Gold gone mad - day high $725 before retreat
Gold rules by weak dollars!
Spot good price stands firm above USD$700 for 3 days and even keep rising. Today it rocks again by $15 to $725, makes another 25 years record high and then retreats immediately. Now trading at $715.
US dollar fails to turn stronger despite Fed raise rate again to 5% yesterday. Investors lost trust on dollars and manage to keep less USD investment properties. This situation is unlikely to change in the near future. EUR / USD raises to 1.2816 in the US morning session. Whereas EUR will raise rate soon, investors tend to buy in more EUR or other non-US investment properties.
Short term goal of Gold maybe $750 before a significant correction starts. However, bear in mind, never try to guess the top and shortsell. Always be a trend follower.
Spot good price stands firm above USD$700 for 3 days and even keep rising. Today it rocks again by $15 to $725, makes another 25 years record high and then retreats immediately. Now trading at $715.
US dollar fails to turn stronger despite Fed raise rate again to 5% yesterday. Investors lost trust on dollars and manage to keep less USD investment properties. This situation is unlikely to change in the near future. EUR / USD raises to 1.2816 in the US morning session. Whereas EUR will raise rate soon, investors tend to buy in more EUR or other non-US investment properties.
Short term goal of Gold maybe $750 before a significant correction starts. However, bear in mind, never try to guess the top and shortsell. Always be a trend follower.
posted by SSY | 8:13 AM
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