Gold Price - Where is it heading?

[rederob]

Within the past 20 minutes gold dropped $18 in a 10 minute stimt, so maybe someone is pressing all the elevator buttons:

Clearly gold is already heavily over-extended, having obliterated the upper band of an already optimistic trend channel.
I will be very happy to see gold back into the $1800s for much needed consolidation, but there could be a lot of punters worried about missing the boat, and keeping the price unsustainably higher for longer.

 

[wayneL]

Just FYI

https://www.afr.com/companies/finan...s largest,could lose its London accreditation

Two of the world's biggest banks blacklist Perth Mint

Angus GriggNational affairs correspondent
Jul 27, 2020 – 12.00am

Two of the world's largest banks, HSBC and JPMorgan, have stopped buying gold from the Perth Mint, citing potential damage to their reputation and concerns the government-owned refiner could lose its London accreditation.

The black ban follows revelations in The Australian Financial Review that the mint was buying up to $200 million of gold a year from a convicted killer in Papua New Guinea and that child labour and toxic mercury were present in its supply chain.

In response, the London Bullion Market Association, the world's largest precious metals exchange, said it was reviewing Perth Mint's ethical sourcing accreditation.


Children often work with their families mining gold in PNG. supplied

The investigation by the LBMA, which said it was taking the revelations "very seriously", has seen HSBC suspend purchases of 400 ounce gold bars and the smaller 1kg bars from the mint. JPMorgan has suspended purchases of the 1kg bars.

The mint, which is owned and guaranteed by the WA government, is the largest refiner of newly mined gold in the world.,.......

 

[wayneL]

This should probably be in trading systems and strategies but I have found that fadng The Kouk has been a profitable strategy.

Very strong buy signal here

 

[explod]

This should probably be in trading systems and strategies but I have found that fadng The Kouk has been a profitable strategy.

Very strong buy signal here

That is just a blank page to the sheeple. It's massively growing debt and unbacked money printing.

Gold now at an all time high is going to fly up from here.

Just my humble view.

 

[wayneL]

That is just a blank page to the sheeple. It's massively growing debt and unbacked money printing.

Gold now at an all time high is going to fly up from here.

Just my humble view.

Enter, FOMO.

 

[Rosscoe62]

I’m a TA trader so let the charts do the talking.

Found this link interesting -



Gold has well & truly over extended itself and FOMO currently will only push the price higher short term.

 

[wayneL]

I’m a TA trader so let the charts do the talking.

Found this link interesting -



Gold has well & truly over extended itself and FOMO currently will only push the price higher short term.

Define overextended, especially in terms of DXY.

(Retracements notwithstanding)

 

[Rosscoe62]

Define overextended, especially in terms of DXY.

Wayne, I’m with you not against you. The DXY is weak and becoming weaker!

The Gold index is very hot! FOMO is kicking in however one would think a retracement has to follow at some stage!

It’s overextended itself with the very strong rally up in an extremely short period of time!

A very, very quick and decisive movement Up!

Who knows when it will retrace but it will retrace, has too ....

The trend is firmly established & looking sensational!

https://www.barchart.com/futures/quotes/GCQ20/opinion

BTW - I’m holding my 8 gold players.

 

[explod]

Wayne, I’m with you not against you. The DXY is weak and becoming weaker!

The Gold index is very hot! FOMO is kicking in however one would think a retracement has to follow at some stage!

It’s overextended itself with the very strong rally up in an extremely short period of time!

A very, very quick and decisive movement Up!

Who knows when it will retrace but it will retrace, has too ....

The trend is firmly established & looking sensational!

https://www.barchart.com/futures/quotes/GCQ20/opinion

BTW - I’m holding my 8 gold players.

Why does it (have too). This uptrend on historical's is just at the start of the rise on past percentage terms.

As a safetynet its about the only way at the moment to safeguard the wallet and more and more people are only just starting to realise that.

 

[over9k]

The U.S economy is not going to recover like it was thought the reopenings etc would make it because people are now at the point of voluntarily isolating etc.

This is only now just properly being realised. I called a position into "stay at home tech" way back in may for precisely this reason.

The only thing I kick myself for not doing is buying some physical gold as well as a couple of gold miners.

Things are only going to get worse as we now move into winter. This rally has months of legs yet.

 

[Rosscoe62]

Why does it (have too). This uptrend on historical's is just at the start of the rise on past percentage terms.

Deary me, a retracement can be a shallow one!

Nothing ever goes up in a straight line indefinitely ....

I’m not expecting this to be a deep pullback. With the sudden surge in the gold price, it would be healthy to retrace a little under current conditions.

Again, to reiterate I’m a holder of 8 gold players. I’m not selling unless the charting supports a major reversal to the downside. I’m absolutely loving this rally and believe in the short-mid term it is sustainable.

My trailing stops have been increased dramatically in recent weeks.

I am NOT in agreeance with the link I posted above, it was used as another example of a point of view.

over9k, I’m with you ....

Explod, like you, I have 4 gold players in the yearly comp.

Onwards & upwards we go.

 

[over9k]

Yeah I have two miners & physical ETF. I'm expecting it to keep rallying into next year. Probably sell around feb-march.

It's rallied another almost 1% in after-hours too.

 

[rederob]

Gold still on a bender this morning:


I went through the trend for the bull run from 2009 to 2011: based on similar patterns this retrace is likely to be well over $100 and run up to 3 weeks.
What makes 2020 different from 2009 is that presently the economic carnage is still developing, whereas previously we were mopping up the fallout.
There were also no global superpower tensions 10 years ago.

 

[rederob]

POG just smashed through $1980 as I was about to post and lost $10 in the next minute. Is the retracement about to happen?

Only a mad person would suggest $2000 will be hit today or tomorrow. But this price rise is truly loony tunes and nothing seems off the table.
(I have spent 10 minutes on a simple post because the price action is beyond belief and I have to keep adjusting the prices being hit.)

 

[rederob]

True to form, retracement is now in play, and this is frighteningly hard and fast ($37 in 15 minutes and falling...):

Note massive volumes at selldown. Big profits are being made!

 

[wayneL]

It was was always gonna be a crush for the exit, I think we all knew that.

For us HODLers, there is the "buy the dips" strategy. After a nice retracement pattern I still have some dry powder.

 

[rederob]

My last post in this thread today unless something more exciting comes up.

POG under $1800 will see me back buying some gold producers again.

 

[Chronos-Plutus]

Just FYI

https://www.afr.com/companies/financial-services/two-of-the-world-s-biggest-banks-blacklist-perth-mint-20200724-p55f3v#:~:text=Two of the world's largest,could lose its London accreditation

Two of the world's biggest banks blacklist Perth Mint

Angus GriggNational affairs correspondent
Jul 27, 2020 – 12.00am

Two of the world's largest banks, HSBC and JPMorgan, have stopped buying gold from the Perth Mint, citing potential damage to their reputation and concerns the government-owned refiner could lose its London accreditation.

The black ban follows revelations in The Australian Financial Review that the mint was buying up to $200 million of gold a year from a convicted killer in Papua New Guinea and that child labour and toxic mercury were present in its supply chain.

In response, the London Bullion Market Association, the world's largest precious metals exchange, said it was reviewing Perth Mint's ethical sourcing accreditation.


Children often work with their families mining gold in PNG. supplied

The investigation by the LBMA, which said it was taking the revelations "very seriously", has seen HSBC suspend purchases of 400 ounce gold bars and the smaller 1kg bars from the mint. JPMorgan has suspended purchases of the 1kg bars.

The mint, which is owned and guaranteed by the WA government, is the largest refiner of newly mined gold in the world.,.......

JP Morgan involved in racketeering, in the precious metals markets, alleged by DOJ.

"Three JPMorgan traders were charged with market manipulation by the US Department of Justice on Monday.

The unsealed indictment alleges a racketeering conspiracy among one former and two current precious-metals traders at JPMorgan. The scheme involved trades of gold, silver, platinum, and palladium from 2008 to 2016, according to the Department of Justice."

(https://markets.businessinsider.com...onspiracy-racketeering-doj-2019-9-1028527742#)

 

[Chronos-Plutus]

Just FYI

https://www.afr.com/companies/financial-services/two-of-the-world-s-biggest-banks-blacklist-perth-mint-20200724-p55f3v#:~:text=Two of the world's largest,could lose its London accreditation

Two of the world's biggest banks blacklist Perth Mint

Angus GriggNational affairs correspondent
Jul 27, 2020 – 12.00am

Two of the world's largest banks, HSBC and JPMorgan, have stopped buying gold from the Perth Mint, citing potential damage to their reputation and concerns the government-owned refiner could lose its London accreditation.

The black ban follows revelations in The Australian Financial Review that the mint was buying up to $200 million of gold a year from a convicted killer in Papua New Guinea and that child labour and toxic mercury were present in its supply chain.

In response, the London Bullion Market Association, the world's largest precious metals exchange, said it was reviewing Perth Mint's ethical sourcing accreditation.


Children often work with their families mining gold in PNG. supplied

The investigation by the LBMA, which said it was taking the revelations "very seriously", has seen HSBC suspend purchases of 400 ounce gold bars and the smaller 1kg bars from the mint. JPMorgan has suspended purchases of the 1kg bars.

The mint, which is owned and guaranteed by the WA government, is the largest refiner of newly mined gold in the world.,.......

HSBC has also been under investigation for rigging precious metal markets:

"Beleaguered HSBC faces new controversy as it is named among 10 banks under investigation in US for rigging precious metal markets"

https://www.dailymail.co.uk/news/ar...stigation-rigging-precious-metal-markets.html


Nothing like catching them in the act. Now is the perfect time for the DOJ and regulators to monitor these bullion banks!

 

[wayneL]

I think we all had our suspicions, CP.