Sunday, March 22, 2015

Gold Trend March 23, 2015

Fed, however, indicated it preferred a more gradual path.
"We obviously saw a slight change in sentiment earlier this week, with Janet Yellen apparently joining an ever-increasing number of central bank doves," Saxo Bank's head of commodity research Ole Hansen said, referring to the Fed chief.

"I think we will settle into a $1,150 to $1,190 range for now."

Post-Fed, the world's largest gold-backed exchange-traded fund, New York-listed SPDR Gold Shares , saw its first inflows since Feb. 20, also boosting sentiment.
In the physical markets, Chinese buying was steady, with premiums on the Shanghai Gold Exchange staying at a robust $6-$7 an ounce on Friday. Sustained physical buying could further   support prices.

Silver outperformed other precious metals to hit 1-high of $16.89 an ounce and was up 4.7 percent at $16.85, and spot platinum was up 1.5 percent at $1,139.70 an ounce.

Platinum continued to trade at a roughly $50 discount to gold, a factor that is likely to stoke physical demand according to the Perth Mint, which is ramping up production of its platinum coins.
Palladium was up 1.2 percent at $773.98 an ounce, though it was the worst-performing precious metal of the week, down nearly 2 percent.

Recent CFTC data shows simultaneous increase in open interest and drop in net long positions. It means just one thing – shorts are growing very fast. At the same time balance of shorts and longs is not critical yet. Shorts stands for ~105K while longs for 180K. 
SPDR fund reports on small growth but right now storages are 744 Tonnes and this is even less than on previous week of 750 tonnes. It is definitely show that recent upside action is nothing more but retracement. 
Again we remind that gold is entering into   bearish seasonal trend. All these moments obviously do not   support   bullish reversal on gold. It looks like bulls have failed the test on quality and recent upside action on gold mostly was respect of   support and butterfly pattern, rather than reversal.
So sentiment statistics mostly confirms   bearish sentiment and makes us treat recent upside action only as retracement. Thus, in long-term perspective we should use it for short entry.

4-hour Chart
Target, that we’ve appointed on Friday has been completed. Market has reached 1.618 Butterfly. So, as we talk on retracement, appearing of butterfly looks very supportive for this view. Most probable retracement destination stands at 1170 . And after that we will see – wait for another leg up or market just will turn down again…

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 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