Gold Price Forecast 29 June 13 5





Good day forex traders and readers.

Welcome to another gold price forecast update and it had been a ride since we last reviewed gold a month ago. In the previous gold price review we noted that it was at $1380, a drop of almost 11% from the high of almost $1800.

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Technical Analysis

Looking at the Gold daily chart above we note that as per expected in our previous gold forecast, the precious metal dipped further. ( We had a few readers who wrote to us that there were bearish since the previous review and a big congrats to you ! 🙂 )

The current region of $1200 is expected to be a major support and many traders would be monitoring this crucial support strongly. Gold has lost 21% from it’s high at almost $1800 this past year. Should this support region fail, we might be looking at an extended bearish target of $1000.



Fundamental Analysis

With regards to the bearish momentum, it is widely believed by experts that the proliferation of gold based financial instruments such as ETFs played a major part. As traders often speculate, the continued rallies of the equities brought about sell offs as they bought into better performing markets such as equities, thus weighting down the price of gold itself.

To further implicate matters, the recent apprehension of the market towards the US Federal Reserve Ben Bernanke’s suggestion of quantitative easing tapering saw a general market sell off, starting with the equities and inevitably gold.

It would be prudent to continue to observe market sentiments in general.

Trade safely.

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Rating: 3.0/5 (2 votes cast)
Gold Price Forecast 29 June 13, 3.0 out of 5 based on 2 ratings
  • It is a fact that the gold still receives good demand in physical form … It is probably all the paper trading and speculations causing the bearish pressure …

  • ιωαννης σαχας

    go long on gold (1200 per ounce) on a 1-4 leverage and you will make a smooth profit in less than 6months-elliot waves indicate that the bearish pressure should end at max 1150…intra-day scalps around the 1200 region are good trades as well (long on 1180)….mega short on s&p for THIS WEEK…new lows will be seen under 1550 ,super bearish momentum on that one as on the euro as well…. short the euro for a 200 pips profit as well, daily diagramm wont take more than 2 weeks, be quick on your exits… wanna go long on euro? Yes sir, intra day short on monday buy on 1,2975-sell 1,3020 …. last but not least…short on us bonds (10 year) on yearly horizon… dont overtrade use a low leverage ratio to avoid false break outs and squeeze outs…. its all safe stuff , follow it and make a more than 100% return on investment …. regarding the euro , it is poised to test 1,2650 sooner or later….

    • Thanks for your opinion.

      • ιωαννης σαχας

        closing gold now….waiting again for under 1200 to go long again….retest 1180 AGAIN ,and repurchase 1150 ,for 1350 first target …double bottom scenario(might pull it as low as 1150 no more i think)… s&p didnt go well i hit a stop (lost 24 points)….reshorting now on the 50’s region(should do it by tommorow current price 1,645)….closing my short on euro , 235 pips in the bag, left with a 7e mini for 1,2650 (dinner money)…. short on 10year us bond worked as well, so well …. not abandoning it is on a longer term basis might buy 1-2 more contracts

        • Hey glad to see you back.. You made money from gold right? Good one 🙂