Gold Price Forecast 7 February 2014 Neutral to Positive Trend

If physical demand remains lean and investors continue selling there is possibly for gold to visit $1,000 areas, however it looks hard. If investors reduce short selling the metal, prices can stabilize around $1,200 per troy ounce. BofA  lowered its 2014 average Gold price forecast by 11% to $1,150 per troy ounce. Us economy is growing but its speed is not enough to cover inflation. If this situation continues gold buyers will be back into the market.

We observed few attempts to the upside in this week, we are saying this for last few days that stability above 1272 is necessary for higher prices but the price failed to stabilize above 50% correction at 1272.00 levels. Similarly selling pressure was unable to capture the gold price at its 38.2% correction at 1250.80.

Gold Price Forecast

Support for today is $1,251 and resistance for today is $1,265.

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Gold Price Forecast 31 January 2014

Good by Mr. Ben Bernanke
Ben Bernanke’s term as Chairman of the Fed comes to a close, and the the Janet Yellen era begins now. Janet Yellen is going to have a Very Tough time. Hope She will do better than all the Goldman Sachs Boys,the FED & Treasury. We welcome Janet.

US economy grew at an annual rate of 3.2 % in the last quarter of 2013. It is a pleasant news But the main question stands here is, we can sustain this growth or not. Investors are pulling money from ETF at the fastest rate on record due to China’s sluggish growth and central-bank cuts. Redemptions got acceleration after contracted Chinese manufacturing data and Argentina’s unexpected devaluation of its peso. Interest rate increased by central banks in Turkey.

Bloomberg data shows that More than $7 billion drifted from ETFs investing in developing-nation assets in January. This figure is the biggest since the securities were created. A lot of speculative money has been moving in the emerging markets. The iShares MSCI Emerging Markets ETF assets shrink by 11 %. Vanguard FTSE Emerging Markets ETF is poised for the biggest monthly redemption since its beginning i.e. 2005.

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Gold Price Forecast 30 January 2014

In the FOMC's statement yesterday Fed did taper after all. Fed said it would reduce its securities purchase by $10 bn total, knocking $5 bn of its present $40 bn monthly US Treasury bond buying and $5 bn from its $35 bn Mortgage Backed Securities purchases.

Gold price hold 1250 level in a good manner in simple words another range bounded . In recent attempt Gold failed to clear $1,278 If price holds above this barrier we expect a retest a resistance at $1,278 per troy ounce. A break above this level will smooth the ways to $1,293. The resistance has been provided by the 61.8% Fibonacci projection level of an upward wave c or wave 3.
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