Gold Price - Where is it heading?

[CamKawa]

A look at the six month chart gives a clearer idea of gold's over all momentum.

Yes I agree the momentum and fundamentals still look good. It's just that in the last month it's been on for young and old.

 

[Kauri]

How did your POG short go Kauri ? ......... saw 898 on the streamer .

Heinekin ashy and my vinocators had me out at around $900... will wait and watch to see if it reloads..
Cheers
..........Kauri

 

[Miner]

Gold demand revives as prices dip


Wed Feb 13, 2008 2:22pm IST

(Reuters) - India's gold market continued to see modest sales on Wednesday after price falls revived some demand the previous day, but dealers said, most buyers were waiting for bigger falls.

"There is some buying interest as gold is trading below $900 an ounce level," said a dealer in a large private bank. "There were some sales yesterday also."

Demand has largely remained subdued, since a rally to all-time highs started late last year, and even the current wedding season has only sparked moderate sales.

But price falls could trigger good buying as weddings are expected throughout till the end of May, dealers say.

On Wednesday gold was down nearly 4 percent from its all time high level of $936.50 an ounce touched on Feb. 1. In the local market prices were still above the psychological 11,000 rupees per 10 grams.

A wholesaler in Hyderabad, Chanda Venkatesh, said bits of buying took place the previous day but now people were cautious as prices have continued to fall.

"Yesterday people bought medium quantities around $905 levels," Venkatesh said. "They will come back to the market if prices fall to around $863."

Another wholesaler, Lokesh Agarwal of Brijwasi Traders & Bullions Pvt Ltd in Lucknow, said scrap sales were still on, due to which, demand for imported gold was low.



© Reuters 2008 All rights reserved

 

[So_Cynical]

This should be good for the gold price

Quote:Venezuelan company cuts off Exxon oil

Venezuela's state oil company says it is suspending commercial relations
with the US-based oil giant Exxon Mobil and will no longer sell it crude oil.

http://www.abc.net.au/news/stories/2008/02/13/2162153.htm?section=justin

 

[explod]

Yes I agree the momentum and fundamentals still look good. It's just that in the last month it's been on for young and old.

And that is a key indicator, increased volatility and volume. For every seller there is a buyer. An aspect of charts sometimes overlooked is that of momentum. Most large corrections are proceeded by lower volume and some lack of interest so to speak.

I think it was Uncle Festivus who made a point to me mid last year regarding gold, "few investor's have noticed yet so in the bigger picture the bell for the start of the game has not yet sounded" Maybe this is the ringing of the bell.

The economics for gold to take off soon have certainly formed of late. When news reports are hinting at more US Fed rate cuts we may soon see. As some one else here said a few weeks ago, a few more cuts and oopps.

 

[Kauri]

a slight contrarian view??? but trading on the short frame..5mins.. allows that.. ..

 

[Kauri]

Buffett has ridden in on his white horse and slain the fire breathing recessionary dragon..( although really he has only carved off a chunk of prime rump and left the stinking carcass for others to deal with)..
Rumours of a European bank in financial pressure/strife..
and data showing India not buying gold ( still getting trotted out)..
so down gold goes...
for now...
Slanty
.............Kauri

How does one start one of these rumours? ::

BaryernLB... or maybe IKB.. maybe both... maybe neither...

 

[Kauri]

the 905ish area seems to be important S/R...
Cheers
........Kauri

 

[explod]

the 905ish area seems to be important S/R...
Cheers
........Kauri

On the button by the look. Wont' tire you with another chart but steady to 908. Maybe a correlation with Incitec Pivot, a lot of money in crapola. In fact the turds have been flying across oceans as so aptly you shine the torch Kauri.

Cheers explod

 

[Kauri]

well that one didn't fare too well... back to the drawing board..
Cheers
..........Kauri

 

[barrett]

Some critical support here at 895-900. A break would set a cat among the sell stops..

 

[Kauri]

back in for another bite..
Cheers
...........Kauri

 

[barrett]

A closeup of the pointy end.. crunch time! This and the last chart were hourlies

 

[Kauri]

A closeup of the pointy end.. crunch time! This and the last chart were hourlies

That 905 line seems to be drawn in stone... a good break through there may be interesting

 

[ithatheekret]

I was looking at the charts earlier and wondering if 886 area was the new foundation area to build from , COTs reports might help to clarify , but I'm sure we'll see record or near record shorts . Be nice to see a short squeeze .

 

[Kauri]

I was looking at the charts earlier and wondering if 886 area was the new foundation area to build from , COTs reports might help to clarify , but I'm sure we'll see record or near record shorts . Be nice to see a short squeeze .

had to reorganise my abc's on the 60... but still daring to look for an 856'ish on the dailies..

 

[ithatheekret]

Do you get anything showing between 886 and 892 ?

 

[Kauri]

managed to pull something out of that.. I'm off for an early night..
Cheers
...........Kauri

 

[ithatheekret]

See what happens when you stick your thumb in .

 

[Kauri]

See what happens when you stick your thumb in .

you spying????
have a good one.. seeya
Cheers
.........Kauri