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Thread: Gold Daily Analysis

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    Default Gold Daily Analysis

    Gold: Gold dropped the most since October as a rout in global equity markets prompted investors to sell precious metals to raise cash. ``Everybody is tightening credit,'' said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago. ``This is a liquidity crunch, and people are selling what they can raise dollars from, and they can do that with metals.'' Investors sold metals to raise funds for margin calls as losses in equity markets mounted. Investors are buying U.S. Treasuries instead of gold, analysts said. Two-year yields fell to the lowest in 22 months. ``The public is not turning to gold but rather Treasuries as the equity markets get pounded,'' said Ralph Preston, senior market analyst at futures brokerage Heritage West Financial Inc. in San Diego. Some investors traditionally buy precious metals to hedge against turmoil in financial markets, analysts said.

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    Default

    what is minimum amount required for trading gold?

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    Default

    i nedd to know too..

    where minimum balance....???
    please tell...

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    Default

    from today levels 945 we start to recover maybe more than 1000

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    bisaddkunlevics
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    Gold's fall extended further to as low as to as low as 865 last week but before recovering mildly after drawing support form 55 weeks EMA at 865.62. Though, as mentioned before, corrective from 1007.7 is still in progress and should extend further towards 100% projection of 1007.7 to 882.7 from 967.8 at 842.8 as long as 911.8 support holds. Though, strong support should be seen above 801.50 cluster support and bring strong rebound. Above 911.80 will be the first signal that correction from 1007.7 has completed and will put focus back to 967.8 resistance for confirmation.

    In the bigger picture, the break of 882.7 indicates that fall from 1007.7 is still in progress. The time and scale of such fall and with daily MACD staying negative suggests that rise from 681 has completed at 1007.7 already. Current fall from 1007.7 could either be correcting rise from 681, or indeed be part of the consolidation that started at 1033.9. Though, we're slightly favoring the former case at this point. In either case, further fall could be seen to 801.5 cluster support (61.8% retracement of 681 to 1007.7 at 805.8 ). Break there will bring test of 681 low. Meanwhile, above 967.8 resistance will confirm that fall from 1007.7 has completed and bring retest of 1007.7/1033.9 resistance zone.

    In the long term picture, as mentioned before, Gold's long term up trend from 260 is still in progress. Break of 1033.9 will confirm that such up trend has resumed and should target 61.8% projection of 260 to 1033.9 from 681 at 1159 next.

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    Present rebound fm 969.40 suggests
    corrective decline fm 988.70 has formed a temp.
    low there, consolidation with upside bias wud be
    seen n abv o/head res at 978.50 may extend gain to
    982/983,

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    Gold just blipped through resistance at 987 but retreated quickly all the way to 972.60.

    The lower close at the days lows does suggest short term weakness. However the correction lower will be viewed by buyers as an opportunity to jump back in to this market at better levels. 967 is the next level of support and if this fails to halt the slide we should head for 962 to 961.30. This is where buyers should be ready and waiting to tackle the sellers and push the market back in to its up trend. 1006.25 is the target that buyers are aiming for in the longer term.

    If

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    can one trade gold on the fxopen platform?
    OSAWE EMMANUEL OSAWARU

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    Quote Originally Posted by OSAWE03 View Post
    can one trade gold on the fxopen platform?
    Yes, you can trade Gold and Silver in fxopen through the metatrader interface. Look for "GOLD" "SILVER" and not "XAUUSD" or "XAGUSD" that you may see in other brokerages.

    FXopen gives a variety of choices to trade. They are even testing many other commodities (e.g. oil) and indices, in the Demo version. I expect them to open out trading in them in due course. I see a big future for FXopen.

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    everybody said 1200 $ for gold but i think USD will rebound from here (checkout the USD index)

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    Default

    USD rebounding after the FOMC statement

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    Default

    i'm long now until 936.86

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    I expect Gold to FALL back to $800 from here, since IMF has just announced they will be selling Gold worth at least $13 billion. There are other minor indicators too. Unless there is a strong reason it is perhaps not wise to go Long in Gold, until the uncertainties are cleared.

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    yes you right and i agree with your comments , and thanks for sharing this with us.......

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    a quick thought:
    GOLD became very overbought in the recent days/weeks, and my charts suggest a bigger correction or pullback from this level, expect it to be about 30-50$ or more.
    IF you look the RSI values, they all line up nicely on the larger TFs, all pointing toward this correction. In the near term might have some rise, RSI is a great tool, but a bit laggard, so, you might like to use some faster indicator like Stoch to time the entry, or my suggestion would be to take a smaller initial position with a chance to add to it a bit about every 5$ or so move, and ride it as a larger when it turned.
    As cautiion make sure you can stay in in case if price first test 1200$ level, so, dont go too large to avoid margin call.
    Have a great trade!

    Update: there was a sudden strong fall, about 60$+ in a short period of time. Shorts after this call did indeed made nice profit.
    Last edited by lizerzoltan; 12-03-2009 at 04:17 PM. Reason: update

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