[Tiger21]

A close higher today would be the longest rally Jan 4, 2006 as gold was up yesterday for the 8th straight day. An all-time high of 1,118.60 was reached intra-day.

[vinchal]

Gold in the spot market struck a high of 1109.1 and a low of 1096.9 yesterday, as Gold remained
firm consolidating this week's gains to record highs as the precious metal looked poised to scale
new peaks on the back of a weak dollar which prompts safe-haven buying. Bullion remained in
sight of a record high of 1,111.2 an ounce marked on Monday, and the dollar's persistent
weakness on expectations that U.S. interest rates will likely stay low, is expected to help gold rise
further. India's recent purchase of 200 tonnes of gold from the International Monetary Fund has
also provided gold with support as it has kept the metal out of the market. The question has now
shifted to how and when the IMF will execute the transaction for the remaining planned gold sales.
In widely watched news, Chinese industrial output growth jumped to a 19-month high in the year to
October, underlining the economy's brisk recovery from the global downturn in response to
massive fiscal and monetary stimulus. A former senior foreign exchange official in China, which
was seen by some as the most likely buyer of IMF's gold, said this week that the country should
not rush to buy the metal from the IMF but should wait for the price to drop from a record.
Meanwhile, holdings of the SPDR Gold Trust remained stable at 1,114.44 tonnes yesterday.
Technically, prices can rise towards 1124 if the record high is breached again, otherwise gold can
remain range driven between 1094 and 1110.
D

AILY TECHNICAL RESISTANCES AND SUPPORTS

C

URRENT PRICE: 1105
Resistances: 1111 1124 1145
Supports: 1090 1083 1068

[jabalong]

Looking at my chart below, in September and October we've had a pattern of gold rising in the early part of the month, consolidating through the middle, then falling off at the end. I've drawn short horizontal trendlines around the rough consolidation support line as I see it, which both times came at the 23.6% fibo line. And then again both times, the end-of-month pullback fell to the 38.2 fibo line.

Now who knows if it's happening again this month, but so far so good and I figure follow a trend until it's proven to no longer be in effect. Now this month we don't have our high yet, at least not one we know for sure. But looking at the technical indicators, we have the slow STO crossing over and the RSI turning down. At the point where these happened in September and October, we already had the consolidation support level.

So assuming we're already seeing it this time, looking at the candlesticks, I'm thinking it's around 1,100, which also makes sense psychologically. And for sake of argument, let's say the high we saw today is the high for this cycle, if I draw the fibo retracements from that then the 23.6 fibo line is around 1,099, which fits with this as the consolidation support level. And to take this one step further, if today's 1,022 was the high, then the 38.2 fibo line where we can expect a pullback at the end of the month would be 1,085.

Now say the high gets up to 1,130, the consolidation area moves up to 1,105 and then target pullback to 1,090. And if it goes up to 1,040, the level change to 1,113 and 1,096.

This is just some food for thought. Maybe we won't get the same trend three months in a row. Or maybe the rise will be higher and/or the pullback sharper. But this is what I'm watching for, as the game plan in my head until such time as the trend appears to be broken.



Also opened my inbox today and found an update from TheGoldAndOilGuy looking for something similar.

The gold etf fund looks to be in rally mode which means when traders start to take profits we should see a sharp reversal down.

[alex4fx]

And at 7.34 am EST, it looks like gold is rallying versus the dollar. Interesting, and expected based on the economic news that's been filtering through from the USA. I'm in - anyone else?

[FX_Advisor]

Originally Posted by alex4fx

And at 7.34 am EST, it looks like gold is rallying versus the dollar. Interesting, and expected based on the economic news that's been filtering through from the USA. I'm in - anyone else?

More than ever....i'm really sure, GOLD is gonna get de 1500oz and more faster that everyone can think

[Hell7]

I posted my weekly chart for the week ending Nov. 13, 2009 on my blog

[Tiger21]

A long time gold bull, Eric Sprott says that gold is picking up momentum and analysts are saying that it's not too late to get in even though gold hit a new high last week and is up 26% year to date.

[ryan]

a bull beyond $1200 will be great !!!

[mallappa]

Originally Posted by Lou

What is the relationship to the USD of the price of gold ?
If Gold goes up the USD goes ___________ ?

Or is it a more complicated relationship?

LOU

when gold ups then usd goes down

[Edge]

Looks like xau is set to complete 3 dives at 1136. Should have a descent retrace from there.

[bksujal]

gold @ resistance now. I will only go short when macd turns bearish and if 20 sma the median bollinger band are broken. Fresh longs r out of question now.

[The Oracle]

Originally Posted by ryan

a bull beyond $1200 will be great !!!

It could easily touch $1,200 by the end of November or early December..

[jaguar_xj220]

Originally Posted by The Oracle

It could easily touch $1,200 by the end of November or early December..

whether the gold next week will keep up to $ 1200? because in this day it has fallen to $ 1138

[jaguar_xj220]

why do you think is better to take a position to buy or sell for 1-week period ahead with the conditions of gold at the present with the 1135 position

[JK$$$]

Originally Posted by jaguar_xj220

whether the gold next week will keep up to $ 1200? because in this day it has fallen to $ 1138

U see the thing is that nobody can predict the future !!! i dont know or better.. i dont think that anybody really knows if Gold will reach 1500 or 2000 or 3000 next week or next month... u follow what u see and not what u hear !!! today i saw on my charts that it will probably hit 1150.00 and i went for it... is it gonna happen? DONT REALLY KNOW 100% , but i ll follow my strategy with disiplen and correct MM and i ll find out !!!

wish me Luck !!!