{"id":57166,"date":"2010-09-09T09:52:18","date_gmt":"2010-09-08T23:52:18","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2010\/09\/09\/gold-getting-ready-for-the-rally\/"},"modified":"2010-09-09T09:52:18","modified_gmt":"2010-09-08T23:52:18","slug":"gold-getting-ready-for-the-rally","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2010\/09\/09\/gold-getting-ready-for-the-rally\/","title":{"rendered":"Gold: Getting Ready For The Rally?"},"content":{"rendered":"<p>\n\tBy Rudi Filapek-Vandyck<\/p>\n<p>\n\tTime to get worried about gold? Several commentators seem to have taken a negative view on the precious metal&#039;s short term prospects and among them are technical market analysts at Barclays in London.<\/p>\n<p>\n\tThe chartists remain gold bulls, on a medium term horizon, but for now the short term increasingly looks shaky at best, the analysts report this morning.<\/p>\n<p>\n\tHistory shows gold tends to oscillate around pivotal points and price action is currently around all-time highs. In addition, open interest is fast approaching the all-time highs at 600k contracts while the CFTC Commitment of Traders statistics show non-commercial (aka large speculators) long positions at 273k contracts and fast approaching previous bullish extremes in the 283k\/297k area, report the analysts.<\/p>\n<p>\n\tCombine one with the other and the chartists believe the gold market is poised to once again reach what they call &ldquo;bullish saturation&rdquo;. They add this seems particularly the case amongst hedge funds.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/Gold_bullish_saturation.jpg\" style=\"width: 680px;height: 377px\" \/><\/p>\n<p>\n\tThis is why the analysts have taken the view that gold is likely going to struggle near US$1265\/oz and this increases the odds for a wave of profit taking to ensue. Trendline support comes in at US$1238\/1240, with the chartists adding any pullback would fail to cause chart damage unless US$1210 is broken.<\/p>\n<p>\n\tAt this point, they have not seen anything suggesting gold will break below US$1210\/oz.<\/p>\n<p>\n\tOnce the (mild) correction has run its course, the chartists continue looking for gold to rally towards US$1300 and beyond towards US$1350 into year-end.<\/p>\n<p>\n\tSimilarly, the chartists note important peaks near US$20.00\/oz in silver are being tested. Through here next opens up US$21.35\/oz, they believe.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold is expected to struggle near its all-time price level, but chartists at Barclays continue to see upside ahead.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[22],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57166"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57166"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57166\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}