Faded glory of the gold

Who the gold market intensively, was warned, as the precious metal under a large media interest last Friday (20.02.) The psychologically important mark of 1,000 USD skipped. Already in the days before a board of optimism about to watch. When analysts but also those of the precious metal Durchmarsch postulated that the precious metals or negative, for us it was finally clear that we are directly in front of the movement are high. And so it came as it had come.
Given the current development of the gold price is pushing the parallels to the large correction phases from the last year. In March, July and October 2008 took the precious metal with the formation of pronounced highs in each of a large correction phase. What all three in 2008 observed the corrections was the strong optimism that the precious metal in the final phase of the upward movements drive.

Much is now our view of the development of the equity markets. Last flowed so much capital from anxious investors into the gold market, for example, physically backed ETCs. If the equity markets now stabilizing or even a sustained counter-movement, it is likely that this trend is reversed.

The risk we take a look at the gold shares. The relevant AMEX Gold Bugs Index is in the midst of a correction. An end is in spite of short-term stabilization is not evident. As the index in the past often the gold price advance, it is important to the AMEX Gold Bugs Index to keep an eye on. Under his help, the outlook for the development of the gold price concretise. At present, the AMEX Gold Bugs correction scenario for the gold! Nevertheless, there is now no reason, in actionism forfeited.

Sub-chart, the technical aspects of precious metals have every chance of 900 USD above ground train. In this context, the USD 940/950 area of great importance. Can they defend gold, it must have a second attack on the 1,000 USD can be expected. The technical indicators, but further downside potential out. From our perspective, it is likely that the precious metal a solid floor below 900 USD will be trained. The area around USD 850 is here an ideal terrain. Long term, with rising gold prices can be expected. We have the beginning of the year in our oil and gold market dailynews a goal of 1,200 USD for the end of 2009 was proclaimed.

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