Gold Mar 26
Resistance 1606-1613 & 1620-1623
Support 1585-1592
Gold needs to carry thru now on UPSIDE soon or
face another failed rally attempt.
Daily/Bull Bear Pivot zone = 1602-1606 (ideal 1602)
A drop below 1575 puts short term out of bull mode
Gold reversed early losses on Monday as the price to invest in Gold turned modestly lower to $1,605.10 an ounce, while the price to invest in Silver rose to $28.86 an ounce after the Euro-group said the Cyprus bailout agreement could be a template for resolving future problems in the euro zone banking sector. Barclays Capital analysts described the macroeconomic backdrop, on Monday, as bullish Gold.
While concerns about the Cyprus banking crisis have dissipated, investors continue to seek safe-haven support from Gold, because even though the tiny island nation accounts for a minute fraction of the euro zone GDP, other debt-strapped nations are concerned that their savings accounts might be next. "European depositors are now well aware that they are fair game in the hunt for assets and will likely reshuffle money away from banks domiciled in riskier countries to those in safer ones, making the 'north-south' divide even more pronounced and likely worsening the situation of a number of banks," said Edward Meir, of INTL FCStone.
"There are two important things to highlight here," UBS says. "First, Gold's muted reaction to Cyprus was in fact very much in line with the wider market's fairly sanguine attitude towards the issue. Second, many market participants did not count on physical demand to step up in a big way this year to support the downside, so Gold's resilience took Gold shorts by surprise." Bob Haberkorn, of RJO Futures, is looking for Gold to bounce, as he points to the shuttering of Cyprus’ second-largest bank amid reports that large depositors in Cypriot banks may be compelled to take a “haircut” of up to 40 percent of their life savings.
“Ultimately, Gold will come back to being the safe haven that it is intended to be,” said Haberkorn. The Commodity Futures Trading Commission reported on Friday that hedge funds and money managers had increased by 63 percent their bullish bets on Gold last week.
Gold Mar 26
Resistance 1606-1613 & 1620-1623
Support 1585-1592
Gold needs to carry thru now on UPSIDE soon or
face another failed rally attempt.
Daily/Bull Bear Pivot zone = 1602-1606 (ideal 1602)
A drop below 1575 puts short term out of bull mode
Gold reversed early losses on Monday as the price to invest in Gold turned modestly lower to $1,605.10 an ounce, while the price to invest in Silver rose to $28.86 an ounce after the Euro-group said the Cyprus bailout agreement could be a template for resolving future problems in the euro zone banking sector. Barclays Capital analysts described the macroeconomic backdrop, on Monday, as bullish Gold.
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GOLD CURRENT TRADE
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Our Position
Bought 1Apr Gold on 25/03/2013
Entry: 1592
Stop : 1578
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SILVER CURRENT TRADE
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Our Position
Bought 1May Silver on 25/03/2013
Entry: 28.60
Stop : 28.30
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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
