AUTOREFRESH 
Gold price steady but big plays afoot
By Sean Lee || March 15, 2010 at 22:55 GMT
|| 4 comments || Add comment
We probably need to keep an eye out for bigger moves in the gold market as they could have ramifications for the FX market. China and India remain consistent buyers and it was interesting to see the Chinese trying to talk the price down last week. Hedge funds are reportedly selling out of their strategic long positions yet the price is far from collapsing. There is a growing feeling that the new emerging economic powerhouses are looking to increase the percentage of their reserves in gold rather than relying completely on international government paper.
The levels to watch are $1050 and $1150 and a clean break either side will probably usher in the next big move.
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i believe it is a key too Sean, somehow it is related to dollar strength currently, but rather seeing market selling dollar to buy gold, it is selling euro/sterling to buy gold to me at least in the mean time. So i prefer selling rallies on EU rather then buying dips on EU currently Sean. However 1.343-1.353 will be a war zone but hope it will be a green zone for us small traders
War zone is an excellent description of what might emerge Donald
Buying at 1.355 with a stop below 1.353 and buying at 1.345 with a stop below 1.343 seem like pretty easy trades, with good risk/return profiles. And a potential breakdown play… A war zone, yup, but potentially a very good trading opportunity- you betcha! I’m going to make a WAG: eur/usd is going to close the week in the low 1.36s, for the sixth straight week…
A load of pithy sums and summations to get through this week – play it as it comes, so I will