Notes for 27 May Monday

London and US market are close today due to National Holiday. Market is expected to remain somewhat quiet. 

Here are some notable excerpts from an article that can be found at the link provided below.

# 'There is a floor emerging around 32800 (USD 1360)', says a New York dealer's note, adding that bearish speculators wanting to profit from a fall in gold prices may be inclined to wait for a rally to this week's high of  34100 (USD 1414) before adding to their record holdings of short futures contracts.

# Unless the gold price gets above that 34100 level, reckons technical analysis from Swiss Bank and London Bullion Market Maker UBS ' the risk is for rejection to resume the broader bear trend'.

# 'But while the trend is still Bearish', counters Russell Browne at Scotia Mocatta,' the metal is trying to develop a base'.

# 'Given 20% drop from 2011 highs, the gold price could take multiple weeks to consolidate and determine a direction', Scotia says, pegging resistance at last week's high at 34975 (USD 14500.

Here is the link for full article at oilngold.com http://www.oilngold.com/analysis/commodity-markets-commentaries/gold-price-adds-2-for-the-week-qbuilding-a-baseq-on-strong-retail-demand-as-etf-investors-keep-selling--2013052425104/

Trade Happy, Trade Safe :)