Day Trading & Forex Forum

rosewood fox

Hi Good afternoon all,
Why has gold fallen so far today?i can see the correlation between crude and the £/$ but i,m failing to see why Gold has fallen.Anybody know for sure?
Cheers Mike..

Mr.J-Arthur

I got burned today with gold. Buy Gold at support because it's not as hot as oil.
My guess is...I have no clue why it dropped down a bit. Profit taking? It surged early in the day and then slumped.

If the Dollar is weakening and our economy in the US is weakening, then gold should be steadily rising. I'll be watching gold very closely tomorrow.

si1503

US stocks rallied today (after the poor start), I bet some of that money came from gold.

I agree however with the bigger picture that the gold price can push higher, certainly if we see the major stocks indices break March support levels - which personally I believe they will do.

JTrader

A lot of experts, the mainstream included (bloomberg was it?) are saying gold will go to $5000 an ounce. Oil and gold highs are being driven by the continued devaluation of the US$.

£10kLoser

Yes, gold fell today because the dollar went up. Surely that's obvious? Gold moves inversly to the dollar, generally speaking. Of course, the move is often dampened or exagerated and rarely in the opposite direction.

$5,000 gold? Are we talking in 50 years time! These must be the same 'experts' that drive around in $10,000 cars and make money from talking not trading.

TWI

Precious metals are still one of the finest hedges you have against the devaluation of cash through rampant inflation. I have been pushing gold on these boards for years and continue to maintain my upside bias however, gold will always be subject to vicious intraday setbacks particularly when there is a $ rally or central banks decide to dump a slug in cash or cascading stops get triggered. The real key is to buy when it looks horrible. I am one of the "experts" calling gold into the 1000's (£10kLoser you will eat those words). It is something finite and real, unlike the pieces of paper that come from a cashpoint with a promise on that is backed by nothing more than that. Money supply is still increasing at double digit rates and your cash is being diluted daily. 6% in the bank is in real terms losing money, to even maintain your wealth you need to find something real to invest in. Very nasty times ahead and a lot of people sitting on savings accounts are clearly totally unaware of the stealthy financial tornado that is coming to destroy them.

__________________
"I refuse to tiptoe quietly through life
only to arrive safely at death"

Joey25

All those Labour politicians last week proclaiming we're not in a 70s style stagflation. Talk about reinforcing inflationary expectations.

Mr.J-Arthur

GOLD gets a haircut -15...low of 930 now