near term target 39.75, page-2

this target is dead in the water in under 24hrs, put my money where my mouth was, and today my money is going to be in someone elses pocket,,,,,,DOH!

Important economic data out globally that is very bearish for Gold, commodities and the wider markets imo.

Trading standpoint
35.80 broken yesterday albeit on low volume, expected a bounce but got nothing despite gold slowly inching into the mid 1160 area and doing well in AUD terms.

US Session has not finished quite yet but the previous high of 1134 has been broken which I'm sure is not good from a technical standpoint.

Economic outlook
AUS trade gap widens on lower prices for coal etc, I didnt actually think this would affect FX, but a few have revised down their forecasts for GDP in 2010 to .5% growth,,thats little margin for error for a negative number, a double dip

Unexpected drop in Industrial Output in Germany was the biggest RED FLAG to me last night, I take it to mean that there is plenty of spare capacity in the system which will not be good for prices, lower risk of inflation, hence expect falls in commodites. Again a possible indication of a double dip

Greece Downgrade, I think many are now rushing back to the USA regardless of its inherant structural weaknesses and growing problems, causing problems for Gold, commodities and markets

Japan new stimulus indicating serious problems still remains.

Fiasco in Dubai continues with a few saying refinancing will be much larger than expected. Credit rating downgrades of major companies int he region last night

I hate chopping and changing and was pretty happy to have sold the other day at 38.55,,,,but you are only as good as your last trade and this one is wrong for the time being...

A number of levels have now been broken in Gold and I think the SP of NCM and others is going nowhere but down...

Volume reported on exchanges low.

(moderators if you can delete this entire thread of shame, I will feel better, losses will remain but I will feel better :)