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Gold Market Update - 10th Sept

10/9/2012

2 Comments

 
Gold shot up on Friday afternoon following a weaker than anticipated non-farm payrolls number out of the US, with only 96,000 jobs being created in the last month.  In addition, the previous month's figure was revised downwards.

After consolidating for most of the week following the gains on the previous Friday, gold vaulted through 1700 and is currently trading around 1735, again digesting the gains of last week.

This week should see some follow through buying after a bullish weekly close at the top of the range and as momentum builds in this rally, though a correction of the 150 point rally from 1590 over the last few weeks is very likely in the coming days.

Today's video looks at clues to when this correction will occur and our strategy for our next trade.
2 Comments
Dwarkadas Agarwal
10/9/2012 01:51:21 am

Good afternoon friends,
Enjoying the weekend? Now turn your focus on the trading week ahead. Friends ,after weeks of buidup, culmunating with Fed chair Bernanke's Jackson Hole speech, ECB's Draghi's decision of bond buying , the time for final decision has arrived i.e FED's final outcome 12-14th sep.
Friends, we have in the process gone through major economic datas. Some of the economic datas are better including ISM manufacturing, productivity etc. , the Job picture remains poor. Friday's Employment report has raised expectations for some aggressive action by FED and now the odds in favour of QE3 increased to 65% now ( Survey poll ).
Friends now in the scienario of highlly Bullish undertone of markets where everybody is talking of QE3 and new highs of commodities and Equities we have to look what market dislike or what will be the dissappointment to the market. Yes friends we have to look into this espect especially, because as always i use to say MARKETS WILL SURPRISE YOU ON EITHER SIDE.
Friends, if in his final outcome if Bernanke announces a Bond buying programme instead of a full fledge QE3 it will be , according to me ,a Dissappointment to the markets.
So friends as of now it is very difficult to predict the decisions, so trade intelligently and take wise decisions.
ON GOLD:
Gold is tading with suppt of 1648-50 and now it has crossed the major Resi of 1721-1731 in a single attempt abnd closed above 1734-35 so now the major major resi is 1778-81 and than 1821.
Trend is Bullish and advice is , as already given in through my different posts to Buy on major dips and the holders of long positions are adviced to put sl below 1650 (Though now the figure seems imaginative)
Thanks,
Regards

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Equity Tips link
26/9/2012 02:09:02 am

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