I was a little disappointed with Gold's movement just now. After long waiting, it didn't break out of the 1668 H2 kumo resistant. It formed a reversal candle at the top kumo in H4 and made a huge dip turning it into bearish momentum again. However, I still favor my point (D). If market comes below 1600, it will start hunting for bearish movement instead. Ultimately, it still needs to break 1532 for more bearish movement.

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.

thread so quiet wan now? 

Gold price seem drop dramatically as soon as Europe market open, how low can it go?

Those who see higher prices project gold could return to the $1,700-an-ounce level, with $1,710 to $1,725 the upper end of the target.

Why are you on Quinn's a$$ all the time?

At least he brings the technical aspects of gold not like many here who give nuthing cept mush...like

"gold gonna go higher..........or isssit gonna go lower.........or is that sideways........

$1600, $1700, $1770,..............whatever................" 

Qualify yer statements and amke an arguement rightly or wrongly
put some thoughts and be a better fisherman

MYR has grown stronger after the announcement of the Malaysia budget 2012. Today bank USD selling rates around 3.200. Pls note different bank got their different rates.

Hi Quinn, ignore fools like him, he makes outlandish statements which have no basis but yet makes attacks on others like you which actually provide valuable advice. I have been observing his statements, first he say at 18xx that Gold will rally above 2000 and beyond, so please buy Gold quickly. Then when it was at 16xx dropping to 15xx, he makes ridiculous statement like Gold will drop to 1200 in a week. Now its back to 16xx he said Gold will rise. He clearly has no idea what he is saying but he wants to attack others which are far more experienced in the Gold markets than him.

I don't use that statement lightly, its fine if he's ignorant abt how markets work, but to spread his ignorance around in such a way as tho he is so sure that may influence others to make bad investment decisions, and to attack others which give valuable advice, he really deserves that remark. I have kept quiet for a while but I really have to say something now.

I asked him to leave me alone and keep on flaiming me. That's why I attack him back! fair? No?

Please do not post non-related issue to gold discussion.
Ty.

Public Bank Gold Investment Account

Gold Investment Account as at 10/10/11 3:15 PM

  Selling Price Buying Price
1 gram RM 170.5100 RM 163.8100

haiya..
why keep dropping?

its more of USD drop than MYR increase. MYR to AUD still maintain the same around 3.09

wah big player! i only invested 10gm..... 

Seeing the gold move slowpoke like this it will take at least 3 years to either up to 1900 or down to 1300 zzzzz

+1 What to do? Only wait be patience now and if we live through Oct 21 we have a new beginning (the s0h@i) Harold Camping said one.
Time will tell, gold are on correction now to kick those short term investor out!

Went to UOB this morning and invested 100g at 170.40/g hope can see some returns after 4-5 yrs

Because USD up like crazy so sudden

Anyone got any idea what happen to the Gold spot price suddenly drop to 1611 @1.30 pm ??

I think its sarcasm question aim at people who bought at that price. I dunno why people so evil in this thread and in stock market thread. Laughing at people paper loss. 

hopefully it will continue the downtrend and the push the price down to 160..

165/g is so unattractive now..when u know there is such a fall right now

The prices now shot up! Wow!
Up up up!