Gold Price - Where is it heading?

[wayneL]

I think a quarter point was factored in.

Looking at the reaction, I think they had half a point factored in.

 

[Kauri]

Everyone is waiting on the Us rate across the boards... the chart currently to me looks a little ominous.. has just pulled up a couple of dollars short of both a=c and 2= .62 ret of 1 ...
a bit of jockeying before the ann. and all will be revealed
Cheers
........Kauri

turned as (half) expected... wonder if the minor T/L will hold her...
Cheers
.........Kauri

 

[Whiskers]

I'm sticking to my musing (and a little bit of a consensus here from estemed posters) , that the POG will go lower before the bull rears again... but it's not going down easy.

 

[explod]

I'm sticking to my musing (and a little bit of a consensus here from estemed posters) , that the POG will go lower before the bull rears again... but it's not going down easy.

Yep, I am stiking to mine also. The US$800 is now gaining strength as a support area. The dip this morning has again brought in the bargain hunters. Gold followers are growing and now understand well the rhetoric of Wall Street. Anyone betting on drops now are taking grave risk.

The gold bull run is acting as bull runs do. The climb is up the wall of worry who only the brave and alert can hang onto. The technical analysts see only the behaviour of the past in its isolation. (not against t/a, I use it also)

The US financial collapse will turn their fiat currency into worthless wallpaper, and that is a certainty, the only issue is the timing.

Any small corrections now will be but great buying opportunities.

However as has been said many times before, I feel sorry for the poor innocents who in the US are going into poverty because of the selfish corrupt few. It takes the shine off the bullion and gold shares I hold, but family comes first and you have to survive to be of help to others.

 

[Kimosabi]

Yep, I am stiking to mine also. The US$800 is now gaining strength as a support area. The dip this morning has again brought in the bargain hunters. Gold followers are growing and now understand well the rhetoric of Wall Street. Anyone betting on drops now are taking grave risk.

The gold bull run is acting as bull runs do. The climb is up the wall of worry who only the brave and alert can hang onto. The technical analysts see only the behaviour of the past in its isolation. (not against t/a, I use it also)

The US financial collapse will turn their fiat currency into worthless wallpaper, and that is a certainty, the only issue is the timing.

Any small corrections now will be but great buying opportunities.

However as has been said many times before, I feel sorry for the poor innocents who in the US are going into poverty because of the selfish corrupt few. It takes the shine off the bullion and gold shares I hold, but family comes first and you have to survive to be of help to others.

We're not much different to the US, if it wasn't for our Resources we'd be staring down the barrel as well...

 

[ithatheekret]

$806 , little bit of strength in the futures , they'll do anything for liquidity ............. I don't know yet , it looks good , but so did the waters off Darwin and the fish bit at a shiny hook there ....... big fish .

I'd rather go with the panic ..... I mean the flow , before I entered , but blowed if I'd be short .

 

[explod]

The the following hourly chart gives a good pircture of the volatility of the gold price. Of particular interest in my view is the continued sharp recovery. Considerable effort to push the price down but each time to no avail. It will take only a small weakness in the $US and a rise in the oil price for a major gold break upwards.

Oil has returned to $90 and the dollar is showing signs of wekening as I write.

We will see what pans out.

 

[Kauri]

looks to reaching an interesting point... for me..
Cheers
.........Kauri

 

[Miner]

Dear Kauri
Thanks for your lovely graphs and pain to disseminate it.
As you would appreciate not every one is a whizard to interprete the graphs and you are doing so much favour to all of us . So why not articulate more in words 'what is so interesting in the graphical interpretation'?
Is the gold price heading up or down ? Some thing for dummies to know.

Regards

Miner

 

[bean]

Dear Kauri
Thanks for your lovely graphs and pain to disseminate it.
As you would appreciate not every one is a whizard to interprete the graphs and you are doing so much favour to all of us . So why not articulate more in words 'what is so interesting in the graphical interpretation'?
Is the gold price heading up or down ? Some thing for dummies to know.

Regards

Miner

POG is in the middle...decision time if it move above US$820 today or tomorrow will be good below US$790 bearish.
POG is at crossroads. Bullish and Bearish bias.
Some would have POG going down testing the mid US$760
The us gold index 'HUI' is a clue it held above 400 last night a 'close' below that may be bearish for a test of US$760.

'I am 100% in Gold and Silver stocks' until either the above bearish situations come into place

 

[Kauri]

Dear Kauri
Thanks for your lovely graphs and pain to disseminate it.
As you would appreciate not every one is a whizard to interprete the graphs and you are doing so much favour to all of us . So why not articulate more in words 'what is so interesting in the graphical interpretation'?
Is the gold price heading up or down ? Some thing for dummies to know.

Regards

Miner

The wave a retraced 61.8% of the last downleg, wave b retraced 50% of wave a, and wave c is just shy of 100% of wave a... all important Fibs...
If she gets through the a=c then the next point I am looking at is $817 which is 161% ret of wave a...
Will it turn here, I don't know, although I doubt it, it all depends now on the rumours that are being strategically FED to the market.
Cheers
.........Kauri

 

[ithatheekret]

$812 a close above or around there would be nice ..... above $810

 

[Kauri]

Dear Kauri
Thanks for your lovely graphs and pain to disseminate it.
As you would appreciate not every one is a whizard to interprete the graphs and you are doing so much favour to all of us . So why not articulate more in words 'what is so interesting in the graphical interpretation'?
Is the gold price heading up or down ? Some thing for dummies to know.

Regards

Miner

Miner
and now we have the wave c at all but 162% of wave a I look for a wave 4 ret of between 38% and 50% of the previous wave... before possibly rallying into a 5th wave...
Hope this helps
Cheers
.........Kauri

 

[Miner]

Miner
and now we have the wave c at all but 162% of wave a I look for a wave 4 ret of between 38% and 50% of the previous wave... before possibly rallying into a 5th wave...
Hope this helps
Cheers
.........Kauri

That is great Kauri
To be honest probably with your intelligence you should be letting the guys at Goldman Sachs to suck their hollow brains. You would be an asset in any investment banker (you probably are already)
Very analytical and hats off to you mate - great work done.
I could see the Gold price will be at about $830 reading your graph signals

Regards

 

[So_Cynical]

LOL Miner

Kauri probably has an art degree...all them pretty pictures.:

 

[ithatheekret]

First cab off the rank to get hit was POG . Looks like it will be a bad day on US markets . It will be market weakness dollar strength , just to confuse everyone

Get ready for a sea of red on just about everything , this is the , we'll take you down with us plunge for December ..... if this is the theme , then I would expect a small cap sell off in goldies to start ( already started ) and a follow through in Jan.

 

[Whiskers]

Yes, looks like the odds are more in favour of the south. For me it looks like testing support around $736.

Gotta get some shut eye... see what damage there is tomorra.

 

[barrett]

Yes, the two week uptrend in bullion looks over and the goldies aren't liking it, the HUI looks to have broken down out of its wedge and through 2-month support. If the breakdown holds on market close I would take that as quite bearish for bullion in the coming weeks.. oo HUI now down 3.43% as I write..

 

[Uncle Festivus]

Harry Schultz speaks.....

Shultz's latest letter, just in, is absolutely apocalyptical: "A financial tsunami is upon us," he says, caused by lax credit and complications introduced by Wall Street's derivatives craze.
Among other interesting ideas raised by Schultz in his intense, somewhat terrifying introduction: recession, possibly depression; bank failures; exchange controls; housing prices down by 50%; credit card company failures; money market fund dangers; tripling of U.S. jobless numbers; federal bail-outs for Fannie Mae and Freddie Mac.

Schultz is a trader and his specific market advice is nuanced. He writes: "Direction of global stock markets uncertain. Balance stock holdings between long and shorts to counterbalance draw-down risks, and/or hedge exposure via puts, futures, or bear funds ... Exposure to gold shares and bullion should be a minimum of 35-45% of your total portfolio, with at least 10% in physical gold bullion and coins, and/or very rare coins ... "

On gold, he writes: "The public is still not in the gold market. They will be in 2008 as the derivatives and credit crises bring down more financial institutions (amid recession) and eyes will be opened, via pain. While Rome burns, gold will smash through its old unadjusted-for-inflation $850 high on the way to $1,600, & who knows how far beyond ..."

http://www.marketwatch.com/news/sto...x?guid={B4657333-B68C-4A34-A493-266821FC09AB}

It looks like gold was sold off today because the horrendous inflation figures might make the Fed stop or reverse the interest rate easing policy. But gold might be entering the perfect storm phase - inflation rampant but housing showing no signs of bottoming. Bernanke & Paulson must pick the lessor of the 2 evils - contain inflation or stop the housing bust causing a full on depression. My guess is that the bigger problem is housing, so interest rates don't look like going up anytime soon, so good for gold. Buy the dips - like right now @ $794.

 

[ithatheekret]

That 17 dollar drop is suppose to scare the pants off of you .

The markets opened up and we went straight back to the 70's .

PPI ..... well we won't worry about that

I know a song that fits the situation perfectly ............

Stuck in the middle with you .



Well I don't know why I came here tonight,
I got the feeling that something ain't right,
I'm so scared in case I fall off my chair,
And I'm wondering how I'll get down the stairs,
Clowns to the left of me,
Jokers to the right, here I am,
Stuck in the middle with you.

Yes I'm stuck in the middle with you,
And I'm wondering what it is I should do,
It's so hard to keep this smile from my face,
Losing control, yeah, I'm all over the place,
Clowns to the left of me, Jokers to the right,
Here I am, stuck in the middle with you.

Well you started out with nothing,
And you're proud that you're a self made man,
And your friends, they all come crawlin,
Slap you on the back and say,
Please.... Please.....

Trying to make some sense of it all,
But I can see that it makes no sense at all,
Is it cool to go to sleep on the floor,
'Cause I don't think that I can take anymore
Clowns to the left of me, Jokers to the right,
Here I am, stuck in the middle with you.

Well you started out with nothing,
And you're proud that you're a self made man,
And your friends, they all come crawlin,
Slap you on the back and say,
Please.... Please.....

Well I don't know why I came here tonight,
I got the feeling that something ain't right,
I'm so scared in case I fall off my chair,
And I'm wondering how I'll get down the stairs,
Clowns to the left of me,
Jokers to the right, here I am,
Stuck in the middle with you,
Yes I'm stuck in the middle with you,
Stuck in the middle with you.