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Tuesday, September 13, 2011

will gold prices go down september 2011

will gold prices go down september 2011 : On Monday, Sept. 12, financial problems mushroomed within the 17 nations that use the euro as a circulating currency. Despite an emergency weekend meeting, no solution was found for Greece’s government debt. By the close of trading on the 12th, the Greek government 1-year debt was trading at such a low price that the effective yield exceeded 110 percent This is an interest rate that pretty much assumes that all Greek debt will default.

Eurozone banks were crushed (again) on Monday. Share prices of Deutsche Bank fell 8 percent, Societe General were down 11 percent, Paribas declined 11 percent, Credit Agricole was off 12 percent and National Bank of Greece lost 7 percent. As a whole, the French market index dropped 4 percent and the German index fell 2 percent. Bloomberg reported Monday that the three French banks among those listed above are preparing for a downgrade of their credit rating by Moody’s Investor Service.

in Europe, stocks were lower on concerns over the health of European banks, but so far, the futures are holding up well. These banks have looked weak for some time, and the RS analysis on several suggested in August that the global banks could fall further.

So if stocks drop back to the August lows, does it mean that gold is going to rise another $50 or $100? It is always possible, but for the first time since early in the year, the volume analysis is showing signs of weakness, which points to a correction, not a further rally.

What It Means: Over four weeks ago, I noted that gold was in a high-risk buying zone based on the Starc band analysis. Since gold and the SPDR Gold Trust (GLD) are still trading near the weekly Starc+ bands, the risk is still high on the long side.

This increases the chances of a 5%-10% decline over the next few weeks. The monthly volume analysis is still positive for the long-term trend.

How to Profit: My advice for GLD has not changed in the past month. Those with nice profits in their GLD positions should consider hedging by selling calls against the long position for a drop to $155-$165 area. For the latest updates on the stock market, visit Stock Market Today

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