December Gold (GCZ7)

So far the sellers aren't having much luck with trying to push gold lower. During today's session, gold went down to 703 and only stayed there for about 10 minutes before physical buyers stepped in. Right now prices are back up to 710. Day 5 of yet another PM Fix over 700. At this point, I am beginning to suspect that 700 is a new floor for gold and we should still expect a breakout over 730 any day now...
 
Quote from ssblack:

Realist what is the correlation (if any) between Gold and the Yen crosses? USDJPY/EURJPY/GBPJPY.

Thanks for your insight.
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Not sure. I do follow gold priced in JPY/GBP/AUD/CND directly though. In the past week, gold has started to breakout in all major currencies priced other than US dollars. This development occured in the early fall of 2005 just as gold began a 9 month rise from $425 to $730...
 
Quote from Spectre2007:

gold wont move as much as it did in greenies days... bernie is a tightwad.
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i would like to believe that - but we will see very soon :)
 
NYMEX raising COMEX gold margins today. With only about 24hr. notice this is very interesting. Normally futures exchanges raise margin requirements when a certain product is expected to move higher and/or in a more volatile fashion.

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NYMEX to Change Margins for Gold Futures Contracts


NEW YORK, N.Y., September 12, 2007 -- The New York Mercantile Exchange, Inc. today announced margin changes for its gold and COMEX miNYTM gold futures contracts, effective at the close of business tomorrow.

Margins for the gold futures contract will increase to $2,500 from $2,000 for clearing and non-clearing members and to $3,375 from $2,700 for customers.

Margins for the COMEX miNYgold futures contract will increase to $1,250 from $1,000 for clearing and non-clearing members and to $1,688 from $1,350 for customers.
 
I'm being a bit more cautious here. Both gold and silver had outside reversals today and the closing candles on GLD/SLV indicate that a price reversal could be in the works. While cash gold hit close to 718 today, a rather large wave of selling soon commenced which pushed gold back down 10 points. Silver also hit the 12.75 wall for the 3rd time this week as well. On the continuous chart, gold came to within only a few points of hitting the May '06 active contract high. With Crude prices also reversing from 80 and the index equity markets looking much better from a technical standpoint, we could see more funds shifting and rotating now. I would be watching the 30/10-Year Bond for more clues in the coming week...
 
is more prone to move higher now than lower at this point. However, if a correction does ensue during the coming hours/days, then 693 looks to be the place for buying support to come in. 688 cash would come next however I think 690 will hold as long as the DX continues to trade under 80...


1. Oil future omv7

05:27:00 PM 79925 80350 78750 79100 -990 12799 7350

http://www.rjobrien.com/corp/quoteresult.php?txtsearchquote=qmv7&optquote=0&cbotopquote=0

2.http://www.rjobrien.com/corp/Charting.php?symbols=znz7

http://www.rjobrien.com/corp/Charting.php?symbols=ecu7

http://www.rjobrien.com/corp/Charting.php?symbols=zgz7


You stated about 688-693 support under condition "if going
down" .Ground was RSI

Do you think that RSI would true in this situaition ?
Only technicaly ?

Or development QMV7 ,ZNZ7,EC7 /depend from FED meeting/
would more decisive ?

Why qmv7 was down last day -1 % ,but zgz7 not ?


Your respectfully
 
Quote from Realist:

I'm being a bit more cautious here. Both gold and silver had outside reversals today and the closing candles on GLD/SLV indicate that a price reversal could be in the works. While cash gold hit close to 718 today, a rather large wave of selling soon commenced which pushed gold back down 10 points. Silver also hit the 12.75 wall for the 3rd time this week as well. On the continuous chart, gold came to within only a few points of hitting the May '06 active contract high. With Crude prices also reversing from 80 and the index equity markets looking much better from a technical standpoint, we could see more funds shifting and rotating now. I would be watching the 30/10-Year Bond for more clues in the coming week...
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lot of thinktanks, project out probability scenarios, 25 basis only. Thats why your seeing gold tank.
 
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