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TOKYO, June 6 (Reuters) - Spot gold on Wednesday remained near a three-week high marked the previous day, while Tokyo gold futures fell on profit taking after a 3 percent gain in the past five days.
As of 0740 GMT, cash gold <XAU=> firmed to $670.60/672.10 an ounce, from $669.20/670.70 in New York. On Tuesday, gold climbed as high as $673.95, the highest since May 14, helped by a fall in the dollar.
"The trend of gold is basically favourable as a downside test has failed, and $650 for the spot price has been firmly supported," said Satoshi Matsunaga, analyst at Mitsui Bussan Futures Ltd.
But in the short term, the currency market, a key trading factor, fails to inspire investor buying, he said.
Players in the currency market awaited clues on how much higher the European Central Bank could lift interest rates after an expected increase later in the day.
http://today.reuters.com/news/articleinvesting.aspx?type=goldMktRpt&storyID=2007-06-06T074234Z_0...
OIL PRICES HIT BY CYCLONE
"U.S. retail gasoline prices dropped a cent overnight yesterday, and oil and gas futures also fell as a cyclone approaching the Persian Gulf veered away from major oil facilities.
Though cyclone Gonu was headed toward Oman's east coast, the country's major oil installations are not in the storm's projected path."
http://www.thestar.com/Business/article/221985
Good-morning and gold worm turn'n...
I may have to sell some since I'm fully margined on my XAU/USD trade. No capital left to trade.
I figure it was the only way to catch-up and become the lead dog in the race.
Gold glitters as stocks lose luster
By Wang Lan (China Daily )
Updated: 2007-06-06 08:50
The steady increase in gold prices on the Shanghai Gold Exchange since last Thursday is widely seen as the beginning of a longer-term uptrend underscored by rising global demand and a gradual shift of capital by nervous stock investors seeking temporary refuge in the yellow metal.
Picking up on the increase in the past week, the price of Au100g on Shanghai Gold Exchange closed at 166.90 yuan per gram, up 0.90 yuan - a rise of 2 percent from last Thursday.
The opening price of most actively traded gold futures contract for delivery on February 2008 on COMEX in New York yesterday rose $1.7, or 0.24 percent, from the previous day's closing price of $695.4 per ounce.
The rebound in gold prices is seen by economists as a prelude to a sustainable new round of upward trend in gold.
"Global gold prices are expected to take on an upward trend, underlined by the market fundamentals of short supply," said Li Jingyuan, an analyst with Hai Fu Futures Co.
The domestic price of gold has got a shot in the arm from the diversion of investment funds from the battered stock market, analysts said.
Some experts said more investors are parking at least a part of their savings in gold in view of the high volatility in the stock market.
"When the stock market seems uncertain, gold is seen as an effective investment," said Tang Mingrong, an analyst with Ling Rui Gold Investment Co. "Our company has also found many individual investors who would like to divert their capital to the gold market."
The domestic market trend is largely in sync with the international market. According to the World Gold Council, global demand for gold in the first quarter of 2007 amounted to $17.4 billion, up 22 percent from the previous year. But the output in the first quarter declined 2 percent year-on-year .
In the first quarter of this year, the global supply of gold was 808 ton while the demand was 827 ton. The supply gap has increased the pressure on prices.
http://www.chinadaily.com.cn/bizchina/2007-06/06/content_888080.htm
Nice to see support at 670 - hopefully after tonight we have new support at the 675 level.
I keep moving my T/P higher but it keep chasing me!
Good evening, holding a boatload of gold and sails are fully trimmed for an evening of trading.... 30 min XAU chart looking sweet.
Gold headed south - hold'n long and my trading accounts is headed for last place....
Buy/n XAU breakout added another 650 units @ 671.50 - hold'n 1150 units...
Looks like it's headed down..
I'm gonna have to hire more Ants to keep up...
Long XAU/USD - hold'n 500 @ 671.83 GL
No problem...
You can hide the weekend data.
Go to User Preferences listed under Tools
Select the Chart Tab
Halfway down select - Hide weekend Data
Cash'd out all trades for the day - turtle running without Jester.
Only $976 P/L today, need to walk away and clear brain. GL
I'm saving last place for me....
turtles are running...damn things need a compass - running the wrong way!!!
Protecting the ant-hill
Added (500K) Long USD/JPY @ 121.78
Added (90) Long XAU/USD @ 671.35
Honeymoon over - Hold'n LONG USD/JPY ($250K) @ 121.74 till 122.30
Banked another $500 dollars on an quick'e LONG USD/JPY.
closed - LONG USD/JPY ($750K) @ 121.73 <Banked $690> off to work GL
good morning - LONG USD/JPY ($750K) 121.62
off to bed - turtle is sleep'n GL
No, just watch d'turtle - bought another 100K @ 121.93.
Added 200K on d'dip....must be testing stops before the open
I'm on the wrong side of USD/JPY may end up giving back $200 dollars...to keep the Forex God's happy
I will only be king of the Forex ant hill for a day and I want to enjoy my moment in d'Sun...
I'm thinking about closing my USD/JPY long, I've already made $500 dollars for the day and I want to give you boys time to catch-up to Jester....
Honest Money Financial Markets Wrap - Stocks, Commodities and Gold / Stock-Markets / Financial Markets
Jun 04, 2007 - 12:17 AM
By: Douglas_V_Gnazzo
Nice review of gold half-way down..
http://www.marketoracle.co.uk/Article1178.html
CaT promised a FREE trip to Europe for the winner....
Only if the race is to zero!
Hold'n - Long USD/JPY (XXX) Bought @ 121.960
Sold - Long AUD/JPY (101.52) Bought @ 101.42
Sold - Long GBP/JPY (242.04) @ Bought 241.830
Sold - Long EUR/JPY (164.08) @ Bought 163.984
$100K - USD/JPY
$83K - AUD/JPY
$198 - GBP/JPY
$134 - EUR/JPY
I guessing the proper term should be units instead of lot.
Rid'n d'four horseman
Long USD/JPY (1-Lot) @ 121.960
Long AUD/JPY (1-Lot) @ 121.417
Long GBP/JPY (1-Lot) @ 241.830
Long EUR/JPY (1-Lot) @ 163.984
Long USD/JPY (1-Lot) @ 121.96
Checked out your website - our worlds are connected....
If you want to play in the dirt again and rub shoulders with a NW Electrical Engineer (http://www.patheng.com), I can open a few doors for you with a local Civil Engineer Firm (http://www.reidmiddleton.com/index.html).
Back in the 90's I shipped the family to Chile for 1 year and lived out of my truck in San Diego for three months.
Lived off the land by telling stories in a little Chula Vista coffee shop and pizza shop performing handyman related work for my audience.
One lady, I connected her utilites (power,cable, phone, sewer)to her FREE trailer, and she allowed me to live rent free for the next year in the trailer.
Another lady I fixed her washing machine, which had a gold chain stuck in the water pump, returned the gold chain and charged her $1.50 to cover my coffee and donut for the day. Told the story to the other people at the coffee shop and repaired four other washing machine the same week.
Moved to Las Vegas telling stories and performing electrical construction and design related work for my audience.
Moved to the Northwest telling stories, jokes, performing for my audience has allowed me to provide for my family without any worries.
I miss my days of wandering down less travelled roads.
Good-luck in your travels and weaving of tales
Jester Vandalay
Some of the best years of my life were during our early years of urban camping.
We're selling our house this year after our son moves out, and become senior urban campers for the next twenty plus years.
An Engineering gypsy is my new life style, I'm escaping from my 40-hour dilbert cubicle prison....
After bank'n the gold I took the day off - then I remember it was only fools gold in my game account....
Maybe OANDA has a payday loan option!
I pulled my short @ 122.00, waiting for it to test 122.20 before going short....