Gold Price - Where is it heading?

[Sean K]

The Gold Indexs have not taken out those highs. The US markets have not taken out the highs, So the big reversal day last week still in play?
Gold will be up again tonight?
US$ D day is approaching for a collapse or rally?
I have been in and out of the market like a Yo Yo.
But am back to 100% cash.
Next week may be 100% back in gold stocks?
but may also be glad 100% in cash?

This is GOLD bean. GOLD I say! The most decisive post I've seen on ASF for a long time.

In regard to the highs, weren't you talking about POG highs at the time? I must have misread.

Can you please start a blog somewhere with your current positions so I know where you are at any one time. Cheers.

 

[So_Cynical]

Gold will not retreat :alcohol: 850USD before Xmas.

 

[bean]

The Gold Indexs have not taken out those highs. The US markets have not taken out the highs, So the big reversal day last week still in play?
Gold will be up again tonight?
US$ D day is approaching for a collapse or rally?
I have been in and out of the market like a Yo Yo.
But am back to 100% cash.
Next week may be 100% back in gold stocks?
but may also be glad 100% in cash?

Kennae

This is GOLD bean. GOLD I say! The most decisive post I've seen on ASF for a long time.

In regard to the highs, weren't you talking about POG highs at the time? I must have misread.

Can you please start a blog somewhere with your current positions so I know where you are at any one time. Cheers.

I know it only early in the night but US markets down gold Indexs down - Reversal day last week still in play

[QUOTE]and are the markets are they taking POG down  or is it going down by its self??[/QUOTE]

POG up the drops lots but may finish up
In and out of the market like a YO YO

Gold is up and down

refering to cash in and out

 

[Whiskers]

Look what gold just did!

 

[Gar]

lol just noticed that myself this is going to be one hell of a run over the next few weeks

 

[Kauri]

On the daily chart the red ret. line is 50% of the last leg (W5?)... the green ret. line is 50% of the complete move... wonder which one (if either) hold up??
Cheers
..........Kauri

 

[explod]

One of the greatest global sticking points is the weakening US Dollar yet it rated not a mention at the G7 meeting. The strength of gold, a direct measure of fiat money is never mentioned. It is predictable therefore IMHO that in light trade the plunge protection team have been set the task to hit gold hard.. We should expect this to last a few days. Will be very interesting to see what pans out when Wall Street opens.

 

[sam76]

Gold futures are getting hit atm


Gold 751.20 -17.20 -2.24

Souce: Bloomberg

 

[Temjin]

Gold futures are getting hit atm


Gold 751.20 -17.20 -2.24

Souce: Bloomberg

Yeah, love it. Been waiting for this dip for a long while.

 

[sam76]

Yeah, love it. Been waiting for this dip for a long while.

yeah, you and me both.

i'm looking at kgl and gbm for a punt and the usual goldies for something more stable.

 

[Boyou]

"Yeah, love it. Been waiting for this dip for a long while."

Can you elaborate on this stement? Just curious to know if you see the dip as a buying op..or you have philosophical reasons for being glad.


Cheers Ya'll

 

[bean]

"Yeah, love it. Been waiting for this dip for a long while."

Can you elaborate on this stement? Just curious to know if you see the dip as a buying op..or you have philosophical reasons for being glad.


Cheers Ya'll

It may be a buying dip. A lot of gold bulls are not fully in this market so I am looking gold still being reasonably strong however if selling in the geeral markets intensifies then ???? Is it a larger correction as people look for liquidity again and go to cash US$ or Bonds.
But IRAN is the dark horse I think.

 

[sam76]

Gold futures are getting hit atm


Gold 751.20 -17.20 -2.24

Souce: Bloomberg

slowly clawing back (still a long way to go)

Gold 753.70 -14.70 -1.91

 

[Bushman]

To all the gold bulls watching the POG tumble, remember the way gold moved in the early stages of the last correction and then what happened when the Feds decided that they would sacrifice the green back to ensure that the US remained in the game. Here is a good article on the correlation between the metal of the ancients and the unruly beast that is the US capital markets.

http://www.financialsense.com/editorials/casey/2007/1018.html

Uncle Ben will ride interests rates down to save his place in history with the USD being offered up a sacrifice to keep the wheels of the capital markets churning.

Gold will rebound and push on strongly.

 

[explod]

To all the gold bulls watching the POG tumble, remember the way gold moved in the early stages of the last correction and then what happened when the Feds decided that they would sacrifice the green back to ensure that the US remained in the game. Here is a good article on the correlation between the metal of the ancients and the unruly beast that is the US capital markets.

http://www.financialsense.com/editorials/casey/2007/1018.html

Uncle Ben will ride interests rates down to save his place in history with the USD being offered up a sacrifice to keep the wheels of the capital markets churning.

Gold will rebound and push on strongly.

Thanks Bushman, a very good article on the bigger picture. It appears the price drop anticipated will be short lived. It has bounced off the US$750 area which is now a confirmed support level.

 

[CanOz]

Thanks for the article, i like his style, esp the metaphor, hehe.

Last nights candle hit (not shown obviously) a low that coincided with that high back in 1980, and it rejected that low convincingly. This could be the entry point that i have been looking for.

Hope fully a little consolidation before a push higher?

Cheers,

 

[Kauri]

For me Gold is at an interesting stage, the upswings look corrective against the impulsive downswings... am standing aside for the moment until it resolves itself, for me anyways.
Cheers
..........Kauri

 

[Temjin]

"Yeah, love it. Been waiting for this dip for a long while."

Can you elaborate on this stement? Just curious to know if you see the dip as a buying op..or you have philosophical reasons for being glad.


Cheers Ya'll

As Mr bean said.

A lot of analysts are predicting it will hit back the May 2006 level ($725-735?) before going back to full speed up again. So I am waiting patiently.

It's only for my parents (and a bit myself) long term portfolio, so obviously want to get in at weak prices and hold for long.

 

[explod]

As Mr bean said.

A lot of analysts are predicting it will hit back the May 2006 level ($725-735?) before going back to full speed up again. So I am waiting patiently.

It's only for my parents (and a bit myself) long term portfolio, so obviously want to get in at weak prices and hold for long.

If you have followed, read and understood the article at the end of the link provided by Bushman this morning, the answer you seek should be fairly obvious. After holding support at US$750 last night I am not banking on much, if any further weakeness from here. But I have been wrong before.

I decided to fully load today with a purchase of Avoca. AVO

 

[bean]

As Mr bean said.

A lot of analysts are predicting it will hit back the May 2006 level ($725-735?) before going back to full speed up again. So I am waiting patiently.

It's only for my parents (and a bit myself) long term portfolio, so obviously want to get in at weak prices and hold for long.

May 2006 level is a lot lower. However there is the possibility of $730 in the next couple of days.
One thing which is important to remember when buying gold is what is the Australian $ doing.
POG may drop US$20 but in AUD may be the same price or so close. Generally when POG is dropping so is the AUD. This last rise in US$ terms has been less in AUD terms as our $ has got stronger.

At the moment we may be going to get a rally is US$ which may put pressure on the POG?

And the counter trend rally in US markets may be over in a few days which may put pressure on gold stocks and POG.

WW111 is the dark horse in the equation and timing

Was the low in August the bottom and start of the next leg up in gold? The next up was always going to leave many gold bulls at the station. So each pullback I am looking as to how the POG is acting to support.
The US gold indexs getting conflicting results on the depth of the short term? pullback 2-10%??

I buy silver per Kilo I have an average price of AUD 280. My last purchase September 2005.
If one buys physical gold then maybe one should also look at buying the poor mans gold…silver