Importantly, no serious technical damage has ever inflicted on gold and unexpected downside price correction after the price has risen about $ 300.00 in August. However, the size of the sell one on Wednesday became the eye-opener. December gold last traded down $ 103.00 to $ 1,758.00 an ounce. Spot gold last traded down $ 75.20 per ounce at $ 1,754.50. Silver Comex December last traded down $ 2.99 at $ 39.34 per ounce.
Gold traders decided to take profits after Tuesday's pushing prices to new record high of $ 1,917.90 an ounce, basis December futures contract activity. Sharp losses Tuesday seemed daunting to the rise in the gold market and lead to more selling pressure on Wednesday. Although no serious damage occurred on the charts Wednesday, the gold market is very likely psychologically damaged by banayknya sales. Thus, the rise in the gold market needs to improve and demonstrate the power of fresh immediately to avoid short-term technical damage that seriously.
However, if recent history is kept out, investors and traders will be at some point, Äúmembeli when down, Äù prices, their calculations to buy when cheap. Tapihel it has not shown the courage to go in and buy when the price of gold fell $ 100.00 per ounce in one day.
This week the Federal Reserve Symposium in Jackson Hole, Wyoming attract the attention of traders and investors. It happened at the event last year in Jackson Hole where Fed Chairman Ben Bernanke announced new U.S. economic stimulus package. Given the weak U.S. economic data, some feel the Fed will announce another monetary stimulus measures in this year's meeting (QE3).
Bernanke is scheduled to give a speech in Jackson Hole on Friday. However, no clear consensus on what Bernanke will elaborate on the new stimulus plan on Friday it. However, most commodity markets are still supported and the U.S. dollar index is depressed at the idea this week by the trader would be considerations of U.S. monetary policy stimulus that comes at some point.
Anticipation of Bernanke's speech Friday about Jackson Hole has been temporarily put aside the issue of debt crisis of the European Union. But the debt crisis of the European Union's ongoing gold bull market still make. Greek bond yields have reached record highs this week. There is a growing notion among economists and analysts that the EU can not, in the present circumstances, survive the debt crisis. Debt crisis of the European Union will remain an underlying bullish factor for gold.
The U.S. dollar index traded mixed and more strongly in late trading Wednesday. Trading near their lowest price recently. Greenback decline has a strong advantage in the short-term technical seluru. It is also a bullish factor for the precious metal.
Crude oil prices traded near a stable value on Wednesday. Crude oil rose again this week and get a little profit from Technical opposite momentum. Crude oil market will continue to be major, Äúpasar out, Äù and applies to precious metals.
P.M. London gold for repairs was $ 1,770.00 versus the previous PM repairs of $ 1,876.00.
Technically, the price of gold for December closed near the session low for the day Wednesday, and seen some of the psychological damage inflicted, although there has been no serious damage on the chart for now. There is a strong penyusulan to pressure sales for the day Wednesday after sharp losses on Tuesday, and a, Äúkunci reversal, a large bearish Äù, Äù which confirmed on daily charts, where one of the early technical clue that shows that the market top has been present .
Although it should be noted that twice in this month under a bearish key reversal has occurred on the daily bar chart and prices continue to print to new highs, the size of a key reversal and make it more powerful than others. Bullish on gold still has technical advantages for the overall short and long term, but it needs to be advanced at this time and showed new strength to keep the advantage of short-term charts.
Bulls can rightly argue that there are steps a major daily recently, and several major daily correction to the downside should be no surprise. Prices are still in an uptrend 6.5 in the daily bar chart and the 10-year uptrend in the monthly chart. Next Bulls, Äôdekat-technical term upside objective is to generate psychological resistance at $ 1,800.00. Next bearish near-term goals. There are weaknesses in the closing prices below the price of solid technical support at $ 1,725.00. The first resistance seen at $ 1,775.00 and then at $ 1,800.00. The first support seen at $ 1,750.00 and then at $ 1,725.00. Wyckoff Market Rating: 7.0.
December silver futures closed near the lowest price for a session Wednesday on profit-taking and long liquidation. Bulls faded on Wednesday but there was no serious damage occurred graphs. Bulls need to immediately show fresh strength to avoid damage to near-term chart. Bullish silver still have the near-term benefits for the overall technical. The next upside price bullish objektive produced close above solid technical resistance at this week and high of $ 44.295 an ounce.
Breakout price objective for the next weak bearish closing prices below solid technical support at $ 37.055 in August. The first resistance seen at $ 40.00 and then at $ 40.50. The next support seen at $ 39.00 and then at $ 38.50. Wyckoff Market Rating: 6.0.
Mrs Copper for December closed up 10 cents to 401.55 points on Wednesday. Prices closed near mid-range. Trade turns choppy. Large bearish pennant pattern still in the daily bar chart. However, the downside breakout must occur immediately or pattern will be negated.
Copper still has the advantage of near-term bearish overall technical. Next to a bullish upside, Äòtujuan breakout is pushing and closing prices above solid technical resistance at 410.00 cents.
The next weak price objective for the bearish breakout that have closing prices below solid technical support low price 384.20 cents in August. The first resistance seen in this tinggiminggu point of 405.80 cents and then at 407.50 cents. The first support seen at 400.00 cents and then on Wednesday at 398.40 cents the lowest.
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