moved sharply lower in offshore trade as risk was back on the table after analysts predict that inflation may have peaked in China and that a more neutral stance in monetary policy may be seen in the near future. We also saw the German court case result which was ultimately dismissed as Germany’s involvement in the emergency fund is legal. Gold finished US trade sharply lower by 3.00% at $1,817.
Another steep sell off for Gold as investors reduce safe haven investments as equities rally. Profit taking from the all-time high above $1,920 has been sharp and fast and we saw this coming. Our initial target of $1,795 was hit last night and we have now recovered from this level. We still see further declines as risk remains on the table and expect weakness to extend towards trend support at $1,755/65 which also happens to be our Q3 target. As long as prices stabilise at this level we would get long in the MT again but the risk still remains for steeper declines back towards $1,700. We remain bearish in the ST and the strategy today is to sell tops again towards resistance at $1,840. Only a break above $1,853 would negate our bearish stance in the ST.
Compass Direction Short-Term Medium-Term BEARISH BULLISH
Please see the attached chart below...
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FX Report: GOLD
Published 09/08/2011, 09:36 AM
Updated 07/09/2023, 06:31 AM
FX Report: GOLD
GOLD
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