SEP 03
Gold gained in front of Mr. Bernanke’s Jackson Hole address and held on to these gains after. Mr. Bernanke did commit to assist from the Feds and offered my tools and policies that he was willing to offer, but did not make a commitment or a guarantee or suggest a date, leaving markets waiting until the September 13th FOMC meeting.
There are several stories that are upsetting the markets and should weigh on the euro and gold over the next few days.
Germany’s Merkel is rumors to have asked Italy’s Monti to refrain from requesting a bailout until a later date. The efforts by Merkel are reportedly aimed at calming an internal crisis at the Bundesbank, whose central bank chief, Jens Weidmann, is strongly opposed to any action by the European Central Bank to buy Spanish or Italian government bonds. German newspaper Bild reported in its online edition on Friday that Weidmann has been considering his resignation in recent weeks.
Gold is trading at 1667.25 adding a few dollars since Mr. Bernanke’s speech, as markets are betting that we will see stimulus at the next FOMC meeting and also at the September 6th ECB meet.
There are several stories that are upsetting the markets and should weigh on the euro and gold over the next few days.
Germany’s Merkel is rumors to have asked Italy’s Monti to refrain from requesting a bailout until a later date. The efforts by Merkel are reportedly aimed at calming an internal crisis at the Bundesbank, whose central bank chief, Jens Weidmann, is strongly opposed to any action by the European Central Bank to buy Spanish or Italian government bonds. German newspaper Bild reported in its online edition on Friday that Weidmann has been considering his resignation in recent weeks.
Gold is trading at 1667.25 adding a few dollars since Mr. Bernanke’s speech, as markets are betting that we will see stimulus at the next FOMC meeting and also at the September 6th ECB meet.
Elliott: support in a triangle up 1677.07
Uptrend is still intact in a triangle configuration.
Uptrend is still intact in a triangle configuration.
It should continue to rally to 1695.47 or 1708.20
if support around 1677.22 hold.
After which a pullback to
1677.22 - 1669.26 zone is possible.
if support around 1677.22 hold.
After which a pullback to
1677.22 - 1669.26 zone is possible.
YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
King Regards
