gold price hold SUPERB strong at USD 1600, really need some special news/announcement in order to break it.

The gold price stabilized near $1,640 per ounce Wednesday night despite a better than expected report on the U.S. labor market. The price of gold moved down to $1,597 in overnight trading but rebounded early this morning as the U.S. dollar turned lower against a basket of foreign currencies. The ADP employment report revealed that 91,000 private sector jobs were added in September, above the 75,000 consensus estimate among economists. In light of the recent gold price weakness, Macquarie Capital Markets analyst Stephen Harris published a report this week discussing his outlook for the yellow metal. The gold price sell-off “has caused some speculation that gold’s bull-run is complete and that this reversal will soon continue,” Harris wrote. “We disagree.

We see the recent pullback as healthy and believe a confluence of factors have combined to create the ~15% decline from its highs.”
Harris’ view that the recent gold price correction has been “healthy” was based on several factors – including the fact that sentiment had reached a “bullish extreme” in early September and a consolidation was needed; “the flight to the US dollar has meant the recent pullback been far less severe in other currencies”; investor withdrawals from the GLD and general commodity funds “have likely created another headwind”; and that an increase in gold margin requirements amplified the impact on speculators, which led to excessive selling.
Despite the aforementioned headwinds, Harris reiterated the firm’s longer-term bullish gold price outlook. “We see US short rates remaining at current levels through 2015,” he wrote, during which time the price of gold has historically risen at a 25% annual rate. Additionally, “sovereign risk and the related use of unconventional monetary policy should keep investors wary of their world’s major currencies – the euro, dollar, and yen. Concerns will ebb and flow, but these issues are not going away any time soon.”
“We see little downside” for the gold price below $1,500 per ounce, Harris added. “Doubts will continue over the future of the euro, European debt defaults, and ultimately, debt monetization.” In terms of specific gold price targets, Macquarie reiterated its 2011-year end and 2012 estimates of $2,000 and $2,500 per ounce, respectively.

bullish soon? with between $2,000 and $2,500 per ounce?

It's up today. USD164x/1oz

This post has been edited by buysell: Oct 6 2011, 11:49 AM

errrr...im new in this...shud i get my gold account now? is now the right time or at least a goodtime?

Open, buy all you can and wait for the right time to sell.

This post has been edited by buysell: Oct 6 2011, 01:53 PM

And not to forget USD are in the uptrend also.

kitco gold usd 1642 /oz

sideways action only...

USD drop since tuesday 3.21 MYR, yesterday 3.19MYR, today 1.00 USD = 3.18402 MYR

Gold stagnant again USD164x/1oz

I just opened my GIA a/c with PBank today - "special" only 10gm cukup! bwhahah - the rest i plan to use online coz slightly cheaper. Thus, U can just think of RM1K+ (10gm only mar) * 50% (if ever go down so fast, so much) as the cost of opening account lor

Now to plan out my entries and exits - much easier online Vs my current physical gold (a bit only nia).

I seen you been here many times before now only today you open account Welcome welcome.

I thought PB bank's spread is expensive than others?

Indeed. But they are the only one that provide online transaction for GIA

Higher than UOB's gold a/c spread but lower than Kuwait's, CIMB, MBB (er.. i may be wrong - last i checked was "ages" ago)
Main thing = time is more valuable to me.
Travelling physically to UOB or anywhere else to buy/sell is a waste of my time as i'm not moving $1M+ per transaction
PBank has online buy/sell for Gold A/C - none of the other players have it so far

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Added on October 6, 2011, 4:11 pmLast time only on/off buy physical gold (ie. like once in many moons). Now turning my sights to "paper gold" as i've enough physical gold for "emergencies" - heheh, that's just me, its not for investments.

This post has been edited by wongmunkeong: Oct 6 2011, 04:11 PM

PB online gold trading is slightly lower spread than counter.

My fren work as finance consultant told me the gold price will fall below 1300 latest by tomorrow, which I dun give a damn by seeing the market now.

Gold price will fall below 1300, by tomorrow?
You friend really is CONsultant?

still not late. U did correct dicision. By online you have more chances to buy/sell at a good price. Base on my experience, time to the bank offer at the good price not too long. Around 30min it will change. By looking at daily online realtime graph on gold price you can grab it.

Note - remember there is a gap between realtime world gold price and online PBB price. Make this gap as a strategy you to buy/sell at the correct time.

--- Good luck ---

LOL eagle eye u bro, I admire u