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Does the recent correction in gold prices indicate that the metal has topped out?

Created by : Esha Johar, Risk Analyst, Irevna  | 12 28 2009 08:18:20 +0000
Industry : Equity Research/AnalyticsFunctional Area : India(Markets)
Keywords : gold prices price rise
Activity:  372 views;  last activity : 07 06 2010 20:18:09 +0000

Today, the Gold prices regained the Rs 17,000 level in the national capital on fresh buying by stockists and jewellery fabricators amid pick up in demand which dipped below the Rs 17,000 level four days back, and rose by Rs 80 to trade at Rs 17,040 per 10 gram on fresh buying for festivals such as Christmas and New Year celebrations. Stockists and jewellery fabricators indulging in enlarging their positions on pick up in demand mainly pushed up both bullion prices.

http://www.abc.net.au/reslib/200801/r215681_838264.jpg

Standard gold and ornaments rose by Rs 80 each to Rs 17,040 and Rs 16,890 per 10 gram, respectively, while sovereign remained unchanged at Rs 14,000 per piece of eight gram. Silver, ready and weekly based delivery also gained Rs 100 each at Rs 27,900 and Rs 27,500 per kg. Silver coins continued to be traded around previous levels of Rs 33,400 for buying and Rs 33,500 for selling of 100 pieces.

Do you think the recent correction in gold prices indicate that the metal has topped out?

  
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I don't think so. Demand of Gold ornaments increases in every festival season. Nothing is new. So, merely by taking it in consideration and saying God has "topped" will be wrong. The increase in price shows the demand of Gold has increased not the gold production...
By Jyoti Rath, Sr. Associate, Barclays  12 28 2009 08:21:46 +0000
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Gold is about to loose it shine?If you look at the chart of gold the key support level of 1076$ per ounce is broken and had a sharp fall.Is the fall over?
i feel not yet.i feel gold is about to loose it momentum again and can test 1026 level and can even fall further in the near term.Lot of unwinding is about to emerge once the level of 1026 is broken.
any views?
By leesiriro , Consultant, confidentia  | 02 07 2010 06:17:14 +0000
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Yes, even i feel gold has further upward movement left and it was just an intermediate downward move. ... Thank you, Manish N

Cheers!!
By Manish N Chugh, Officer Trainee, Stock Holding Corporation of India ltd.,  | 12 28 2009 08:25:59 +0000
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I think yes. The market of Gold has corrected a lot. This correction can clearly be understood by the rising prices of Gold.
By Esha Johar, Risk Analyst, Irevna  | 12 28 2009 08:18:20 +0000
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Dear Friends, Wish you all A very Happy New Year.

May God Bless you all with Health, Wealth and Prosperity.

About Gold, Silver and Cr.Oil. I would like to suggest that

Be careful:- Gold may can touch $1500, Silver $20+ and Cr.Oil

$100+ in 2010 any time.

So when ever you put your trade Please stand in Buy position with stop loss.

Happy Trading and once again Happy New Year.
By R.K.MALHOTRA , country head  | 12 31 2009 04:35:08 +0000
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no definately not gold is gold metal is metal..value of yhe currency is calculated by the worth of gold.so it may raise up or fall down depending on the market growth and the currency value.
By T.vijay prakash, training&development, some company  | 12 31 2009 03:01:27 +0000
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not the cause
By rohit , Freelancer, Freelancer  | 12 30 2009 10:40:08 +0000
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Gold will definately go up in 2010.

If it settles above $1067 for two weeks , it will go up.$ position is bad.

Even if it breaks down from $1067 , it will bounce back and in 2010 Gold may can touch $1500.?

Be careful.

Happy Trading.
By R.K.MALHOTRA , country head  | 12 30 2009 05:57:02 +0000
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Yes the gold prices will have to come down once the interest rates will increase
By MAJETY CHANDRA SHEKHAR, Construction-Residential, SINDHU INFRATECH  | 12 30 2009 05:46:30 +0000
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Gold may see another surge in early 2010 when interest rates are increased by RBI and banks. Interest rates directly affect investments and earnings, which is eventually going to bring some downward movement in stock markets.

Also, with more and more retail investors finding gold ETFs an attractive option, they will move to gold when stock markets fall.
By Sunny Sabharwal, Manager, Altius Finserv Pvt Ltd  | 12 29 2009 09:20:39 +0000
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I do not think ,

To my mind and graph as i see it should hold $1067, if does not break this point downwords, may can take some time but will go up.
By R.K.MALHOTRA , country head  | 12 29 2009 04:58:59 +0000
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yaah gold go costly day by day so  i agree with jyoti rath
By mehul , internal auditor, audit firm  | 12 28 2009 11:13:48 +0000
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