Monday, 12 September 2011

gold price forecast

U.S. and European sentiment is still considered to keep the upward trend in gold prices. Therefore, a single drop of water is a normal correction. Gold powered to a level of U.S. $ 1 918 this weekend.
Researchers and analysts PT Monex Futures Investindo Daru Wibisono said the market could react to the regular event in the speech of Barack Obama on Thursday (8 / 9) night and the speech of the Governor Federal Reserve Ben Bernanke of the Fed. No special things.
Even thought the market anticipates in advance for any proposed rate Obama in the U.S. worth $ 447 000 000 000 for the labor sector. "Therefore, gold still increasing potential market that has covered the global factors in both the U.S. and Europe," he said INILAH.COM in Jakarta, Friday (9 / 9).
Indeed, continued Daru, Obama's speech also gave a positive impact because there are good intentions to stimulate the economy by the employment sector. But the market has seen things differently from goodwill. "Obama is considered the market does not provide detailed information on the relaunch," said Daru. "The market wants this kind of distribution. Institutions that and control it."
On the other hand, the Fed governor, Ben Bernanke, a lot of talk about positive things, but also expressed its details. About the quantitative easing (QE), the new Bernanke said the Federal Open Market Committee (FOMC) meeting on Thursday (22 / 9). "Therefore, the market is still wait and see, so it broke down," he said.
European situation confirmed Daru still support the gold price, after the strengthening of the European Central Bank (ECB) and Bank of England (BoE) kept its base rate of 1.5% and 0.5% . Furthermore, the ECB President Jean-Claude Trichet said a senior official in the European region, inevitably, have to reduce its economic growth.
Your Dove statement was negative for the euro currency. In the context of interest rates, peace tend to keep interest rates or even dropped. While the aggressive tone to support the policy of monetary tightening in the form of higher interest rates. "Therefore, the euro fell sharply against other major currencies," said Daru.
Mitigation, it says Daru, so the ability to transfer assets in risky assets like gold course. Therefore, gold bounced U.S. $ 7.61 (0.41%) for as low as 1877.47 per troy ounce on Friday (9 / 9) at h 14:50.
Meanwhile, from the UK, with retention rates at 0.5%. Therefore, the data member of the Commonwealth of economic fundamentals in recent years indicates a number less good. "In Europe and Great Britain only to weaken its currency automated and strengthen the gold," said Daru.
Therefore, next week, estimates Daru, the potentially high price volatility of gold. Fibonacci line used was the highest price August 23, 2011 at the lowest level on August 25.
He said the gold resistance at U.S. $ 1,912 (the highest level of August 23). But before reaching the nearest target resistance at U.S. $ 1.880 U.S. $ 1.890. If you use Fibonacci projection, the next logical enhancement of gold at $ 1.918 U.S. above the retracement level of 61.8%. "But there is a possibility of gold reached U.S. $ 1,920 next week," he said.
Meanwhile, he continues, the level of support for gold at U.S. $ 1.830 per troy ounce (38.2% at Fibonacci retracement). Immediate support at U.S. $ 1,860 (retracement level of 23.6%) and the level of 50% retracement level of U.S. $ 1,807. "As a precautionary retracement to 61.8% in the level of U.S. $ 1,782," said Daru.
He said, gold prices tend to rise. If there are corrections, a normal correction in an upward movement. Although gold has experienced a sharp correction in U.S. dollars to 200 points per one troy ounce on Tuesday (23 / 8) to Thursday (25 / 8) the level of U.S. $ 1,900 to as little as $ 1,700 to United States. "But it is still considered a temporary correction and reasonable," he said.
Therefore, in this situation, for those who already have a position, recommended waiting. But for those who want to enter, can buy at support levels U.S. $ 1,830 and U.S. $ 1,807. But, he argues, the funds should be left to take a stand at U.S. $ 1,782.
In the short term, market participants can buy in support of U.S. $ 1,860. The higher the level of support, the higher the funding. Therefore, gold will soon rise again. From August 25, gold has not experienced a major correction. "Gold is just a group in emapat days in early September, after he has not given the signal down," Beber Daru.
While the position of the sale, said Daru, which can be done at U.S. $ 1,912 or U.S. $ 1,918, while noting in its risk management. At U.S. $ 1.880 $ 1.890 US-making it better until the first new developments in the global economy this weekend. "Therefore, new developments will provide new clues to the direction of the gold market," he added.


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