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SPDR Gold Shares Message Board

  • jimmyd727 jimmyd727 May 15, 2013 2:31 PM Flag

    This guy called it again

    Seriously, read this guys article, he's on the money every time!!!

    By Nick DeGeorge, RJO Futures Commodities Broker
    05/14/2013 10:03am CDT
    In the early morning trade, June gold is slightly down trading about $7 dollars lower from yesterday's close currently at $1426.7 a troy ounce. However, the yellow one is down pretty big from the May high of $1487.2 made back on the 3rd and comments from the Fed’s Plosser, who stated that the Fed should begin cutting back on its bond buying program, might prevent gold from sustaining any kind of major rally at this time. Also, the import and export price report came in lower today and also points out that inflation is hard to find right now which is certain to raise questions whether deflationary forces are at play. Even aggressive physical gold buying out of India has failed to raise the shiny one's prices from these current low levels. However, there are two important reports due out on inflation this week with tomorrow’s producer price report being one of them and on Thursday the consumer report will follow.

    If we take a look at the daily June gold chart, you’ll clearly see that it remains vulnerable to lower prices. With last week’s failure to break back above $1500.0 an ounce, gold once again is down trending and below all of its major moving averages. In fact, if the shiny one breaks below last week’s low of $1418.5 printed on Friday, it will probably test a 61.8% Fibonacci retracement at $1384.7 and if fails to hold that support, it is not out of the question to retest recent lows of $1321.5 made back on April 16th. For the gold bulls, I believe the key level to buy is when/if gold gets back and closes above $1500.0 a troy ounce because then it will be back above its 20-day and 50-day moving averages and more importantly it will be back above a major downtrend line (resistance), which is currently coming in at $1502.0 an ounce. I have highlighted all the technical levels below on my RJO Vantage daily June gold chart.

    Sentiment: Hold

119.37-0.34(-0.28%)May 23 4:00 PMEDT