There is some fear in the gold market at present significantly more fear than normal.
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The big jump in demand for physical gold helped stop the bleeding in the gold market.
Recent weeks have seen the return of the buy the dip mentality in the gold market.
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Charlie Nedoss, senior market strategist with Kingsview Financial, said short-term attitudes changed in the gold market.
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Still, day-to-day price moves in the gold market have been erratic and more unpredictable recently.
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Technically, trading in the gold market has turned choppy on a daily chart basis.
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Safe-haven buying interest has resurfaced in the gold market, and even in the silver market, this week.
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That signals a short-term top in the gold market and modest correction and or consolidation near term.
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Oscillating expectations for Fed policy have played a role in shifts in the gold market during recent months.
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More short covering and bargain hunting were seen in the gold market Thursday, following recent extreme downside price action.
Trading has turned choppy and the day-to-day price moves in the gold market have been erratic and more unpredictable recently.
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However, would-be top pickers in the gold market do not want to stand in front of this presently still-steaming locomotive.
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"There now seems to be an oversupply in the gold market, " said an Ahmedabad-based bullion dealer, who didn't want to be identified.
This indicates fresh safe-haven demand is now occurring in the gold market.
However, history shows that dips in the gold market have proven to be bargain buys as the price uptrend remains firmly in place.
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Higher prices are expected in the gold market next week, according to a survey of participants in the weekly Kitco News Gold Survey.
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There was also a sniff of fresh safe-haven demand wafting in the gold market Thursday, as tensions in the Middle East are heating up.
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However, there is also a sniff of fresh safe-haven demand wafting in the gold market, as tensions in the Middle East are heating up.
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He has seen many changes in the gold market during his nearly two decades in the sector, including the dramatic turnaround in investor interest.
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The fresh safe-haven demand in the gold market Thursday was further evidenced by very strong demand at a U.S. government Treasury note auction at midday.
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The Bundesbank said the move is not because it expects a worldwide crisis or because it wants to become more active in the gold market.
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Managed money accounts were subdued in the gold market, adding 1, 539 gross longs and 1, 710 gross shorts, modestly trimming the net-long position to 218, 403 contracts.
The corrective pullback in the gold market Thursday is not unexpected, nor is it unhealthy, as not even the strongest of bull markets go straight up.
Moreover, some investors point out that India's dominant role in the gold market has been fading in recent years as its imports of the precious metal slowed.
Such a rise, in turn, would raise domestic gold costs for Chinese households, now second only to Indian consumers as a global force in the gold market.
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Like many in the gold market, Meader said price weakness in the metal could be short-lived as demand at lower levels has enticed physical buying, especially from Asia.
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Gold market bulls need to keep in mind that the more important longer-term price trend in the gold market remains up, as has been the case since 2001.
Trading has turned choppy and sideways in the gold market as the bulls and bears struggle for near-term control with neither able to maintain much of an edge.
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"Everybody in the gold market knew there was a surge in investment demand, but they didn't know it was China, " said Jeff Christian, managing director at CPM Group.
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