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  1. #1
    Legendry Member milos's Avatar

    Gold is recovered from the loss !!!

    Gold prices continued to fluctuate as investors continued to reduce their buying position. The level of orders for durable goods in the U.S. increased the likelihood of this month actually be a reduction in bond-buying program, which negatively affects the price of gold. Gold prices rose and recovered previous losses, and the precious metal is greatly influenced by the question whether the Fed prematurely end their bond-buying program. On the New York Mercantile Exchange, gold for delivery in June traded at 1378.55 dollars an ounce. Support was likely to find at 1337.80 dollars an ounce, the low of 20 May and resistance at 1413.00. The value of gold fell after Ben Bernanke said that the decision to reduce the central bank's program of buying able to discuss at the next few meetings, depending on the economic data. Bernanke believes that premature tightening of monetary policy would be risky for the economic recovery. His comments were initially discouraged any notion that the central bank to tighten a loose monetary policy. However, the minutes of the May meeting Fed showed that few politicians willing to tighten quantitative easing as early as June.

  2. #2
    Legendry Member Michael Hodges's Avatar
    i am not sure if I follow your arguments. Is gold recovered in your opinion? I am still bearish on gold, I think there is a high probability that gold prices will retouch the lows from last month before putting in a bottom. There is just too much signs of stability for gold to be bullish, and at this time not enough signs for the FED to begin tapering.

  3. #3
    Master Member Bogdan G's Avatar
    Quote Originally Posted by Michael Hodges View Post
    i am not sure if I follow your arguments. Is gold recovered in your opinion? I am still bearish on gold, I think there is a high probability that gold prices will retouch the lows from last month before putting in a bottom. There is just too much signs of stability for gold to be bullish, and at this time not enough signs for the FED to begin tapering.
    Yup, I'm definitely with you Michael on this one.

  4. #4
    Legendry Member milos's Avatar
    Click image for larger version.

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    Gold prices continued moderate growth moving close to a four-peak is reached at the end of last week.Price growth came after the IMF a report in which Russia and Kazakhstan increased their gold reserves for the seventh month in row.The RSI is showed bullish and it will go further in advance.If the breaks above 1398 it would have a strong bulish trend.
    1430 Fibonacci retracement (61.8%)
    1419 resistance
    1398 resistance
    1394 Last
    1377 support
    1354 support
    1337 support
    Last edited by milos; 05-27-2013 at 08:06 PM.

  5. #5
    Specialist Member runneroption's Avatar
    Thanks Milos! This is a nice coverage of the last Gold development. I am also bearish on gold now. The psychology behind Gold rise is already gone. Most of the gold buyers see now that the expected inflation and hyperinflation is not here and probably will never happen, that mean that there will exist many more profitable assets in the long run, and especially stocks, which historically always perform better than precious metals in the long run.

  6. #6
    Master Member Bogdan G's Avatar
    Quote Originally Posted by runneroption View Post
    This is a nice coverage of the last Gold development. I am also bearish on gold now
    I think he is bullish, but I cannot be very sure.

  7. #7
    Legendry Member milos's Avatar
    Gold prices fell as expected that the report will be published in USA and it shows the greatest recovery of the world economy.Growth driven by dollars signals of economic recovery reduce the likelihood of continued monetary easing which negatively affects the price of gold.

  8. #8
    Legendry Member Michael Hodges's Avatar
    sorry milos, it seems as if you are using a translation program or something, we're having a hard time understanding but I think you are saying that you are bullish on gold because you see a stronger dollar leading to no additional easing and possible tigtening of economic policy which will support higher gold prices?

    That could happen in the next 6 months to a year from now but I am still very bearish on gold. Today the prices retreated from the 1400 today resistance level in the pre market trading. . .

  9. #9
    Legendry Member Michael Hodges's Avatar
    sorry milos, it seems as if you are using a translation program or something, we're having a hard time understanding but I think you are saying that you are bullish on gold because you see a stronger dollar leading to no additional easing and possible tigtening of economic policy which will support higher gold prices?

    That could happen in the next 6 months to a year from now but I am still very bearish on gold. Today the prices retreated from the 1400 today resistance level in the pre market trading. . .

  10. #10
    Legendry Member Michael Hodges's Avatar
    Oh, and Milos, great job on Communitraders, you have been very busy and very profitable.

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