-month low in New York.
I don't understand the current support for the USD? Most of the other developed nations are taking similar measures to protect the depository institutions!
Because we're finding out that the european problems are worst than ours and there is more uncertainty there.
Deposits are secured in Australia? (soon to change as Rudd is a complete retard) I can see the lack of support due to decreased commodity demand, but the fall seems a bit out of whack?
i didn't understand one thing-if everyone is selling the gold, then-where is it? where is f* coins? it is impossible to buy them in USA. or general public is betting on end of the world and buying it like there is no tomorrow just to be f*d one more time?
Gold is finding support at the prior low of 739. I exited my short and reversed to go long. A double bottom is forming. Target is around 870 (50% retractment from the high).
I assume you know all this selling is "paper gold= gold future contract " not the actual coins. gold future contracts are much large in quatntity than gold coin trade similar to crude oil contracts vs. actual oil. so you are right , nobody in this situation buys gold coins in USA, but all these Hedge funds selling ( forced ) gold contracts is the selling pressure