Are you a gold market expert? plz help me!

Question

y are gold prices going own??

i have bought gold for 903 $ & currently its 879 $ ....

is there any chance of gold rate going high tomorrow?

Answer 1

Don't know how much you know about inflationary effect and how the US dollar runs an inverse corollary to gold prices... so, to make the answer as short as possible, I will give the level 200 answer as opposed to the beginner answer.

I will assume you understand fundamentally what drives gold and have some knowledge of technical analysis (chart reading).

Gold will bounce off 865 support, but will not get above 920 levels any time soon.

In fact, IMHO, I think it will channel between 865 and 920 for next several months... inversely to the $USD index which channels between 74 and 72 (it's resistance and support levels, and is very close to that resistance level of 74 right now).

However, it all starts with oil, which is the largest inflationary mover.  Oil and gold run together because when oil goes up it causes inflation and the dollar goes down.  People see the dollar devalue so they buy gold, which is what you did.

So... the question back to you is not is gold going to go back up, but is oil going to go back up?

Because it all starts with oil, political scandal, employment, and those variables that effect the faith and confidence in our nation's currency.

Whatever you think oil will do, that is what gold will do.

Good luck !

Answer 2

All the commodities, including gold, have turned down. The reason may be that the world economy is turning down.

IMO, these commodities will not rise again for awhile.

Answer 3

when you make a purchase expect some volatility.

Answer 4

I always look at gold as a dollar value indicator.  Some feel that gold will eventually hit 2000 an ounce, it will all depend on how the bubbles, bail outs, borrowing and govt bungling play out, two billion a wk spent on Iraq Freedom is having a huge effect on the dollar value, you say you have some gold then vote for McCain you may very well see your 2000 per ounce gold along with 10 a gal gas.