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Gold going up this year?

Gold already break 100 days MA line liao, If they cannot hold on the 200 days MA, which is at about 815USD, I think it will be a start of bear on gold..

 

Gold is dropping its weight!

LilyLi      ( Date: 21-Apr-2008 09:42) Posted: I will skip gold totally this year. It's too drummed up by speculators. Prefer AUD and Euro.

 

03:13 02May08 -UPDATE 7-Gold drops to 4-month low below $850 as dollar jumps

(Updates with New York closing prices, market activity)

By Tamora Vidaillet and Atul Prakash

LONDON, May 1 (Reuters) - Gold ended lower after hitting a four-month low below $850 an ounce on Thursday, as a sharp rise in the dollar lowered gold's appeal as an alternative investment and triggered a sell-off in precious metals.

Silver and palladium hit three-month lows, while platinum shed 3 percent to a one-month low below $1,850 an ounce.

Gold <XAU=> fell as low as $847.10 an ounce after initially rising to a high of $881.30. It was last at $850.25/851.65 by New York's last quote at 2:15 p.m. EDT (1815 GMT), against $864.65/866.05 in New York late on Wednesday.

"I think $850 is enough for now, but longer-term I expect to see (gold at) the 200-day moving average, currently at $822, before the correction will be complete," Simon Weeks, managing director of precious metals at Bank of Nova Scotia, said.

"Sentiment has been bearish for a while, but it's time to take a breather around this level before moving lower again. We see some physical and technical buying, but I think there will be better bargains in the coming days."

Precious metals came under pressure mainly because the dollar rose to five-week highs against the euro after a key U.S. manufacturing index for April came in slightly better than expected.

A firmer dollar makes gold costlier for holders of other currencies and often lowers bullion demand. Falling oil prices also hit gold, which is viwed as a hedge against oil-led inflation.

U.S. crude oil futures <CLc1> ended down 94 cents at $112.52 a barrel. Crude hit a session of $110.30 a barrel, then rebounded on news of a supply disruption in Nigeria.

"There is a certain investor fatigue that has crept in the market in the last few weeks and I think it is going to take a bit of oomph to get it going again," said Stephen Briggs, economist at SG Corporate and Investment Banking.

ETFS SUFFER

U.S. gold futures ended sharply lower, with the active contract for June delivery <GCM8> settling down $14.20, or 1.6 percent, at $850.90 an ounce.

Dealers were concerned about a drop in bullion holdings in StreetTRACKS Gold Shares <XAUEXT-NYS-TT>, the world's largest gold exchange-traded fund, to 580.45 tonnes as of Wednesday, down nearly 10 percent in the last 10 days.

"We have fallen through a couple of support levels," said Tom Kendall, metals strategist at Mitsubishi Corporation.

"There is more downward potential. We have got quite a lot of data out of the U.S. over the next two days and that will determine where the dollar goes from here in the short term."

In industry news, Gold Fields <GFIJ.J> said it had suspended some operations at its South Deep mine in South Africa after an accident killed nine contract workers. [ID:nL01737437]

Spot platinum <XPT=> fell below $1,850 an ounce before last quoted at $1,860.50/1,880.50 an ounce, against $1,906/1,921 late on Wednesday in New York.

Silver <XAG=> fell to a low of $15.97 an ounce and was last at $16.19/16.25, versus its previous finish of $16.60/16.65. Spot palladium <XPD=> was at $406/414 an ounce after falling to a low of $397, against $410.50/418.50 late on Wednesday in the U.S. market.

(Additional reporting by Frank Tang in New York; Editing by David Gregorio) ((frank.tang@thomsonreuters.com; +1 646 223 6126; Reuters Messaging: frank.tang.reuters.com@reuters.net)) Keywords: MARKETS PRECIOUS

Friday, 02 May 2008 03:13:22RTRS [nL01286614] {C}ENDS

 

Now people dun want, US trading @$83.70 right now, I am sure tomorrow GOLD will open -$2.00. Wish you luck....I will be monitoring GOLD too, but not getting in as yet.

ozone2002      ( Date: 01-May-2008 22:36) Posted: the more people don't want ... i want.. the more people want.. i don't want... adopt this strategy ..u will see ur returns exponentially increase..

 

this is traded in US$

so price rises, but US$ drops so the gain we get out of this not much

 

the more people don't want ... i want..

the more people want.. i don't want...

adopt this strategy ..u will see ur returns exponentially increase..

 

Bull on Gold? An Insight. Happy reading.


http://www.prudentbear.com/dmdocuments/Gold.pdf 

 

Yoh, full of crisis leow. Ban Bird Monkey going to reduce further qtr pts rate, to 2 %?? Big wok, IMF forecasted US consumers price inflation at 3 % this yr. It means that the real rate of interest for the Fed Rch funds rate is now negative. No good for inflation control loh. BT said.

AK not an expert to analyse the abovementioned and give advice. Lost ah. 

 

Gold is political metal. Just ask yourself, Have alltthe crises over the hill. Our Tony Tan predict one of the worst recession. This is not to be taken lightly.

Right now gold is haveing correction, when next wave start this will take gold to 1600,

If you think tonite rate cut is last one, wait till more data to scare the dow of of you.

I believe we see 1% to be any effective for the crises, and it is more too late ,

Have vested, will buy more if it hitm 850 big time , buy silver for max gain.DYODD..personnal vested heavily.

freeme      ( Date: 30-Apr-2008 16:31) Posted: Is there a possibililty the end of Bull run for Gold? I take a look at the chart, it had fell below 50 days MA...

 

Is there a possibililty the end of Bull run for Gold?

I take a look at the chart, it had fell below 50 days MA...

 

Bird Flu, depends which country loh. Indon dragged for a yr, no body care. Ha! now Spore HFMD loh. Oh no, today's Zao Bao, pse see the carton casted, its cute leh. Simply the latest fear is the unauthorised importence madicine in the market. Worst loh, my daughter and son staring at me when news broke off in TV on the recent case. So ambarassing, they don't thrust dady, ah yah.

 

Agreed with you. Thinking entry point at 850USD. It has been dropping for the past few days.

 

Good entry points: US$873, then US$850.

Commodities prices will go higher, no matter what the US$ does," top investment guru Jim Rogers said.

Most of the time, gold is inversely correlated with US$. But, sometimes it's correlated.

zhuge_liang      ( Date: 04-Apr-2008 00:33) Posted: Gold rebounded off US$872.90. US$873 was its previous intra-day high set in 1980. The next support is around US$850 (closing price that day). These should provide good supports. Don't worry too much. I think gold may reach around US$1200 this year. Long term, it's will go even higher. When stocks selldown, there's a switch from commodities to stocks. When commodities selldown, there's a switch from stocks to commodities. Always switching here and there. Besides, gold is a hedge against inflation and weak US$.

 

AK, bird flu, extremely natural disasters?

AK_Francis      ( Date: 26-Apr-2008 19:02) Posted: The basic principle is that once crisis crunch subsided and USD strengthen, then gold no more a golden bowl leow. Gold price up because it was otherwise. No in reciprocate it should be the same logic as well, unless, there is unforeseen circumstances loh, such as Iran accidentally fire one nuclear missle to no where, more global oil pipelines were sabotaged owing to Niegiraia effect, election rally's areas bombed, casuing heavy casualties, including VVIPs........what else?

 

The basic principle is that once crisis crunch subsided and USD strengthen, then gold no more a golden bowl leow. Gold price up because it was otherwise. No in reciprocate it should be the same logic as well, unless, there is unforeseen circumstances loh, such as Iran accidentally fire one nuclear missle to no where, more global oil pipelines were sabotaged owing to Niegiraia effect, election rally's areas bombed, casuing heavy casualties, including VVIPs........what else?  

 

any shifu to advise wat's the "best" entry price?

 

Thanks AK. thinking to accumulate for e long run. :)

 

Crisis crunch more or less perceived that its over and global markets are awakening, though with energy and foods crisis posted threat to world enconomies. Hence, be cautious, trade with your own means leow. Short term trade overweigh long term at this moment, AK views only.

 

anyone knows why this counter keeps dropping?

 

support ard $880 (spot).. US$ is SHIT..don't believe what you are hearing now US$ is fools' gold.., accumulate real gold to hedge urself against currency devaluation