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Ouch! Gold had a little mis-step today. Gold closed down $24.50 to close at $872.80. So what happened? Todays Articles will help show why and what to expect in the days ahead. First, Gold had to fill a gap created about 39 tradings sessions ago, gap filled and Gold held at the $865 level. Gold has 2 more strong resistance levels, first at $855 the 200day moving average and then at $845 which represents a 50% retracement of the last Bull run up to $1007 from $680.75 low in Oct 08. The market is starting to become very oversold and “the sheeple” are starting to give up on Gold. I personally added a little more (DGP) late today and if Gold is temporarily driven down to the next major support at $820-$825 will add even more. Long term all of the fundamentals are looking good for Gold although on a seasonal basis, barring any dramatic unforseen events, Gold will probably be locked in a $850 to $1000 sideways market range until the end of Aug. For stocks we have almost finished with secondary upward wave, we may see a burst for the DJIA to potentially 9000, then look out below! My calls, 1st 6500 then potentially as low as 4500; all based on Elliot Wave Theory. Right now the higher they push stocks up the more they will fall. It almost seems like everyone has forgotten about Oil which is still trading above $50 barrel. However once again barring any dramatic news, seasonally Oil will also probably trade in a sideways range between $40- $60 barrel. I am still adding more mid-tier and Junior Gold and Precious metals producers, look carefully there are still good bargains out there. For all the Gold bugs out there Don’t Give Up!, good, no awesome returns are coming as early as the end of this year, maybe sooner! I think we will hold at the 200 day moving average and then sideways between $850 to $1000 until Aug. Then Gold is going to take off. This prediction is also predicated on NO new bad news or crisis’s popping up, a purely seasonal prediction play. If we have majors news then Gold will take off much earlier and either way set new all time highs as it begins it’s next leg of Gold’s major Bull Market Run! – Good Investing! – jschulmansr
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· When and How to buy gold — at low cost with no hassle!
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Subject: Two trending markets, S&P and Crude Oil; revisited and analyzed for you…
Last week I watched a video analysis of the S&P and Crude Oil markets. The technical analysis was right on at the time, but those markets have changed quite a bit in the last few days. The S&P had a huge rally and Crude seemed to steady out, so what’s the new analysis? Glad you asked!
Below are two free videos, one on Crude Oil and one on the S&P, that gives us an indepth technical look into these markets. Again the videos are free and very informatitive. Just Click on the Links Below…
S&P Video Analysis: Crude Oil Projections:
Here’s your chance to analyze that stock you have been thinking about adding to your portfolio. Just enter the ticker of any company, name of a commodity, or forex pair and get your complimentary technical analysis. It cost you nothing and and no payment info will ever be requested. This is an Awesome Free Service!
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Gold Falls below $870 on possible IMF gold sales, rising dollar – Marketwatch
By: Morning Zhou of MarketWatch
click to enlarge
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My Note: think we will hold at the 200 day moving average and then sideways between $850 to $1000 until Aug. Then Gold is going to take off. This prediction is also predicated on NO new bad news or crisis’s popping up, a purely seasonal prediction play. If we have majors news then Gold will take off much earlier and either way set new all time highs as it begins it’s next leg of Gold’s major Bull Market Run! – Jschulmansr
You could just see things ending badly for gold Friday. April COMEX gold settled at $895.60, near the low of the day, after near-term momentum turned bearish. This morning’s trade looks weaker still after London dealers marked bullion at $879.50.
Another soft New York close will likely set up a test of longer-term support at the 100-day moving average, now at $869.70.
COMEX Spot Gold
London’s gold spreads, too, are painting a rather dreary tableau for bullion. The 12-month contango is shrinking against that of three-month forwards after gold’s previous run-up yielded only modest gains for bull spreaders.
Throw in the narrowing of credit spreads and the current resurgence of the equities market and the indifference to the metal is palpable. The three-month TED spread – that is, the difference between U.S. Treasuries and the London Interbank Offered Rate [LIBOR] – dipped below 100 basis points (1%) last week for the first time since February 26. The spread’s downward momentum through the week reflected an easing of the worries that had driven so much capital to seek the shelter of gold.
London Gold Forward Spread (3-Month Vs. 12-Month)
That’s not to say that gold’s run is over or that we’ve finally turned the corner on the financial crisis. There’s an ebb and flow to any market, even those that are strongly trending.
A market like this, in fact, seems to be providing opportunities for gold buyers with modestly bullish sentiments. Some were seen this morning trading gold puts on June COMEX contracts.
With June gold at $880, the $850 puts changed hands at $26 an ounce. Put sellers gave buyers the right to put, or to sell, June gold futures at $850 through May 26. For taking that right, put buyers paid a per-contract premium of $2,600.
Here’s the reason the put sellers took on the risk. It’s unlikely that the puts would be exercised until, and unless, June gold dipped below the puts’ $850 strike price, so the put sellers either hold a conviction that prices will remain above that level, or, if they in fact sink through it, that the excursion will be short-lived.
If the puts remain out-of-the-money for the next month, the sellers get to keep the premium and the put expires unexercised. If futures are instead put to the option grantors, they’d end up with a long position at an effective purchase price of $824. Subsequent price advances in June futures above $824, if they occur, would engender gains for the option writers. Of course, losses would be open-ended if prices collapse.
More glass-half-full optimism brought to you by your friendly neighborhood options marketplace.
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Claim a gram of FREE GOLD today, plus a special 18-page PDF report;
Exposed! Five Myths of the Gold Market and find out:
· Who’s been driving this record bull-run in gold?
· What Happens When Inflation Kicks In?
· Why most investors are WRONG about gold…
· When and How to buy gold — at low cost with no hassle!
Get this in-depth report now, plus a gram of free gold, at BullionVault
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Have A Great Afternoon & Good Investing! – jschulmansr
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Nothing in today’s post should be considered as an offer to buy or sell any securities or other investments; it is presented for informational purposes only. As a good investor, consult your Investment Advisor/s, Do Your Due Diligence, Read All Prospectus/s and related information carefully before you make any investing decisions and/or investments. – jschulmansr