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  1. #1
    Legendry Member milos's Avatar

    Put on gold tested again! !!!

    Put on gold tested again!
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    Put on gold

  2. #2
    Veteran Member uj.forex's Avatar
    Hold has made double top on 1401 level in 2 days... and has bounced back from that level....in fact, it just made another attempt to test 1400 mark, but bounced back.... if it makes a sustainable move above 1401 mark, then it may go test 1415, breaking of which could show 1430....

    As for downward side, if it breaks 1489, then it may go down further to test 1475, 1460, breaking of which could lead the metal to fall sharply till 1431

  3. #3
    Legendry Member milos's Avatar
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    Worse-than-expected economic results are published today in the U.S. prompted a moderate rise in the price of gold. The growth was also positively influenced by the speculation that there has been an increase of physical demand in Asia. China and India are among the biggest buyers in the world, and the Bombay Bullion Association has announced that it expects to purchase in India in June rise 36% over the same period a year ago.
    If it breaks above 1403 it will be is a positive signal to go further to 1473.
    Watch Fibonacci
    Resistance 1430,1473,1507
    Support 1381,1363,1335
    Last edited by milos; 04-19-2013 at 10:13 AM.

  4. #4
    Veteran Member Dan21's Avatar
    Gold has really a strong support here and it will be hard to believe it will continue down again. My expectations are for slow but steady rise in the coming days, that’s why I will play with weekly call options!

  5. #5
    Master Member vinayakm's Avatar
    Quote Originally Posted by Dan21 View Post
    Gold has really a strong support here and it will be hard to believe it will continue down again. My expectations are for slow but steady rise in the coming days, that’s why I will play with weekly call options!
    I completely agree with you! I never saw this gold crash coming with all the problems we have been having with the global economy: look to the Euro zone and the debt pile and stagnating growth in the Chinese economy.

    Nonetheless, the increased buying we have been seeing of the precious metal coupled with the issues in the global economy should see the gold price rise as early as next week. There has been a lot of interest from Asian countries like India that love the yellow metal.

  6. #6
    Specialist Member marvel's Avatar
    Gold and Silver will find strong support at the last week levels and strong demand for physical delivery from Asia countries. India demand is already boosted for the first quarter of this year and will continue to increase as the beginning of the year is the worst part so a lot more demand will come. Also the rumors about central banks selling is totally exaggerated and will not happen at all so the gold will continue to rise during the year and there is a great possibility that we already hit the bottom for the year!

  7. #7
    Master Member vinayakm's Avatar
    Quote Originally Posted by marvel View Post
    Gold and Silver will find strong support at the last week levels and strong demand for physical delivery from Asia countries. India demand is already boosted for the first quarter of this year and will continue to increase as the beginning of the year is the worst part so a lot more demand will come. Also the rumors about central banks selling is totally exaggerated and will not happen at all so the gold will continue to rise during the year and there is a great possibility that we already hit the bottom for the year!
    Agreed. Gold and Silver have already rebounded as markets have started opening for the week.

  8. #8
    Legendry Member milos's Avatar
    After the biggest drop in the past thirty years the gold price has started to recover moderately. Some hedge funds have started to increase their investment in purchasing position despite last week's price declines. Physical demand has remained fairly consistent. Association for gold in China has announced that sales of physical gold rose as a result of falling prices. In India, sales increased. India and China are the world's largest buyers of gold.The price of gold has continued during the morning and a slight upward trend. A number of investors began to purchase to take advantage of a price decline.Just in the last week , the price dropped 5.4%.

  9. #9
    Veteran Member uj.forex's Avatar
    Gold is currently moving in a flat pattern after gaining against the greenback on monday... if it breaks the support level of 1415 and sustains below it, then it may test the psychological level of 1400, breaking of which could show 1395 and 1389..... on the upward side, if it manages to break 1426.4 mark, then it may go and attempt 1432 and its yesterday\s high of 1438.6...

  10. #10
    Veteran Member uj.forex's Avatar
    as stated earlier, it broke the levels of 1432 amd 1438.6 after breaching 1426 resistance.... currently its at 1473 level, where it has a good resistance at today's top of 1485... breaking of which could show 1495 and 1500...

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