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What You Waiting For?
Long Term ~ Neutral - Need a monthly close above 1800 to confirm the bull market final phase underway.
Medium Term ~ Neutral – on the verge of full bearish trend again.
Intermediate Term ~ Neutral – A close below 1272 is bearish and targets 1222-1240
Short Term ~ Bearish– Gold goes into Thursday holding by a hair and ready to turn bearish.
Initial Resistance 1295-1305 2nd tier 1309-1315
Initial Support 1275-1282-1307 and 2nd tier 1287-1292
On our last update, initial resistance was listed at 1313-1323 and the high was 1315.
(Corrects figures for total gold output and pct rise in 5th paragraph)
May 7 (Reuters) - China's demand for gold bars fell nearly 44 percent in the first quarter of 2014 from a year ago, even as total gold consumption edged up about 0.8 percent during this period, the China Gold Association said on Wednesday.
Total gold consumption was 322.99 tonnes in the January to March period, up 2.45 tonnes from a year ago. Out of this total, gold jewellery purchases jumped 30.2 percent from a year ago to 232.53 tonnes, but consumption of gold bars dropped 43.56 percent to 67.95 tonnes, the association said in a statement on its website.
The slump in demand for gold bars, commonly used as either gifts or for investment, comes as a fall in the price of gold had hurt confidence amongst investors, Song Xin, president of the association, was quoted as saying in a report by the state news agency Xinhua.
Analysts cited by Xinhua said a crackdown on corruption launched by Beijing and stricter rules on the types of gifts government officials can receive has also hurt demand for gold bars.
China's total gold production in the first quarter rose 7.3 percent from a year ago to 96.5 tonnes, the association said.
The World Gold Council expects China's gold demand to maintain a growth rate of between 20-25 percent in the next four years.
The gold price stayed between 1311 and 1313 over the next hour after this report and above 1309 into 8 AM.
How about the last line of the article that said profit taking was prompted before the Yellen testimony?
There was absolutely nothing for headlines that affected gold from into 10:00 AM EST NY TIME and gold drifted in a tight range.
At 10 AM EST --- GOLD WAS STILL ABOVE 1300. But at 10:01 7000 contracts hit the floor (700,000 ounces) and gold plunged from 1301 to 1293.
And that was it for the next 90 minutes with gold barely trading any volume. It stayed that way until Europe closed. Within 20 minutes gold was trading 1000 to 2000 contracts per minute instead of 200. Gold finally made its low at 12:21 EST NY TIME at 1286.60.
In summary, though I can’t prove anything, it seemed like a very odd day to me. The majority of the selloff was complete before Yellen started to testify.
Here’s the biggie for/Thursday... More Yellen Testimony and The ECB rate decision. The BoE also meets on Thursday. China will release April trade data – this is a key data release following the disappointing trade reports in the year to date. This takes us to Friday where Chinese CPI, UK industrial production and JOLTs job openings round out the week’s calendar.
Gold short term
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Major indices including SPI200, S&P500, DJ30
Commodities – gold, silver and crude oil
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_Trade with flexibility:
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Mobile trading apps for iPhone, iPad and Android
Social trading via FX Copy
_Trade Securely and with Transparency:
No Dealing Desk Execution. No Requotes
100% Straight Through Processing
ASIC Regulated Standards
Funds Secure in Segregated Client Accounts at NAB
_Trade Wisely:
Daily market analysis from our key expert writer and currency strategist, Greg McKenna
Daily Forex Currency Highlights reports
Learn, follow and copy leading successful traders on FX Copy
Free Autochartist tools for live Vantage FX account holders
Free webinars and access to webinar archives
Other educational resources including infographics, glossary and guides
Samer Al Reifae
support5002@vantagefx.com
https://www.facebook.com/LORDOFTRUTH
https://www.facebook.com/FollowTheRaw
https://www.facebook.com/groups/vantagefx/
http://lordoftruth.blogspot.com/
&
Let Your Dreams Come True
Open Real Account ( Standard ) & Get Free €50 ( No Deposit Bonus )
This exclusive offer is available between 25/03/2014 and 25/06/2014
Join us now
What You Waiting For?
Long Term ~ Neutral - Need a monthly close above 1800 to confirm the bull market final phase underway.
Medium Term ~ Neutral – on the verge of full bearish trend again.
Intermediate Term ~ Neutral – A close below 1272 is bearish and targets 1222-1240
Short Term ~ Bearish– Gold goes into Thursday holding by a hair and ready to turn bearish.
Initial Resistance 1295-1305 2nd tier 1309-1315
Initial Support 1275-1282-1307 and 2nd tier 1287-1292
On our last update, initial resistance was listed at 1313-1323 and the high was 1315.
Support was listed at 1297-1307 and 2nd tier at
1287-1292 and the low was 1286.60.
This portion of the morning 8:30 to 10:00 AM the following was observed;
Ok, so what transpired in the morning?
As we listed yesterday, the biggie would be the Yellen day testimony
and how gold is usually turned down for such an event, and gold had the
potential to spike gold down, and that odds were on the downside, and
gold perhaps was making its high for the week, and it was best to
beware. We also listed that gold had reached 1st weekly resistance but
we thought we would see 1322 before the setback would take place.
However, we did not anticipate gold would trade this low so fast. What could have happened to start the sell off? NY COMEX had not even opened yet when the initial pulse lower began.
I decided to review the market minute by minute and look at the world headlines, volumes and price. I spent over an hour and a half tonight to just satisfy myself.
After failing for the third day to hold above our 1st weekly resistance (1312-1322) the dual gold channel line (the real 2014 uptrend line), Gold peaked one hour and 4 minutes into the London session at 1315 on a volume spike of 1200 contracts and moved from 1315 to 1310 by 6am. Gold was still trading in the 1309 region when 8 am arrived
The market was still very thin with contracts trading hands from 7:46 to 8:02 AM EST at its highest less than 200 contracts per minute and for the most part mostly under 100 contracts per minute. In other words, the market was very thin and illiquid.
At 8:03 am it was reported that President Putin and the OSCE head would discuss the Ukraine crisis. It went on to say that Putin said to OSCE head he was ready to discuss ways to resolve the Ukraine crisis.
Two minutes passed and then the volume swelled from almost nothing to 1800 contracts in just one minute at 8:06 and the sell off was underway in gold.
By 8:09 Treasuries and Bunds were at session lows and Stocks at session highs and the news was reporting this move was due to investors focusing on the Putin news and interpretation was it would pave the way for dialogue.
Two minutes passed again and then volume swelled to 2200 contracts in one minute (8:09) and gold moved lower…..and here’s the key, price broke the low of Tuesday. But then things leveled off until the open of NY COMEX. At 8:20 the COMEX opened with 1400 contracts and gold steady.
However, at 8:21 the news line came through with an UPDATE………………. that investors should note that the market moving headline earlier with Putin and the OSCE head was from a meeting that took place on Monday----(48 hours earlier) !!!!!!!
Once that news was out gold leveled off and held 1300 and traded 1301-1304 and at 8:30 after a government report showed a bigger decline (-1.7% down from +3.2%) in non-farm productivity than expected in the first quarter -----------GOLD DID ABSOLUTELY NOTHING and stayed in the tight range of 1301-1304.
However, we did not anticipate gold would trade this low so fast. What could have happened to start the sell off? NY COMEX had not even opened yet when the initial pulse lower began.
I decided to review the market minute by minute and look at the world headlines, volumes and price. I spent over an hour and a half tonight to just satisfy myself.
After failing for the third day to hold above our 1st weekly resistance (1312-1322) the dual gold channel line (the real 2014 uptrend line), Gold peaked one hour and 4 minutes into the London session at 1315 on a volume spike of 1200 contracts and moved from 1315 to 1310 by 6am. Gold was still trading in the 1309 region when 8 am arrived
The market was still very thin with contracts trading hands from 7:46 to 8:02 AM EST at its highest less than 200 contracts per minute and for the most part mostly under 100 contracts per minute. In other words, the market was very thin and illiquid.
At 8:03 am it was reported that President Putin and the OSCE head would discuss the Ukraine crisis. It went on to say that Putin said to OSCE head he was ready to discuss ways to resolve the Ukraine crisis.
Two minutes passed and then the volume swelled from almost nothing to 1800 contracts in just one minute at 8:06 and the sell off was underway in gold.
By 8:09 Treasuries and Bunds were at session lows and Stocks at session highs and the news was reporting this move was due to investors focusing on the Putin news and interpretation was it would pave the way for dialogue.
Two minutes passed again and then volume swelled to 2200 contracts in one minute (8:09) and gold moved lower…..and here’s the key, price broke the low of Tuesday. But then things leveled off until the open of NY COMEX. At 8:20 the COMEX opened with 1400 contracts and gold steady.
However, at 8:21 the news line came through with an UPDATE………………. that investors should note that the market moving headline earlier with Putin and the OSCE head was from a meeting that took place on Monday----(48 hours earlier) !!!!!!!
Once that news was out gold leveled off and held 1300 and traded 1301-1304 and at 8:30 after a government report showed a bigger decline (-1.7% down from +3.2%) in non-farm productivity than expected in the first quarter -----------GOLD DID ABSOLUTELY NOTHING and stayed in the tight range of 1301-1304.
This portion of the morning 8:30 to 10:00 AM the following was observed;
Gold had a softer tone going into the testimony. Dave Meger, director
of metals trading with Vision Financial Markets, attributed this to
three things – a partial recovery in the U.S. dollar after recent
weakness, news that the China Gold Association said demand in the
country for bars fell nearly 44% year-on-year in the first quarter, and
investors perhaps fretful that Yellen would in fact be upbeat. This
prompted some selling in the form of profit-taking ahead of her
appearance, Meger said.
Ok, so what transpired in the morning?
As far as the US dollar, it closed Tuesday at 79.12 and opened on
Wednesday at 79.14 and the high for the day was 79.24. That means that
the USD opened 2 TICKS HIGHER and only got 12 TICKS HIGHER at its highs
for the day !! In other words, there was no partial recovery. Just
trendless trade.
It should be noted that the China Association report was 3.5 HOURS BEFORE the selloff began. And what is most odd --- it was a CORRECTION NEWS LINE for China gold output and bearish overall news in the story.
Here is the news line from Reuters that appeared at 4:30 AM EST
Note paragraph 5 ( I have bolded it) Look at the headline --- CORRECTED in bold letters: HUH ?
CORRECTED-China gold bar consumption slumps in Q1 - association
It should be noted that the China Association report was 3.5 HOURS BEFORE the selloff began. And what is most odd --- it was a CORRECTION NEWS LINE for China gold output and bearish overall news in the story.
Here is the news line from Reuters that appeared at 4:30 AM EST
Note paragraph 5 ( I have bolded it) Look at the headline --- CORRECTED in bold letters: HUH ?
CORRECTED-China gold bar consumption slumps in Q1 - association
(Corrects figures for total gold output and pct rise in 5th paragraph)
May 7 (Reuters) - China's demand for gold bars fell nearly 44 percent in the first quarter of 2014 from a year ago, even as total gold consumption edged up about 0.8 percent during this period, the China Gold Association said on Wednesday.
Total gold consumption was 322.99 tonnes in the January to March period, up 2.45 tonnes from a year ago. Out of this total, gold jewellery purchases jumped 30.2 percent from a year ago to 232.53 tonnes, but consumption of gold bars dropped 43.56 percent to 67.95 tonnes, the association said in a statement on its website.
The slump in demand for gold bars, commonly used as either gifts or for investment, comes as a fall in the price of gold had hurt confidence amongst investors, Song Xin, president of the association, was quoted as saying in a report by the state news agency Xinhua.
Analysts cited by Xinhua said a crackdown on corruption launched by Beijing and stricter rules on the types of gifts government officials can receive has also hurt demand for gold bars.
China's total gold production in the first quarter rose 7.3 percent from a year ago to 96.5 tonnes, the association said.
The World Gold Council expects China's gold demand to maintain a growth rate of between 20-25 percent in the next four years.
The gold price stayed between 1311 and 1313 over the next hour after this report and above 1309 into 8 AM.
How about the last line of the article that said profit taking was prompted before the Yellen testimony?
There was absolutely nothing for headlines that affected gold from into 10:00 AM EST NY TIME and gold drifted in a tight range.
At 10 AM EST --- GOLD WAS STILL ABOVE 1300. But at 10:01 7000 contracts hit the floor (700,000 ounces) and gold plunged from 1301 to 1293.
And that was it for the next 90 minutes with gold barely trading any volume. It stayed that way until Europe closed. Within 20 minutes gold was trading 1000 to 2000 contracts per minute instead of 200. Gold finally made its low at 12:21 EST NY TIME at 1286.60.
In summary, though I can’t prove anything, it seemed like a very odd day to me. The majority of the selloff was complete before Yellen started to testify.
Here’s the biggie for/Thursday... More Yellen Testimony and The ECB rate decision. The BoE also meets on Thursday. China will release April trade data – this is a key data release following the disappointing trade reports in the year to date. This takes us to Friday where Chinese CPI, UK industrial production and JOLTs job openings round out the week’s calendar.
Gold short term
Gold was totally rejected at the 2014 uptrend line three times this
week and finally plunged to the last meaningful uptrend line we have on
the chart. The 2014 downtrend line is the other support in the 1277-1281
area. A lot of gold longs are most likely near the exit door. Yellen
testifies again on Thursday morning. Manipulated or not the reason at
the moment is secondary. Gold lcould very well tank from here. It has
spent the last 16 hours trading 1287-1293 just trying to hold the trend
line. The longer it spends the more likely the drop will take place.
See Why VantageFx ?
_Trade with Winners:
Australian financial service providers, Vantage FX,
have received a multitude of awards over the years including those from IB Times,
Deal Makers, The World Finance Foreign Exchange Awards, Smart Investor and many more.
_Vantage FX have:
Award-winning Execution Speeds
Competitive spreads from 0.0 pips
24/5 Premium Customer Support
_Trade with Choice:
Take your pick. Choose from -->
32 Forex currency pairs
Major indices including SPI200, S&P500, DJ30
Commodities – gold, silver and crude oil
Binary Options – click here to read more about this exciting, new way to trade
_Trade with flexibility:
Choose your leverage amount ranging from 1:1 to 500:1
Choose your lot size - micro, mini or standard lots
Choose your account type – Standard or Pro, Individual or Joint
_Trade Your Way:
Choose the trading solution that matches your trading style:
The popular MetaTrader 4 (MT4)
MT4 for Mac – Exclusive to Vantage FX in Australia
MetaTrader 5
WebTrader
Mobile trading apps for iPhone, iPad and Android
Social trading via FX Copy
_Trade Securely and with Transparency:
No Dealing Desk Execution. No Requotes
100% Straight Through Processing
ASIC Regulated Standards
Funds Secure in Segregated Client Accounts at NAB
_Trade Wisely:
Daily market analysis from our key expert writer and currency strategist, Greg McKenna
Daily Forex Currency Highlights reports
Learn, follow and copy leading successful traders on FX Copy
Free Autochartist tools for live Vantage FX account holders
Free webinars and access to webinar archives
Other educational resources including infographics, glossary and guides
Samer Al Reifae
support5002@vantagefx.com
https://www.facebook.com/LORDOFTRUTH
https://www.facebook.com/FollowTheRaw
https://www.facebook.com/groups/vantagefx/
http://lordoftruth.blogspot.com/
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The Gold Price & Trend Predictions blog made for gold traders to find good news and to provide the traders with daily price predictions and to learn how to trade the Forex Market for free.Just pure learning! It will be of great fun.You can judge by yourself the quality of information that I will be giving you in my blog.
Welcome to my blog where you can learn how to trade the Forex Market for free.The material is all created by myself and not copied from anywhere. There is a lot yet to come since there is a lot that you need to learn, and there is a lot that I need to share with you! So please just be patient – it will be worth it.You can judge by yourself the quality of information that I will be giving you . So just go now and start learning!
Below is a quick guide of how this website is structured, so you can find what you are looking for fast. Remember that I update the pages every day so either check back often.
In this section you will find quite a long article of what Forex is all about. If you are a beginner, this is a must read. It explains in detail what is required to start trading, what you should do and not, typical traps to avoid as a beginner and a lot of valuable information which you as a beginner must digest and learn prior opening any Forex account with real money.
In this section you will find your road map on how to become a real successful trader couple of months as from today.
In this section you will know the 3 major areas – Technical Analysis, Fundamental Analysis and Trading Physcology.
In this section you will find a gold mine of information about the technicalities of Forex. We will start from the very basics covering all the Forex jargon words which you will be hearing every day and we will be taking you up to the level required to finally learn to trade like a pro – technical analysis, also found in this section.
In this section you will see the tips that will help you stay away from crap forex products, which unfortunately the Forex market is invaded with.
This section has a very detailed article on how to avoid being scammed in this ruthless world of Forex. I will explain in detail six tips that you need to look for prior purchasing any products. Even though most of the time you may claim your money back,the time wasted is never returned. You should have used that time to learn how to trade! Read it!
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
