Gold Price - Where is it heading?

[DaveTrade]

From a technical standpoint GLD is now at an important level. On the weekly chart below it can be seen that GLD has now reached the 50% time&price fib (blue line) and is just under a price resistance zone. It still has work to do before confirming a continuation of a long term up trend, so far it only qualifies as a good bounce in a down trend.


If I add the forty week MA to the chart you can see that GLD is still trading below the 50 day MA which is generally considered the line in the sand for market trend.

 

[DaveTrade]

From a technical standpoint GLD is now at an important level. On the weekly chart below it can be seen that GLD has now reached the 50% time&price fib (blue line) and is just under a price resistance zone. It still has work to do before confirming a continuation of a long term up trend, so far it only qualifies as a good bounce in a down trend.
View attachment 164172

If I add the forty week MA to the chart you can see that GLD is still trading below the 50 day MA which is generally considered the line in the sand for market trend.
View attachment 164174

I apologize for the typo in my last post, I should have checked it. The red MA added to the second chart, the forty week MA is in fact the 200 day MA not the 50 day MA .

 

[Telamelo]

US Gold now $1,967 equates to AUD Gold $3,080 (all time high)

 

[DaveTrade]

Deja Vu in the Gold Industry – Market Minute

 

[Telamelo]

AUD Gold gained another +1.5% overnight!

 

[mullokintyre]

The price of gold in AUD terms has gone from2850 on October 5th to 3119 today, damn near a 10% increase.
For some Oz playeys who had AISC levels well above the 2K mark, this represents a 30% increase in the profit margin .
So why is it that most oz goldies have only increased by 10to 15%?
Is the market slow, expecting a pull back, or just run out of patience with gold producers?
Food for thought.
Mick

 

[Sean K]

The price of gold in AUD terms has gone from2850 on October 5th to 3119 today, damn near a 10% increase.
For some Oz playeys who had AISC levels well above the 2K mark, this represents a 30% increase in the profit margin .
So why is it that most oz goldies have only increased by 10to 15%?
Is the market slow, expecting a pull back, or just run out of patience with gold producers?
Food for thought.
Mick

Maybe the lift in gold is expected to be just short and swift, a sugar hit from Hamas. Up $160 from the start. Russia's invasion put on $280. So, if Israel do go for a full on invasion and/or it leaks into Lebanon or Syria or Iran start sending larger rockets Israel's way that actually work POG might still have some legs. But, ceasefire and the POG party might be over. Can't see any other reason for this jump and it's sustainment other than a perceived safe haven.

 

[Telamelo]

Reckon AUD Gold still on target to reach $3,500+ in foreseeable future imo

 

[Sean K]

Reckon AUD Gold still on target to reach $3,500+ in foreseeable future imo

PMGOLD ATHs, very good bounce on GLD @DaveTrade Bit of resistance at 184 perhaps.

But, is it just fear driving things at the moment? Do the charts matter? Dunno.

 

[Telamelo]

Gold catching a bid now US$1992 / AUD$3,145

 

[Sean K]

Gold catching a bid now US$1992 / AUD$3,145

AUD$300 in about 11 days. Nuts. Lepard sees bigger rises if this thing escalates, but he's a perma gold bull longer term due to macro economics.

Gold price to see wild $100+ daily gains, Bitcoin rally to follow, if Middle East tensions escalate and spillover into 'unmitigated disaster' - Larry Lepard

www.kitco.com

 

[Telamelo]

AUD$300 in about 11 days. Nuts. Lepard sees bigger rises if this thing escalates, but he's a perma gold bull longer term due to macro economics.

View attachment 164370

Gold price to see wild $100+ daily gains, Bitcoin rally to follow, if Middle East tensions escalate and spillover into 'unmitigated disaster' - Larry Lepard

www.kitco.com

Most ASX Gold stocks got a bit of catching up to do imo based on AUD Gold price surge

 

[Sean K]

Most ASX Gold stocks got a bit of catching up to do imo based on AUD Gold price surge

Yes, GDX trailing behind too. Stock market is saying this might be a blip, but if USD POG continues on to break 2100 then FOMO could kick in. Maybe then stocks will respond. Again, is this just a short term Hamas hit that will peeter off once the dust settles? Iranian rockets fired by the Houthi's from Yemen towards Israel yesterday is a sign this could go pear shaped quickly too. I've got some faith that this will de-escalate due to the consequences, but who knows. I'm leaning towards this to be like gold's response to the Russian invasion at the moment. At the same time, pretty happy gold's going up. So, a bit vexed.

 

[qldfrog]

Yes, GDX trailing behind too. Stock market is saying this might be a blip, but if USD POG continues on to break 2100 then FOMO could kick in. Maybe then stocks will respond. Again, is this just a short term Hamas hit that will peeter off once the dust settles? Iranian rockets fired by the Houthi's from Yemen towards Israel yesterday is a sign this could go pear shaped quickly too. I've got some faith that this will de-escalate due to the consequences, but who knows. I'm leaning towards this to be like gold's response to the Russian invasion at the moment. At the same time, pretty happy gold's going up. So, a bit vexed.

So should we sell the paper gold now, maybe switch to gold producer ettf now and buy back later.gold bug long term.

 

[Telamelo]

 

[DaveTrade]

Yes John Howell is right when saying that the market needs to have a pullback and I'm going to have a go at guessing where the pullback may start. To be clear, I fully subscribe to the idea of reading what the market is doing, just done, and making my plan of action on that, BUT, I like to try and look a little deeper and guess a possible outcome. This first chart shows GLD still moving up strongly straight through the first resistance zone and peaking just under the light-blue fib line. It would be very bullish to close above this light-blue fib line.

The next resistance zone comes from the Sep 2011 top;

As you can see below the market closed inside this zone on Friday and under a couple of fib lines so this could be the turning point.

But I think that the market is so strong that it could travel up to the resistance zone from the Aug 2020 top before making a pullback, if it does this GLD would be signaling a very powerful move to come. Lets see what happens.

 

[Telamelo]

I wholeheartedly agree/believe that gold needs to take a bit of a breather/have a healthy pullback along the way during bull cycle - but if Iran gets directly involved in that Middle East conflict I'll tell you now gold will rocket to US$3K+ before you know it imo

 

[Telamelo]

It was reported that 5million Iranian's are willing & ready to take up arms/fight against Israel & the West (read into that what you will)

 

[ducati916]

jog on
duc

 

[Sean K]

Yes John Howell is right when saying that the market needs to have a pullback and I'm going to have a go at guessing where the pullback may start. To be clear, I fully subscribe to the idea of reading what the market is doing, just done, and making my plan of action on that, BUT, I like to try and look a little deeper and guess a possible outcome. This first chart shows GLD still moving up strongly straight through the first resistance zone and peaking just under the light-blue fib line. It would be very bullish to close above this light-blue fib line.
View attachment 164398
The next resistance zone comes from the Sep 2011 top;
View attachment 164400
As you can see below the market closed inside this zone on Friday and under a couple of fib lines so this could be the turning point.
View attachment 164401
But I think that the market is so strong that it could travel up to the resistance zone from the Aug 2020 top before making a pullback, if it does this GLD would be signaling a very powerful move to come. Lets see what happens.
View attachment 164402

Heading towards a quintuple top perhaps.