25th Sep 2011

Gold price down upto 1624$ last week falling more than 100$ in a week...Friday gold closed at around 1641$...It was a good correction of gold after months.Gold is still in high price, it has lost the the one way bullish trend of June but still bull trend of Jan is in tact....Looking at the market price gold price is not down as expected due the increase in the US dollar value...that means gold is still in the same terrotory for the currency holders other than US dollar,,,,if really gold is expensive and risk for global market in terms its valuation price then gold next objective price is around 1700-1580$ but we don't see yet that market has really shy off from the market,,,changes have only occured due to change in currency market....if dollar index remain sideline for this week keeping low off then this is good buying oppurtunity for gold to take buy position around 1640$...and so far gold price remain above 1640$ keep the buy hold with target of 1800$