Comment by GEMSA on April 12, 2010 at 11:49am

So good ol' XAU/USD currently floating in the low 1160s after surging following.. Whats everyones take on next week, month, or year?

Interesting to note that between March 25th and April 12th, it has been steadily rising without any major retracement!

Comment by FXstreet on April 13, 2010 at 9:16am

http://www.fxstreet.com/technical/forex-forecasts/forecast-on-spot-...

SPOT GOLD closed @ 11560 which was BELOW the open and was within prior day's trading range. The High was 0.9 Dollars from Precise Trader's Res Tgt 1 and the Low was 1.5 Dollars from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bearish and the price is Within the MA, so the Bulls have to be sidelined. Hourly Trend is Down while 11657 holds and Daily Trend is Corrective Up while 11338 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend breached the Prior Day's High but the Bears gained towards the close . The Hourly Trend has been creeping lower and expect it to continue in that manner, 11590-11657 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the gradual Down Channel and the Patterns are suggesting Lower Lows. The Opening Price Principles are suggesting that the Bears main gain Control so the Bulls have to be Sidelined until 11590-11657 levels are regained.

BULLS: 11464 11384 11300 BEARS: 11625 11704 11785

Conservative Traders: SIDELINED or strictly trade only at Precise Trader's Report Levels.

Aggressive Traders : SHORT near 11595 11655 with a tight stop and 6-8 Pts price targets.

Comment by FXstreet on April 13, 2010 at 9:19am

http://www.fxstreet.com/fundamental/analysis-reports/asia-market-up...

After moving to the best levels since Dec 2009 near $1,170/oz on yesterday's session, following the disclosure of the EU's plan for Greece, Spot Gold is declining and trading above $1,150/oz, which is seen as a support level by some in the market. Overnight, Goldman Sachs cut its 2010 gold price forecast to $1,165/oz from $1,390 prior on its expectation for higher US interest rates.

Comment by GEMSA on April 13, 2010 at 12:04pm

Thanks for that! Good info, I hadnt heard about the Goldman 2010 forcast revision. Does it mean the yearly average or ending price or peak?

Comment by FXstreet on April 13, 2010 at 8:29pm

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=42f127...

Bullion opened the week flying high through $1,170.00 in an attempt to overstretch its 4-month high mark. On Tuesday, the price failed to contained insistent bearish pressure and rattled almost $25 bottoming at 1,145.00 level.

In a late US bullish round, investors managed to lift the precious metal value up again to conquer $1,150 zone. Once this area was cracked, the chart has began displaying softer fluctuations ranging from $1,151.00-$1,153.00.

The drop in value occurred amid growing worries about the effectiveness of the aid plan for Greece creeping as well as supported by a revitalized USD, which managed to contain a furious EUR's bullish spike towards 1.3700 after the Greek deal announcement took the single currency at a perhaps overrated band.

Comment by GEMSA on April 14, 2010 at 10:47am

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=804f3a...

FXstreet.com (Barcelona) - After closing out flat a day ahead, the spot gold rate has ticked upward and is pushing the $1160 price level. Bullion is currently up 0.35% on the day.

Rajooy C of Precise Traders urges caution expecting a choppy session until a break: "The Hourly Oscillators are Bearish but Weak and the price is Within the MA, so CAUTIOUS approach is needed for the Bears." Moreover, the "Hourly Trend is Sideways Down while 11625 holds and Daily Trend is Corrective Up while 11314 holds, so expect the price to be Choppy with a Downside bias."

Rajooy C puts the critical levels for the BEARS at 11595, 11663 and 11735. On the downside, the critical levels for the BULLS are listed at 11485, 11445 and 11385.

---------

Nice run! Wasnt holding as much as I would like to have but meh.. some pips > no pips!

Comment by Adam Rebandt on April 14, 2010 at 11:31am

Thank you for the invite Gemsa!

Comment by GEMSA on April 15, 2010 at 3:09pm

http://www.fxstreet.com/fundamental/analysis-reports/london-gold-ma...

Gold Slips But "No Bubble", Investing Seen Strong on Asian & Euro Revaluations

THE PRICE OF GOLD slipped in lock-step with the Euro currency against the Dollar in London trade on Thursday morning, falling together with silver and other commodities despite China reporting its fastest economic growth in more than 3 years.

"More likely consolidation and sideways trading will continue," said one Hong Kong dealer in a note.

Should gold and the other precious metals "stall at these levels," says a London broker, "we may be in for a sharp correction."

Growing its GDP by 11.9% annually between Jan. and March, China must either raise interest rates or its currency peg with the Dollar, agreed Asian analysts after this morning's data release.

"First and foremost, gold will become cheaper in Yuan terms [if China lets its currency rise], and this should stoke additional interest in the yellow metal," reckons Edel Tully, London-based metals strategist at Swiss bank UBS in a report issued Wednesday.

"If the Yuan revaluation is [also] interpreted as government confirmation that inflation is indeed a problem, this would likely boost gold's appeal."

Comparing the current situation with 5 years ago, when China last revised its Yuan currency-peg with the Dollar, "China's role in the gold market is now much more significant than in 2005," Tully goes on.

"There's little doubt that one of the reasons behind gold's additional popularity in China this year is the inflation hedging angle."

Analysis by BullionVault shows gold buying by Chinese households doubled to 2.0% of saved income in the decade ending 2009.

Last year they bought 14% of global gold off-take, second only to India's private demand.

"Emerging markets have the lowest [official] reserves of gold and also the most money," noted Dr Martin Murenbeeld, chief economist at financial planning and investment advisory DundeeWealth Economics, to the 8th annual Denver Gold Group European Gold Forum in Zurich yesterday.

"The Dollar must decline," Murenbeeld said. "The US has a fiscal deficit as far as the eye can see.

"Gold is not in a bubble."

"The success in bailing out the system [after the DotCom Bust] led to a superbubble, except that in 2008 we used the same methods," said hedge-fund legend George Soros at a meeting of investors hosted by The Economist at the City of London's Haberdashers' Hall last night.

Soros said "Gold is the ultimate bubble" in Feb. this year, even while extending his fund's exposure.

"Unless we learn the lesson that markets are inherently unstable and that stability needs to be the objective of public policy, we are facing a yet larger bubble," he told his audience in London on Wednesday.

"We have added to the leverage by replacing private credit with sovereign credit and increasing national debt by a significant amount."

Speaking to South Africa's Mineweb this week, "Monetary policy in the ECB and the Federal Reserve is likely to remain loose for a long time, which benefits gold in many ways," says VM Group analyst Matthew Turner – "partly through the inflation fear.

"One commodity or asset that is not going to be affected by Euro devaluation is gold, and so you are seeing a pickup in investment demand from European investors in particular.

"Because it is bleeding into a higher price, we think it will drive up investment demand worldwide."

Comment by GEMSA on April 16, 2010 at 7:51am

http://www.fxstreet.com/technical/forex-forecasts/forecast-on-spot-...

SPOT GOLD closed @ 11595 which was ABOVE the open and was within prior day's trading range. The High was 0.5 Dollars from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Tgt 1. The Hourly Oscillators are Turning Bearish and the price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 11685 holds and Daily Trend is Corrective Up while 11354 holds, so expect the price to be Choppy with a Downside bias. The Daily Trend was within the Prior Day's Range but the Bulls gave up marginally towards the close . The Hourly Trend has been in a Range Trading with a Downside Bias, 11625-685 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the gradual Down Channel and the Patterns are suggesting a Choppy session with a potential to break Lower. The Opening Price Principles are Suggesting the Bears may be in Control as long as the 11625-685 levels are not breached.

BULLS: 11530 11485 11425 BEARS: 11605 11665 11730

Today's Strategies: SHORT near 11565 11625 with a tight stop and 6-8 pts price targets.

Comment by GEMSA on April 16, 2010 at 4:38pm

News flash: gold drops to 1132ish after SEC sues Goldman Sachs for civil fraud.

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