Gold Falling

[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.

 

[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

 

[TWI]

FYI I bought the dip. It is $ related

 

[Mr.J-Arthur]

gold is getting beat up.

Let's see if the dollar can get beaten down next week, then we will see a NICE rise!
IMO

 

[sujithsstorock]

should i be giving any comment here????

 

[sujithsstorock]

gold this week.

current price 955 $ !

it goes up initially till 959 $. then it comes back to re test 950 $ support. a break of 950 $ takes gld futhur down to 947-945 $ region.(fibonacci retracement 38.2 %, rally 920 $ to 987 $)

a break of 947 takes gold to 933 $ (50 % fibonacci retracement of above said rally )

by this time crude tests the sold support at 121 $.

then a "dead cat bounce" 30/35 $ rally in gold upwards, breaking the resistance of 965 $ and then this thread name changes to " why gold going up ? " lol

 

[AC26XP]

Yep, seeing that the dollar was skyrocketing this morning, prior to the US market open, I sold my EGO and FCX positions (miners), hedging a $USD rally.
Both of these miners are down over 2% each following the open.

The USD looks like it is technically overbought and "should" fall soon.
IMHO.

Anyone else in gold miners as a "follow-on" trade to straight commodites and currency trading?

Thanks
AC

 

[AC26XP]

With copper prices off (as many on this forum have also indicated), I did not re-enter FCX, but did re-enter EGO and AUY.

Dollar starting to fall off over-valued condition with gold spot bouncing off 899 two days ago.

I have learned a lot from most of you on this board, especially when it comes to following the $USD and gold indices and then translating that to the "follow on" industries and stocks.

Thanks and good luck !

 

[yourf16]

Dont Trade Gold with CMC Spreadbet

I've been quite unlucky trading gold with cmc. Each time i fund my account with about 1000 pounds and i find a couple of days later that it is all down to zero. I bought gold when there was a bullish signal and price was around $880 and the next thing i know it is breaking the support lines and fell down to $820 within few hours, i had lost 600 pounds. Past experience told me to buy another 1point. so i did and soon my account balance went over £1000 i pulled out of gold completely.

Then again i bought 1 point when it was around $830 and within a few hours again gold fell very sharply and i finally sold my stake at a loss as soon as it broke the $780 support. i had lost 500 pounds.

Then another day i bought when gold was $743 this week and yesterday my account balance was zero again and my position was liquidated. So where am i going wrong guys? Can i blame the cmc spreadbet tool for these things. should i change the broker ?

I think i am more like a gambler, can anybody check my trades and tell me if they were a gamble ? I will be very thankful.

 

[£10kLoser]

I wanted to start with 'LOL' but decided it would be too unkind!

Really, this is yet another example of an inexperienced trader trying to blame the spread bet co for bad trades. Gold is falling because everyone is unloading stocks and commodities in the current market collapse. You talk about a 'bullish signal' - come on now, if such signals could be relied on, we'd all be rich.

If you understood the current market situation, you wouldn't have been so bullish. Everone talks about gold being a safe haven in tough times but the big institutions are unloading it. OK, hard to know at the time, maybe - but trading is about taking repsosibility for your mistakes.

You are simply trading with no real idea of what you're doing and should either stop or trade minimum stakes with tighter stops.

 

[madharde]

You must be trading without stops! Even i've lost a bit on gold recently, i've put it down to my own mistakes. I use iii.com(finspreads) and its my own fault due to lack of discipline that i've lost money. I've taken profits too early and let my losses spiral.