Gold declined modestly Tuesday on a stronger U.S. dollar and profit-taking. The market sentiment improving that may boost risk appetite which not support gold as safe heaven buying.
The price close at 890 with intraday high 898.5 suggested that many fresh short have placed below the strong resistance level of 900. As mentioned in last reports, we are on wave 4 correction of the impulse wave started at 966. We expect that wave 5 of this impulse wave would dump the unit to the target less than 866 or even 844. A break out of support level 880 will confirm a starting of that down leg. Only a close above 904 will turn the short term to neutral.
Support/ resistance as chart
Recommend:
Sell: 895-896/ Stop loss: 901/ Targets: 886 and 881
Gold mid-day update: Profit booking and other trading round as a repeat call (13:16 - 15/04/2009 GMT)
by Nasder
The gold price has down to the target 886 as our morning strategy. Square booking is suggested as strategy with $10 profit already.
Current price is at 889-890 and we expect that an other bounce back is likely and we recommend that a risky player would follow the call for anther round.
Sell above 895/ stoploss: above 901/ take profit 886
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Gold Fx Daily
Will the price of gold collapse under with weight of scrap gold reaching the market? He “continues see gold as a good ‘safe haven’ in the event of either hyperinflation or deeper recession or depression.”
by Nasder
Gold has roughly unchanged closed at 890 as the unit pared the lost from 900 to support 886. The unit slightly higher despite potential deflationary consumer price data suggested that the market participants are taking a breather.
The unit in on correction wave and forming wedge pattern. We expect that the resistance 900 is on hold would open the call for a decline to test support level 866 in coming sessions.
this is not a call.but just a view. dont buy physical gold anymore. a rise cann occur if lucky enuf till 885 ot 904. but exit physical thr. by next month may 12 i see 790 $ as tgt
Jeff Christian of the Stock Research Portal Newsletter has this to say about gold: It “is really a financial asset and hence is somewhat different from other commodities.” Furthermore, “It’s a myth that gold trades against the dollar, and if you look at past financial crises – ’73, ’74, ’79, ’80 – gold and the dollar were rising together the same way they have been since the middle of 2008.”
Closed with bearish engulfing on raised volume - place stop for break-even from 26.x entry. I still think gap at 94 will be filled but risk is to downside for now. DRYS is running counter to SRS. DRYS looks like it might make a c wave down to close a gap at 5.x so SRS may rise during this move.
Now that the gold ETF “GLD” is now the sixth-largest holder of gold bullion in the world, it is too big? Could a big sell-off cut the price of gold in half just like that? The Stock Research Portal says, “I am not sure why a concentration of gold is one place would in and of itself influence the price significantly either up or down – subject to the caveat that the existence of GLD and the ease of trading in its NYSE listed shares do expose indirect ownership in physical gold to more small investors.”