Gold could reach 1482. The assumption is based on the fact that the price forms higher lows i.e. positive trend. Moreover, there is an investor demand as the volume during the extremely positive session on Wednesday was far bigger than average.
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Comments
Goldmine2013
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Everyone seems to think, gold is finished....they're not tapering....they're raising the debt ceiling.....why would gold go to 1200....it should be in 2000's....but ...the powers that be with unlimited money to short the shit out of this fake paper gold..., at 1200....most miners are dead IMO ....even the ones with low operating costs....are dead....shares will be worth nothing...check out BAA for an example of what's happening with low cost producers....
LEONES
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I don't think it is going to move so high. Consolidation for two weeks and then move down to 1200
sunny
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consolidation from here means up a little bit, right? thanks
LEONES
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yes 1320-1360 range, this is what I think.
Bou_zid
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hi sunny,
hope you did take profits at 1350. following big movers ain't helping. now gold seems more attractive to get. but more collapse should occur. we stay in touch. good trades
sunny
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I ended up getting out with a small profit because I closed all my trades. I haven't traded gold in at least a few days.
Thanks for the update
Bou_zid
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small profit is better than nothing. if gold still under the 1300 level, next target could be 1276. so if you are a gold lover maybe it's time to reconcidere new long position. now i can agree with you . trade safe
sunny
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do you think the run up in gold after FOMC was short covering? today's price action makes me think we're going all the way back down and maybe lower than 1300 next week.
Bou_zid
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i agree with sunny. gold at this price still very expensive. dollar is in its way to be appreciated. so i "d rather see an other drop in gold . 1277 & 1360 could be the next trading range for gold.
sunny
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Seasonally it should be a good time for gold but there are strange market forces pushing this around. I wasn't paying attention to the fed speeches on Friday and orders hit so I'm long at 1335. Can't wait to see what happens at the open after the weekend.