Gold price - reduced forecasts - Gold hits 3-year low, soothing central bank talk steadies shares Selling pressure carries over from last week to begin the last five trading days of June. If the FOMC statement weren’t enough for market bears, China added fuel to the fire with alarming overnight news from their banking sector. With a busy week ahead of economic data, coupled with a daily dose of speeches from US FED members, we should have enough news to give the markets some nice volatility to trade.

1. Gold Knowledge & Tips by Pierre A Pienaar
Gold Chart of The Week
Weekly Gold Report (June 24th through
June 28th)
Gold price - reduced forecasts
Gold hits 3-year low, soothing central bank talk steadies shares
Goldman Sachs and UBS have lowered its forecast for the gold price with Morgan Stanley
the next big bank. The analysts now go for the current year of $ 1,409, after it had previously
been still $ 1,487. For 2014, they expect $ 1,313, above the estimate had envisaged to
1,563 dollars. The reason given was that the U.S. central bank could reduce its monetary
stimulus for the recovery of the U.S. economy.
Dear Valuable Friend,
Selling pressure carries over from last week to begin the last five trading days of June. If
the FOMC statement weren’t enough for market bears, China added fuel to the fire with
alarming overnight news from their banking sector. With a busy week ahead of economic
data, coupled with a daily dose of speeches from US FED members, we should have
enough news to give the markets some nice volatility to trade.
When Ben Bernanke spoke last week, he was careful in giving the markets enough news
without giving away everything. While rates remained again unchanged and the FED
decided to maintain their bond buying program, there was mention of a timeline for
retreat from quantitative easing. This was just enough news to pressure markets across
the board. For the second half of the week, quote boards were a sea of red.
Many futures prices closed the week at predictable support levels, but are now sliding
further after China released news that their policy bank was cancelling a scheduled bond

2. auction after it was recognized that funds were not properly allocated. This unfortunate
news may have squashed the hopes of an early week support bounce.
But fear not, this week is littered with economic data in the US and more importantly,
full of speeches from FED Members who will most certainly provide color and insight into
the potential exit timeline of quantitative easing.
As far as the price of Gold is concerned, it should be noted that the relationship of Gold
prices to the US Dollar continues to be a non-factor. The relationship of Gold prices to
stock indexes also continues to be a non-factor. So what exactly is Gold tied to? I
suggest…….nothing at this point!
My thoughts on the price of Gold is this. When Precious Metals like Gold are once again
considered a bargain for hedge funds, the Precious Metals will rally, plain and simple.
Until then, we will have to listen to the same Summer lullaby that we hear in the Metals
year after year. I expect choppy prices in Gold to continue this week and would not be
all that excited about scaling in until the market shows technical closes that suggest the
buy is back on. Until then, there are plenty of opportunities outside of this commodity
that are much more rewarding.

3. Thank you for your interest, Brian Booth Senior Market Strategist
Longleaftrading.com
bbooth@longleaftrading.com
888.272.6926
Source: With the permission from MarketClub
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Trade smart, not with Greed
Pierre A Pienaar
Blog: http://www.resourcesindependenttrader.blogspot.com

5. Pierre A Pienaar retired in 2011 from business.
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