Dollar falling commodities rising again.... the story just continues to get old.... sooner or later something has to give, either the dollar collapses or the DOLLAR COLLAPSES...... :eek:
Trend following? Two experts I know keep changing their trend lines as they need to. Other data led me to believe the market was going higher today, and it went against those trend lines.
no pt, there is little to no trading done during the trading day itself. All the money is now made in swing trading, not day trading.
Trendlines are for reversion traders who want to buy when it hits the lower channel line. A true momentum player will be long after 16 up days in GC -- and any formula will show a long signal if it is momentum based.
It looks like this bull party will have to be suspended for now. China and Europe gave US a rally last night, and we did not return the favor, so I expect China to resume the sell-off tonight. Expect down futures tonight and a down day tomorrow. It's too bad I couldn't sell today due to settlements, but I can sell tomorrow if I feel the need to.
and we are up 17 days out of 18. This is keeping people from getting in, which is great for momentum traders. Bcos there will be 1 or 2 down days with minimal retracements, and then it will continue to fustrate people who are waiting for a good entry. Statistically, it doesn't pay to sell a streak in gold...
Anticipation of 1200 is keeping the trend higher, 1200 could come as early as Friday however a short term pull back is coming sooner or later. GLL ZSL 2 plays to short Gold or Silver.
Agreed that 1200 is coming soon. DATE PRICE CHANGE % Change W 11/25/09 1182.80 +17.00 +1.46 T 11/24/09 1165.80 +1.10 +0.09 M 11/23/09 1164.70 +17.90 +1.56 F 11/20/09 1146.80 +4.90 +0.43 T 11/19/09 1141.90 +.70 +0.06 W 11/18/09 1141.20 +1.80 +0.16 T 11/17/09 1139.40 +.20 +0.02 M 11/16/09 1139.20 +22.50 +2.01 F 11/13/09 1116.70 +10.10 +0.91 T 11/12/09 1106.60 -8.00 -0.72 W 11/11/09 1114.60 +12.10 +1.10 T 11/10/09 1102.50 +1.10 +0.10 M 11/ 9/09 1101.40 +5.70 +0.52 F 11/ 6/09 1095.70 +6.40 +0.59 T 11/ 5/09 1089.30 +2.00 +0.18 W 11/ 4/09 1087.30 +2.40 +0.22
Wire: BLOOMBERG News (BN) Date: Nov 25 2009 8:47:16 Gold Rises to Record on Dollar Drop, Report India May Buy More By Nicholas Larkin and Glenys Sim Nov. 25 (Bloomberg) -- Gold climbed to a record in New York and London on a further drop by the dollar and on a report that India may buy more bullion for its central-bank reserves. Gold futures have rallied 12 percent since India said on Nov. 3 it bought 200 metric tons of metal from the International Monetary Fund. The country, the worldâs largest gold consumer, is open to additional purchases from the IMF, the Financial Chronicle newspaper reported. The U.S. Dollar Index fell for a third day, sliding to the lowest level in more than 15 months. âCentral-bank buying has been one of the main factors of this recent rally,â Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, said today by phone. âThe weaker dollar is driving commodities higher.â Bullion futures for February delivery on the New York Mercantile Exchangeâs Comex division climbed as much as $17.30, or 1.5 percent, to $1,184.70 an ounce. They traded at $1,181.70 by 8:40 a.m. local time. Up for a ninth day, futures are set for the longest stretch of gains since August 1982. Gold for immediate delivery added 1 percent to $1,180.63 an ounce in London after earlier reaching $1,182.95. Prices may advance to $1,200 next week, according to Fertig. The metal rose to a record $1,176.50 an ounce in the morning âfixingâ in London from $1,163.25 at yesterdayâs afternoon fixing. Some mining companies use fixings to sell production. Spot prices are up 34 percent this year. Overtaking Russia A further purchase by India would make its stockpile the worldâs eighth-largest, overtaking the Netherlands and Russia, according to figures from the producer-funded World Gold Council. Reserve Bank of India Governor Duvvuri Subbarao declined to comment on the report. âActions from central banks are very important at the moment,â said Eugen Weinberg, an analyst at Commerzbank AG. âThe purchase from India was like a seal of prices above $1,000 an ounce. Also, other central banks are buying gold.â The central banks of Russia and Sri Lanka have acquired gold, prompting analysts at Bank of America Merrill Lynch, Societe Generale and Barclays Capital to forecast more such purchases. Governments are the biggest bullion holders. Mauritius bought 2 tons of gold from the IMF last month for $71.7 million after Indiaâs $6.7 billion purchase. The IMF, which set out two months ago to dispose of one- eighth of its gold reserves, still has more than 200 tons to sell. It will do so on a âfirst-come, first-servedâ basis, Andrew Tweedie, head of the fundâs finance department, said in a Nov. 20 interview. Central-Bank Demand âThe additional stimulus for gold is the increased demand emerging from central banks, who are now keen to diversify away from the falling value of dollar reserves,â said Mark Pervan, a commodity strategist with ANZ Banking Group Ltd. in Sydney. Bullion typically moves inversely to the U.S. currency. The dollar index, a six-currency gauge of the greenbackâs value, slid as much as 0.9 percent today after Federal Reserve officials refrained from voicing concern over this yearâs 8.4 percent decline. Assets held by the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, expanded for a second day yesterday to 1,122.37 tons, the most since June 29. The fundâs holdings reached a record 1,134 tons on June 1. Gold held in ETF Securities Ltd.âs exchange-traded products fell 0.5 percent to 7.936 million ounces yesterday, its Web site showed. âSpeculators betting on higher prices have a very good argument on their side,â Weinberg said in a Bloomberg Television interview. âItâs the weak dollar, the possibility of longer-term inflation, and also actions from central banks. Itâs definitely investment demand that is pushing prices higher.â Scrap Sales The rally has pushed the 14-day relative strength index for futures above the level of 70 viewed by some investors and analysts who follow technical charts as a sign that prices may soon fall. Todayâs reading was 85.05. âTechnically, gold remains overbought,â Walter de Wet, a London-based Standard Bank Ltd. analyst, wrote today in a report. âWe have seen some scrap metal coming to the market at current levels, but still not enough to offset buying.â Silver for March delivery in New York gained 1.4 percent to $18.755 an ounce. Platinum for January delivery climbed 2.7 percent to $1,482 an ounce, the highest price in more than 14 months. Palladium for March delivery rose 1.7 percent to $377 an ounce. ETF Securitiesâ silver holdings rose 0.7 percent to a record 22.861 million ounces yesterday, its Web site showed. Platinum assets added 164 ounces to a record 426,639 ounces, while palladium holdings climbed 1.4 percent to an all-time high of 624,859 ounces. For Related News and Information: Top commodity reports: CTOP <GO> Top metal and mining stories: METT <GO> Central bank gold reserves: WGO <GO> Collector-coin prices: CCEX <GO> Commodity arbitrage calculator: CARC <GO> --With assistance from Patricia Lui in Singapore and Kim Kyoungwha in Seoul. Editors: Dan Weeks, James Ludden. To contact the reporters on this story: Glenys Sim in Singapore at +65-6311-2466 or gsim4@bloomberg.net; Nicholas Larkin in London at +44-20-7673-2069 or nlarkin1@bloomberg.net To contact the editor responsible for this story: Stuart Wallace at +44-20-7673-2388 or swallace6@bloomberg.net [TAGINFO] NI AUD NI CMD NI CMDX NI ANZ NI ASIA NI MNG NI MET NI GLD NI GLDMARKET NI PCSMARKET NI PCS NI SILV NI SAFRI NI CMDMARKET NI MARKETS NI CHINA NI PGM NI INDIA NI UK NI EUROPE #<234466.768190.1.1.47.20386.25># -0- Nov/25/2009 13:47 GMT -----------------------------====================------------------------------ Copyright (c) 2009, Bloomberg, L. 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