Quite possibly: positive manufacturing data out of Japan and Germany, time to cash in profits, talk of margins changes.
Some analysts are saying $1850 will show support, but if it breaks through then a bit of a corrections isn't out of the question. $1534 would be the bottom of a 20% correction if profit taking and positive economic news can push it down that far.
Gold settled at $1,861.30 USD today during regular trading hours. I guess it depends on if you want to watch the movements 24 hours a day. Some profit taking was bound to take place regardless.
If it drops back to 1600 AUD I'll be backing the truck up. I doubt we'll see 1600 but may see 16** AUD.
When it drops to 1600, normally ppl got greedy and waited for it to drop more and then it shoots up. Spread your purchase, don't try to call tops and bottom. Too hard.
The 5000 year history of Gold as a store of wealth is over rated. Its really hard to carry around in your wallet,credit cards are a better option. As a monetary unit its hard to duplicate in large quantity Its really not as reflective as Silver And it is totally over valued and overpriced. You have to dig really really large holes which present a health and occupational safety hazard. You can seriously stub your toes on a kilo bar,plastic money cause's no bruising. Personally i think when people wake up Gold will drop back down to its historical pre depression low of $20/Ounce. Its worthless accept it and move on. REDBACK
24 August from Martin Armstrong The bull market is not over long-term. The market will reveal its intent based upon the closings laid out.... http://armstrongeconomics.files.wordpress.com/2011/08/armstrongeconomics-gold-market-082411.pdf
1630 usd is the 50 day moving average... My guess is 1630-1670 range then consolidate for another move upwards
usd 1650 is a high probability scenario. i think it may try to run up to 1800, and go back to 1650. don't sell the physical though, sell the paper or hedge it
Still $300 USD over the 200 DMA... could go down further, but it's a big correction if it does. Right now I think Bernanke's speech will have more influence over the price than the technicals. Have a look at the Moving Average Convergence-Divergence (MACD) at the bottom of this graph: http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&yr=3&mn=0&dy=0&id=p49997353156 Essentially MACD represents as a trend how far away from the moving average the current price is. There was also a crossover signal (the blue histogram dipping below the line), but again I think Bernanke will be more important here. Disclaimed - I'm not a technical analyst.
I sold some .999 Au today with hopes of buyin some .9999 at a lower price. I'm crossing my fingers I hope the price will bottom out a lil close to $1600. I have a gut feeling that another margin increase is likely to happen.
