gold red. whats the target if this blows over

Quote from sumosam:

gold is at a double bottom...at support. may likely see a pop up to $800 or even $850....hope this happens as it would be a great short entry.

see gold at $600 and usd at 87.

not sure if this is the time to enter a short
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Double bottom at 740?

I see a double top, triple top if you use a bit more imagination. ;)

It's currently testing support at 768. I don't think it'll hold so next target is what? 740 for the double bottom?
 
Hi,

I just started with this post on GOLD, please comment your take on this post.

Here is my take on gold short term 1-2 weeks, it will trade in the band $760 - $810 based on these 3 links given below

1) storing dollar
2) hedge funds forced unloading as part of delevarage

Dollar soars to 20-month high; euro drops vs yen
http://www.reuters.com/article/hotStocksNews/idUSTRE49D12L20081021

Gold falls for seventh day on funds liquidation
http://www.marketwatch.com/news/sto...E4BC11-FD94-4FA5-9726-B3D758BD84F5}&dist=news

Freaky Friday Part II - The Big Roil
http://www.kitco.com/ind/nadler/oct172008A.html

Cheers
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http://goldnews.bullionvault.com/gold_mining_supply_demand_102120083
"We believe the normalization of money markets should support precious metal prices as liquidity returns," says Walter de Wet for Standard Bank in Johannesburg, "[but] a strong Dollar would make large price rallies difficult to sustain."

The $3 trillion now promised by major world governments to shore up their domestic banks continued to reduce money-market interest rates on Tuesday.

The gap between 3-month US Treasury yields and London's inter-bank lending rates dropped to 3.15%, down from the record 4.50% hit at the start of last week. Interest rates on so-called "commercial paper" – meaning short-term debt issued by corporations – fell to a four-month low in New York.
 
I don't understand the current support for the USD? Most of the other developed nations are taking similar measures to protect the depository institutions!
 
Quote from Juzmister:

I don't understand the current support for the USD? Most of the other developed nations are taking similar measures to protect the depository institutions!
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Because we're finding out that the european problems are worst than ours and there is more uncertainty there.
 
Deposits are secured in Australia? (soon to change as Rudd is a complete retard) I can see the lack of support due to decreased commodity demand, but the fall seems a bit out of whack?
 
i didn't understand one thing-if everyone is selling the gold, then-where is it?
where is f* coins?
it is impossible to buy them in USA.
or general public is betting on end of the world and buying it like there is no tomorrow just to be f*d one more time?
 
Gold is finding support at the prior low of 739. I exited my short and reversed to go long. A double bottom is forming. Target is around 870 (50% retractment from the high).
 
Quote from Bob111:

i didn't understand one thing-if everyone is selling the gold, then-where is it?
where is f* coins?
it is impossible to buy them in USA.
or general public is betting on end of the world and buying it like there is no tomorrow just to be f*d one more time?
More...

I assume you know all this selling is "paper gold= gold future contract " not the actual coins.
gold future contracts are much large in quatntity than gold coin trade similar to crude oil contracts vs. actual oil.
so you are right , nobody in this situation buys gold coins in USA, but all these Hedge funds selling ( forced ) gold contracts is the selling pressure
 
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