Bernanke's speech is released and gold only moving upwards.
At $1812 at the moment, up $37 since the market opened.
Honestly i dont see prices dropping back to $1650 guys. Even at its worst sell off in 3 years, prices pared at $1700 and shot back up.

I think the price will probably drop alil bit more due to nervousness in Asia from the pegging which may be resulting in slim profit taking from when the price was at high 1870's this morning.. But i think it should be increasing again pretty soon. And this is due to a few reasons.

(i) Merkel's party lost another election earlier this week. She's under exceeding pressure to not go around donating German taxpayer money to the rest of EU. I have German friends so i know the public is not happy with their role in the bailouts. In the long run, it could just mean that German donations *may* reduce by alot and the EU end up picking up pieces that broke off the pieces that has broken off. (yes i know Germany is also dependent on the EU market for their exports, hence Germany cant necessarily allow EU to sink, but try telling taxpayers that!).

(ii) We all know ECB has been buying Italian debt over the past few months, but ECB also insisted that the Italian govt undertake a EU45.5b deficit reduction plan, only for Berlusconi to modify the ECB reduction plan, removing measures he wasnt comfortable with. In short what i mean to say is, to keep an eye on this as its not over yet. Italy could be in deeper trouble in the near future.

(iii) Also i read someone saying in the earlier pages that gold price tends to go up when Bernanke speaks. Whether or not that is the case, i know that he is due to speak at the end of the week. It could cause prices to move up (likely i think) or down. Though a more likely factor would be Jean Claude Trichet's monthly economic outlook on EU which is also due this week.

p/s - im no gold bull, i just do my homework
pp/s - i agree that this thread is starting to become 'gold micromanaged'

Fed's Beige Book just got released...Tomorrow maybe a good time to buy some shiny.