Daily GOLD

today is save haven in hour. good strategy because bad data USA for taking profit
i think gold will be stay 1624-1626 until 11.00am.
so if gold can past 1625 until closure. it will bull for next.
but if gold cant' stay position in area 1620 it will be down again to 1610
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look my prediction today resistance and S1

sounds good. i'll be doing that too. might have another gap favoring the bulls on monday.

but if gold closes below 1600 we may have a gap in favor of the bears on monday

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yes but we must see closed gold today too .

Due to hold a press conference about the US debt ceiling negotiations and the US economy, in Washington DC; US President Barack Obama;

When is this due?

Mitch

Press conference announcement comes as a surprise from source. Event added to calendar 49 minutes before listed time;
yesterday

Jul 29 10:20am USD President Obama Speaks
http://www.forexfactory.com/images/m...etail_down.gif

INDICATOR VALUE
STOCH (14) ↑ 88.36
RSI (14) ↑ 69.80
MACD (9) ↑ 23.38
PAR SAR (9) ↑ 1602.30
EMA (20) ↑ 1600.03
EMA (50) ↑ 1578.47
RANGE 1620.00 – 1640.00
Support Resistance
1 1600.00 1650.50
2 1575.30 1680.00
Short Medium Long S2 S1 Pivot Point R1 R2
bearsih - Bullish Bullish 1600.30 1613.35 1623.00 1636.10 1645.80
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if gold stay area1607-1610 it will be down target to 1594
if gold stay area 1615-1617 it will be up 1620

remember today news is positif for USA,

the weak gold today because 1 :
US debt crisis: Republicans and Democrats strike a deal
http://www.forexfactory.com/attachme...1&d=1312163547 From telegraph.co.uk
http://www.forexfactory.com/images/misc/news_quote.gif Republicans and Democrats in Congress have reached a last-minute agreement with President Barack Obama to raise the limit on US borrowing and forestall an unprecedented American default, marking the final chapter of one of the nastiest and divisive episodes in recent American political history. Shortly after Senate Majority Leader Harry Reid and his Republican counterpart, minority leader Mitchell McConnell, endorsed the plan on the Senate floor, Mr Obama went to the White House press room to add his support for the deal. House Speaker John Boehner, in a conference call with Republican members of the lower chamber(full = http://www.telegraph.co.uk/news/worl...ke-a-deal.html)

AP source: Obama, Boehner, Democrats strike debt deal to head off government default
From twitter.com

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so i assume gold will be stay around 1612-1613 until 4.30am

it can be up again to 1615 or down again to 1608

Hi Donny 1986 :

What do you think about British (Manufacturing PMI) and US (ISM Manufacturing Prices) data ? Any predictions about that ?
Does it enough impact to change the gold price significantly ?

Thanks

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lets see last month
Jul 1, 2011
1.1 55.3
51.9
53.5
so

i have prediction will be good for USA data today.
i think gold will be drop again at 10.00 am

area target is 1605-1600

Thanks for sharing your opinion my friend...

i have been following your thread for a while donny.

i wonder what indicators you use for the setup? mind to share it?

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this is my
INDICATOR VALUE (six)
example today
STOCH (14) ↑ 88.36
RSI (14) ↑ 69.80
MACD (9) ↑ 23.38
PAR SAR (9) ↑ 1602.30
EMA (20) ↑ 1600.03
EMA (50) ↑ 1578.47

US Lawmakers to Vote on Last-Minute Debt Deal


After months of vitriolic discord, Republican and Democratic lawmakers were expected to vote on Monday on a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.
http://media.cnbc.com/i/CNBC/Section...l_dawn_200.jpg

Allan Baxter | Digital Vision | Getty Images

The Democratic-led Senate is expected to pass the deal, which raises the $14.3 trillion debt ceiling and cuts about $2.4 trillion from the deficit over the next decade.
But it may face tougher opposition in the House of Representatives where both conservative Tea Party supporters and liberal lawmakers have expressed dissatisfaction with the agreement.
White House senior adviser David Plouffe offered assurances Monday that he believes the newly minted deal to raise the debt ceiling will pass both houses of Congress and be signed into law by President Barack Obama.
Plouffe also appeared to clash with House Speaker John Boehner, who said on Sunday that the deal included no tax hikes.
"That's just not true," he told NBC's Today show. "If we're going to do additional deficit-reduction in the fall, it should be tax reform, closing loopholes for the wealthy and big corporations."
While the deal comes just in time to avoid a catastrophic default, Washington and investors will be closely watching to see if it goes far enough to convince credit rating agencies to let the United States keep its top-level triple-A credit rating.
Standard & Poor's has been the toughest of the rating agencies with its warnings of possible downgrades if the United States failed to agree on a viable long-term deficit reduction program.
All eyes will be on the rating agency this week as it reviews the agreement and decides what to do.
Reflecting the caution, Australia's Treasurer Wayne Swan said the deal would be an important first step and he urged Congress to endorse the proposal.
"It will be a long and painful adjustment for the United States," he told Australia's Sky TV on Monday. "We've got to see a pathway for fiscal consolidation in the United States and we need that for global certainty. We need that for global growth. A lot of people are going to be watching."
The world's largest economy has already been tainted by the political squabbling that delayed action on the debt ceiling until the last minute and sparked alarm globally.
An official newspaper in China, the United States' biggest foreign creditor, had blasted U.S. handling of the debt crisis as irresponsible and immoral. The dysfunction in Washington could contribute to S&P's assessment.
A credit downgrade would undermine confidence in U.S. solvency, stunting economic recovery prospects and sending negative ripples through the international financial system where U.S. bonds are bellwethers.
Investors reacted with some relief on Monday that the United States was close to averting a debt default.
World stocks as measured by MSCI rose 0.7 percent and U.S. stock futures gained more than 1 percent, pointing to a firm opening on Wall Street later in the day.
which had gained as perceived safe havens as fears mounted of a debt default, fell.
Five-year credit default swaps, which allow investors to hedge against the risk of a U.S. debt default, fell sharply to their lowest value since July 13.
Germany welcomed news of the deal and Japan's Chief Cabinet Secretary Yukio Edano said he hoped financial markets would now stabilize.
Japan held around $900 billion in U.S. Treasuries as of May. But investors were still wary since the deal must be voted on and because of the possibility of a downgrade.
"A downgrade is still a significant risk over coming months and the remainder of 2011," said Anthony Valeri, fixed income strategist at LPL Financial.
"The ratings agencies may not view this plan as going far enough to reduce the deficit and there remains some risk to implementing the various phases of this preliminary deal."
'Do the Right Thing'
The plan involves a two-step process for reducing the U.S. deficit. The first phase calls for about $900 billion in spending cuts over the next decade and the next $1.5 trillion in savings must be found by a special congressional committee. Congress must act by Dec. 23, 2011, under the deal.

Republicans had insisted on deep spending cuts before they would consider raising the borrowing limit, turning a normally routine legislative matter into a dangerous game of brinkmanship.
After weeks of acrimonious impasse and with the final outcome hinging on support from recalcitrant lawmakers, Obama pressured Congress to pass the deal.
"I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days," Obama said in a televised address at the White House late on Sunday.
But Obama, like congressional leaders, noted that it was not the deal that he would have preferred but it was a compromise.
Many in the anti-Washington conservative Tea Party movement, who helped Republicans win power in the House in last year's election and who oppose any hike in the debt limit, criticized the deal.
Tea Party Nation founder Judson Phillips called it "a complete victory for liberals" and said the spending cuts were "a joke."
But despite that opposition and a muted response from House Democratic leader Nancy Pelosi, who is crucial to delivering enough votes to offset Republican defections, congressional insiders expect the deal to pass in both the House and Senate.
Copyright 2011 Thomson Reuters. Click for restrictions.
http://www.cnbc.com/id/43968679

what happend if default incease

why is gold going up ?

i've read 200 times it would go down if there was dollar buying !

looks strange to me, or is it just technical ? ( going to a level to plunge ?)

any view would be apreciated

i like to understand

gold is in an uptrend since $1478. right now it is at a pause bouncing between 1630 and 1600, give or take 3 dollars. usually during these market pauses gold is still poised to go up. only a break below would confirm otherwise.

yes dollar buying affects gold but the general economic health of the U.S. has more bearing. ISM report was bad for the U.S. that's why gold still went up.

this is basically what i know. i'm new to trading gold. been doing it for just six months. but one thing i know for sure is that you should not base your analysis of gold only on the U.S. dollar...

Thank you . You're very right, I don't really base my analysis on dollar, I was just surprised to see all pairs running at same time ( dollar up ) and not seeing gold moving. But I know gold is based on diferent analysis than just curencies.
One more proof

yeah that was my reaction also. that's when i realized i cannot rely only on fundamentals alone when trading. after losing half of my investment i decided to read as much as i can on technical analysis and visit forums like this. i cannot also rely purely on technicals, because gold most of the time can be very sensitive to economic news... if only i realized this sooner

still optimistic though =)

Hehe. if you lost only one time half of your investment, you're very very good

I'm a common trader, so i burned 3 or 4 accounts ( with very small amounts, but still ), took crazy over-leverage, etc..etc.. all traders smile when they read this... i know
Now more quiet, we all know the key is money management , whatever we do with our trades