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  1. #1
    Junior Member

    Gold inches up as Fed officials downplay stimulus wind-down !!!

    Spot gold rose 0.2 percent to $1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday

    Gold edged higher on Tuesday as the dollar weakened after two top Federal Reserve officials downplayed an imminent end to monetary stimulus.

    Bullion is still down more than 7 percent since the start of last week due to worries over an early end to the Fed's USD 85 billion monthly bond purchases and a cash crunch in China.

    Fundamentals

    * Spot gold rose 0.2 percent to USD 1,283.55 an ounce by 0018 GMT. It fell around 1 percent on Monday, extending last week's 7 percent slide as fears of a cash crunch in China spooked investors, and a slide in US equities prompted bullion selling to cover margin calls.

    * Comex gold rose USD 6 to $1,283.10.

    * Last Wednesday, Federal Reserve Chairman Ben Bernanke gave his most explicit signal yet that the US central bank was considering scaling back its USD 85 billion per month of Treasuries and mortgage-backed debt purchases.

    * On Monday, Minneapolis Fed President Narayana Kocherlakota said investors were wrong to view the central bank as having become more keen to tighten policy than it was before last week's policy meeting.

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  2. #2
    Legendry Member Michael Hodges's Avatar
    First, advertise your blog on the right page, .... I don't think its time to get bullish on gold, the economy is improving, the new consumer confidence numbers and exiisting home sales are another bullish read this week. Tapering should be expected and that, to me, should put gold lower. $1280 is providing resistance and should be watched closely.

  3. #3
    Legendry Member milos's Avatar
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    Gold price continues to move in the vicinity of the lowest price in the last two and half years.Last week's price decline was dropped earlier this week and the price of this precious metal has entered a consolidation.During the Asian trading session price continue to recover and grew by 0.36%. Gold continued to move in the consolidation.Uncertainty about future monetary policy of the Federal Reserve continues to keep investors to considerable doubt.Gold has traditionally been the role of protection against inflation and the possibility of reduction monetary stimulus affects it's price.
    Key level
    1375 resistance
    1347 Fib retracement(61.8%)
    1326 pivot points
    1280 last
    1270 support
    1244 support
    1230 support

  4. #4
    Veteran Member hchandra's Avatar
    Gold price keep moving down,
    will the 1180 - 1200 area reached in the future?
    Click image for larger version. 

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  5. #5
    Active Member rongold's Avatar
    Spot Gold is at $1223 now and it moves down. Strong selling presure indicates a greater than anticipated downtrend. I have to change my mind from gold bull to gold bear but I won’t because sooner or later we will reach the bottom. It looks that it could be sooner than expected from most experts and it will be a surprise for the crowd when happen but that is the nature of the markets – overshooting in both directions!

  6. #6
    Senior Member dorrian's Avatar
    Quote Originally Posted by rongold View Post
    Spot Gold is at $1223 now and it moves down. Strong selling presure indicates a greater than anticipated downtrend. I have to change my mind from gold bull to gold bear but I won’t because sooner or later we will reach the bottom. It looks that it could be sooner than expected from most experts and it will be a surprise for the crowd when happen but that is the nature of the markets – overshooting in both directions!
    Gold is in Clear bear market and the downside potential is bigger than upside potential. I entered a long position on gold at 1225 only to test your idea that it will be a support level in short term.

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