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Gold Price My pick for end of week

  1. Interesting trading in spot gold last night. Got down to $307, and was starting a small spike up from there just b4 I went to bed. The price drop from last Friday is a healthy one. No panic, acting like a well controlled (and it is!) correction. IMHO we should expect a further $10+ drop to test psychological level of $300 over the next 3-5 days, and that's ok. I believe it will turn up again, even more strongly, but the net large short position volumes held by the commercial futures traders will dictate the market price in the short term. The FUNDAMENTALS are still in place, yet despite this, the price can and probably will fall. Logic doesn't allways APPEAR to apply, but if you understand the element of control(not total by any means) the commercial futures traders have, by shear weight of volume; that's the part of the story that makes a price drop logical. So all is healthy in the gold market and some great buying opportunities should arise if, as I expect, the price goes down towards $300- in the next few days and the nervous nellies sell out. Remember, I've said the next 3-5 days-doesn't mean it won't be up a little intraday today, as it is, or tonght for example, but by the close of trading in NY on Friday, I'd say 80% chance of being closer to $300 than $315, barring outside forces like the USA bombing Iraq. That's why you allways should have some exposure. Be interesting to watch.........

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