One more dip to 1266.09 - 1256.58 is likely followed by a grind
higher to 1282.59 - 1289.58. After which it can resume its downtrend.
GOLD SWIFT SIGNALS
higher to 1282.59 - 1289.58. After which it can resume its downtrend.
GOLD SWIFT SIGNALS
https://www.facebook.com/swiftsignals
GOLD PRICE losses for the week widened sharply Friday lunchtime in London, with gold's drop below $1300 per ounce suddenly extending a further 1.8% inside two minutes on a large sell order in what had otherwise been a quiet futures market.
The gold price dropped through $1300 on Thursday as news broke of a deal, apparently offered to President Obama by House speaker Boehner, to avoid next week's US debt ceiling deadline forcing a technical default on Washington's debt.
Sinking to a 3-month low of $1263 as the start of Friday's US trading drew near, the gold price was set for its lowest end to the week since July 5th.
"With the US equity markets seemingly giving the prospect of a US debt deal credence by the magnitude of the rally,"
"a large portion of the [gold futures] marketplace bought into 'hope' of a deal," with the price falling $15 below the $1300 level.
"Investment funds are staying clear and even the most die-hard bulls are having problems coming up with a reason to buy gold, given its totally lacklustre performance as of late."
"The path of least resistance appears to be lower for gold," says a note from investment bank HSBC.
"There is a very well defined bearish trend line with five touches," said fellow London market maker Scotia Mocatta overnight, "which comes in at 1322 today."
Gold price premiums in India - the world's largest consumer market until anti-import rules hit supply this year - jumped sharply this week, rising 8-fold to $40 per ounce above London benchmarks, according to the All-India Gems & Jewellery Trade Federation.
"There is no official gold available"
"People are not willing to sell their old jewellery" at the current gold price below $1300, he added. "Availability is largely unofficial [ie, black market] metal, which is being sold into market at a lower rate than the prevailing premium
Gold was on course for a second weekly decline on Friday as signs the U.S. budget impasse might be heading towards a resolution lifted the dollar and curbed the metal’s safe-haven appeal. Republican lawmakers, who have not passed budget funding, on Thursday offered a plan that would extend the U.S. government’s borrowing authority for several weeks. If accepted by Democrats, that would hold off a U.S. default that could occur as soon as Oct. 17. The last time there was high tension over talks to lift the U.S. debt ceiling, in 2011, gold hit record highs. But this year sentiment towards bullion is much less positive and it has held in narrow ranges during budget talks over the past week as investors saw little chance the ceiling would not be raised, analysts said.
The metal has lost a fifth of its value this year on expectations the U.S. Federal Reserve will end its stimulus program which has kept interest rates low and stoked inflation fears. The gold holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.2 percent, or 1.80 tonnes, to 896.38 tonnes on Thursday. That marked a fresh four-year low. The ETF, seen as a good measure of gold investor sentiment due to the amount of bullion it holds, has seen outflows of about 400 tons this year.
GOLD CHART
GOLD PRICE losses for the week widened sharply Friday lunchtime in London, with gold's drop below $1300 per ounce suddenly extending a further 1.8% inside two minutes on a large sell order in what had otherwise been a quiet futures market.
The gold price dropped through $1300 on Thursday as news broke of a deal, apparently offered to President Obama by House speaker Boehner, to avoid next week's US debt ceiling deadline forcing a technical default on Washington's debt.
Sinking to a 3-month low of $1263 as the start of Friday's US trading drew near, the gold price was set for its lowest end to the week since July 5th.
"With the US equity markets seemingly giving the prospect of a US debt deal credence by the magnitude of the rally,"
"a large portion of the [gold futures] marketplace bought into 'hope' of a deal," with the price falling $15 below the $1300 level.
"Investment funds are staying clear and even the most die-hard bulls are having problems coming up with a reason to buy gold, given its totally lacklustre performance as of late."
"The path of least resistance appears to be lower for gold," says a note from investment bank HSBC.
"There is a very well defined bearish trend line with five touches," said fellow London market maker Scotia Mocatta overnight, "which comes in at 1322 today."
Gold price premiums in India - the world's largest consumer market until anti-import rules hit supply this year - jumped sharply this week, rising 8-fold to $40 per ounce above London benchmarks, according to the All-India Gems & Jewellery Trade Federation.
"There is no official gold available"
"People are not willing to sell their old jewellery" at the current gold price below $1300, he added. "Availability is largely unofficial [ie, black market] metal, which is being sold into market at a lower rate than the prevailing premium
Gold was on course for a second weekly decline on Friday as signs the U.S. budget impasse might be heading towards a resolution lifted the dollar and curbed the metal’s safe-haven appeal. Republican lawmakers, who have not passed budget funding, on Thursday offered a plan that would extend the U.S. government’s borrowing authority for several weeks. If accepted by Democrats, that would hold off a U.S. default that could occur as soon as Oct. 17. The last time there was high tension over talks to lift the U.S. debt ceiling, in 2011, gold hit record highs. But this year sentiment towards bullion is much less positive and it has held in narrow ranges during budget talks over the past week as investors saw little chance the ceiling would not be raised, analysts said.
The metal has lost a fifth of its value this year on expectations the U.S. Federal Reserve will end its stimulus program which has kept interest rates low and stoked inflation fears. The gold holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, dropped 0.2 percent, or 1.80 tonnes, to 896.38 tonnes on Thursday. That marked a fresh four-year low. The ETF, seen as a good measure of gold investor sentiment due to the amount of bullion it holds, has seen outflows of about 400 tons this year.
GOLD CHART
We’ve reached our support as listed last night of
1263-1273 with a 1259.80 print low and current 1266. Additional support
lies at 1248-1252 .
Resistance is now the 1277-1287 area in gold. The potential to drop towards the next key support around the 1222
area can’t be eliminated for next week. In summary the trend remains
down in gold into next week. As you can see by the chart, we’ve reached
an important purple support line with the low of friday and that should
provide support for now.
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1. Open your account HERE
2. Send me your MT4 trading account number and email address
3. Send me your Paypal or Moneybookers account number
If you do not have a Paypal or Moneybookers account,
please click on one of the links below to open your free account today.
Moneybookers
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You will be paid $10 per standard lot of Gold traded and
all payments will be made by the 25th of each month.
thelordoftruth@gmail.com
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YOU SHOULD NOT TAKE ANY MATERIAL posted on this BLOG AS RECOMMENDATIONS
TO BUY OR SELL GOLD OR ANY OTHER INVESTMENT VEHICLE LISTED.
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.
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
