http://www.sharpspixley.com/comment/gold-poised-for-a-big-move-/88582 The Greek referendum decision has thrown financial markets back into turmoil and not uncharacteristically gold has stoically stood its ground and pondered - rarely shaken by sudden news as it is. Another interpretation is that gold has some large and powerful forces acting upon it which are presently cancelling each other out. Those forces are phenomenal flows of investment money into gold reflected by a surge in demand for ETFs and physical bars on the one hand - and the negative impact on gold from a stronger dollar (the corollary to a weaker Euro on the freshly announced Greek referendum). So, its safe haven status against dollar strength - two traditional and powerful drivers of the gold price at odds with each other The question of which side wins out remains to be seen. Certainly at Sharps Pixley we are seeing some fantastic flows of money into bullion bars and it is tempting to view the market through that particular eyeglass. Gold is presently marginally weaker this morning trading at $1708 and it will be interesting to see what happens this afternoon when the US market opens. The sell-off in gold from record highs in early September was marked by a massive long liquidation by that impatient and unruly group, the futures traders on COMEX in the US. This last Friday it was seen that the futures traders were re-building their positions (see chart below - with thanks to Reuters) which marks an important shift in sentiment. Our view is that gold is poised for a move significantly higher as the Greek tragedy has not yet fully played out yet the safe haven role will prevail as the key driver of gold prices as investors seek a lifeboat in a crisis. It is worth remembering that if you could sell all of the world's annual gold production at current prices then it would give a 'market cap' equivalent to the value of Vodafone. In short, the gold market is SMALL and easily driven one way or another. It will be interesting to see how those counter-vailing forces play out in a market that has by tradition remained comparatively un-flustered by news events... but it is clear which way the prevailing wind is coming from. Source:
Your very right there mate your looking at a move up to $1830.50 then you will get a little retracement of 1 or 2 days. But there will be massive resistance at $1918, watch out for a false break through though. If you see it push through strongly for 2 consecutive days. Well then the next resistance point is $1959.60 BUT if it cant get past the 50% mark of the previous run up which $1754 which is also the top it made on the 28/10/11 then we will see more of a run down. Well thats what i have gathered anyway from my analysis i have being doing I do my own charting of the markets but more so curriencys and stocks
Oh and hiho that 1/2oz coloured dragon arrived today and i left positive feedback. Next day delivery i love it lol
"The most accurate forecasters say gold will rebound from its biggest monthly plunge since 2008 and reach a record by March because economic growth is stagnating and Europe's debt crisis is unresolved..." http://www.businessweek.com/news/20...see-rally-to-record-by-march-commodities.html
Congratulation on doing your own charting. However, for my own information, how accurate have you been over the last 12 months?
My bro in law reckons he can read the future too, but he isn't rich yet either. (Not saying you're not rich Silver, you might be). Give us poor peasants a few tips will ya?
I can't see how charts can predict the future when the future these days seems to depend on unexpected announcements?
Charting is recording of facts that have already occurred. The battle between the bulls and the bears. Don't know how that tells you what is going to happen tomorrow, or the day after that.
