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Gold Market Update - 17th Apr

17/4/2013

1 Comment

 
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Relative calm returned to the gold market yesterday, though an $82 range for the day would, under normal circumstances, be an exceptionally volatile day.

Gold recovered from the 1320 overnight lows to make a high of 1404 in the afternoon, though could not build on the gains and fell back to trade in a narrow range between 1360 and 1380 for the rest of the day.

This morning, the quiet trading has continued - the lack of follow through buying will be concerning for the bulls considering the historically oversold condition of the market and the $200 drop in price in just 3 days.

Oil is attempting to stabilise above key support at $88 a barrel after falling as far as $86 on Monday and the dollar is also stabilising around 82.  However, we have noted for some months now that the usual correlation between gold and the dollar has been absent.

With equities under pressure again after the big falls on Monday, we are still on alert for a "liquidation" event similar to 2008, where all asset classes sold off dramatically apart from the dollar.  This would clearly indicate deflation is on the way, the worst nightmare for central banks and a scenario they have been pulling out all the stops to avoid for the past 4 years.

Today's video for subscribers looks at yesterday's trading in more detail and our strategy for our next trade.

1 Comment
gold calculator link
17/4/2013 05:50:55 am

lets hope that this is a very quick end to the fluctuation in the gold prices. After just reading a few blogs it seems that there is wide spread panic over this issue.

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UK Gold Trading Experts (UKGTE) is a trading name of Drupac Limited, a company registered in England and Wales (company number 09167819) whose registered office is 1 St. Paul's Square, Birmingham, B3 1QU.