Gold Price - Where is it heading?

[ithatheekret]

Itha, you seem to be in and out on a dime, who do you trade with?

You can get less than a 50 cent spread , yeehaa where .

Who do I trade with , my missus says who don't I trade with .

Aussie stocks IB and Bells , some NAB .

Inter, HSBC , IB and a private brokerage .

Forex , hehehe I've got 6 accounts if we include a CFD account with GCI .

Most forex that I prefer is through European brokerage , but that is purely for position trading . Scalps is WCF , North okay except drops out a lot , same as AVA , they're not bad , suntan brokerages though , very exotic .

The only " brokerage " ( a real one ) I like is a Swiss mob ACM . Does gold silver ( no platinum ) and oil now . Better spread and services is tops .
They have simplified many obstacles for me too .............

 

[barrett]

Pretty phenomenal moves for everything inflationary tonight...

Even as the indices come off the boil, oil gold, grain et al still going strong.

You aren't welcome at this party financials! Bugger off, nobody likes you!

How's the USD looking?

Just quietly, I have found it just as satisfying to watch the shares of Babcock and Brown and Macquarie Bank drop 40-50% as to watch the gold price go up this relatively small 50%.. and I hope those giant parasites meet with the fate they deserve. How many ounces do they own.. that's all it will come down to in the end!

 

[CamKawa]

I like the Financial Sense Newshour weekly podcast they are a great weekly companion for gold investors. cheers

I've been listening to Jim for the last couple of weeks since you last mentioned him.

 

[CamKawa]

Technical Commentary​

Gold

​

​

- Technically, the metal surpassed an important hurdle today as it broke above resistance provided by the February 11th high of 927.31. The next hurdles lies at a break of the February 1st high of 936.92 (also the current nominal all-time new high). A few technical studies (MACD and short-term moving averages) have yet to provide buy signals; however it looks increasingly likely that the bulls are in control of the market and are aiming for a test of 950.00. All in all, the technical outlook for gold continues to foreshadow further upside. Support lies at intraday congestion of 916.00; while resistance comes in at the February 1st high of 936.00.


source: http://www.scotiamocatta.com/prec/pdfs/pm_daily.pdf​

 

[Temjin]

Shhhhhhhh, just one night of movement and there it goes. So much for waiting for the consolidation to finish before adding in more position, it never fall enough for me.

 

[barrett]

Shhhhhhhh, just one night of movement and there it goes. So much for waiting for the consolidation to finish before adding in more position, it never fall enough for me.

I was also hoping for a lower entry point, but I see last night's action as good news, a major positive shift in sentiment, I think placing 1000 once again on the near term agenda, and today is still a good buying opportunity IMO,
- breaks through multiple important resistance levels on fairly high volume
- volume high and increasing on runups.. low and decreasing on pullbacks
- XAU confirming the breakout, breaking out nearly 5% in a night

Meanwhile..
- XAU coming off a significant low relative to gold (gold stocks undervalued vs metal)
- gold juniors going for a song

Looking to add more contracts soon especially if it drifts down to the 916. May have to settle for 920+, kind of keen to get in before 7pm, any other technical indicators turning positive/negative on the short term? cheers

 

[explod]

Shhhhhhhh, just one night of movement and there it goes. So much for waiting for the consolidation to finish before adding in more position, it never fall enough for me.

Think it is looking back to give you another chance. Consolidation appears to be happening here and should last till next Tuesday or Wed., I think ? but the break above 940 is near.

 

[rederob]

Think it is looking back to give you another chance. Consolidation appears to be happening here and should last till next Tuesday or Wed., I think ? but the break above 940 is near.

Gold and oil nexus remains firmly in place.
While this is so, gold will spike on oil spikes.
While oil supplies remain tight, gold will stay high.
Not surprisingly, oil's record $101 per barrel coincided with gold taking out resistance and setting its own record over $941 overnight.
The fundamentals of commodities remain the key determinant of prices going forward, and the probability of gold hitting $1000 this year is improving markedly: Because it appears OPEC has no intention of meeting the demand concerns of western economies - a major departure from its former philosophy of ensuring that oil prices did not impact or constrain western growth.

 

[CamKawa]

It's taken off alright.

 

[explod]

Gold and oil nexus remains firmly in place.
While this is so, gold will spike on oil spikes.
While oil supplies remain tight, gold will stay high.
Not surprisingly, oil's record $101 per barrel coincided with gold taking out resistance and setting its own record over $941 overnight.
The fundamentals of commodities remain the key determinant of prices going forward, and the probability of gold hitting $1000 this year is improving markedly: Because it appears OPEC has no intention of meeting the demand concerns of western economies - a major departure from its former philosophy of ensuring that oil prices did not impact or constrain western growth.

The reason for OPEC not meeting its promise is because it cant'. The drop in the oil price over the last month or so was greater than that of gold.

Oil has its effect but the real key to gold is fiat money. As more debt carnage comes to the surface the more fragile the US dollar looks.

Gold will continue to move counter to the $US dollar, it always has.

The US money problem further expanding in the last day or so will hit the Dow soon also, the chart looks very close to the edge of a cliff. Bernarke will reduce interest rates again which will further dash the dollar.

Of course the US Fed via the usual outlets try to paint a perception of gold being tied to other than the dollar but a look back at the respective charts for the last few years reveals very much otherwise.

 

[GreatPig]

Gold will continue to move counter to the $US dollar

But how it's likely to move relative to the A$ is of more interest to me.

GP

 

[ithatheekret]

Does anyone know what happened around the $926 area ?

 

[barrett]

Does anyone know what happened around the $926 area ?

broke previous high of 11 Feb, then broke 1-day overhead trend resistance at 927... unless you know of other significance?

and another major upleg began...

 

[ithatheekret]

Nope , that works for me .

Was chatting with Kauri earlier , just trying to figure out a few things noted , the lead up was silent , but when it lept ...... yep

Still trying to figure out a couple more things above that area starting around $942 area .

Looking at a splash of feed from $934-$938 still .

 

[Uncle Festivus]

broke previous high of 11 Feb, then broke 1-day overhead trend resistance at 927... unless you know of other significance?

and another major upleg began...

Um, is it getting that simple these days? Symetrical triangle consolidation then breakout - only on decreasing x scale value ie time scale. Meaning we are getting closer to a big move higher ie past 1k and/or it's gonna blow off top itself?

And the trigger would be? How about finding out the US banking system is insolvent - check the latest reserves figures - for the first time it's negative .

 

[barrett]

I've got a 941 test pencilled in , ..........

Itha how did you come up with this six days ago, should I be getting a book on cloud charts or something?

Festivus like you said the other day 'we all know what happens to gold after a consolidation' the wedges etc seem simplistic but there are so many people out there doing these kindergarten technicals I think it's self-fulfilling like past cpl of days,
1. breakout above red wedge festivus drew in, buy at 910
2. breakout above golden wedge, itha's inverted H&S underneath supporting it all, buy at 919
3. pullback to breakout point at 916 hourly close (intra-hour down to 913 while I was asleep, someone stole half my position)

.. but I take it 1,2,3 brought enough power to take 926 & beyond on technical/short squeeze buying frenzy,

Explod you tipped a consolidation now I hope so I need to reload but my chart not giving too many clues for the next day or two. Just wondering what Scotia Mocatta are calling for now, anything interesting there CamKawa? Any ideas on the short term Kauri, Mark?

Looking at a one year chart is encouraging, relentless up, and the regular consolidations make the whole thing feel more sustainable than the strong rallies in the past like the blow-off top into may 06. The steady uptrend would be consistent with wave 3 (of the entire bull market). Many gold investors stay on the sidelines in disbelief, institutions begin to get involved.. the 'wave 3' as they call it..

 

[Kauri]

just an idle thought whilst I mull over the Philly..
Cheers
..........Kauri

 

[Whiskers]

just an idle thought whilst I mull over the Philly..
Cheers
..........Kauri

Platinium and Silver coming off a bit... Silver baulking at 18

Might be a clue.

 

[So_Cynical]

Yep should break 950 this run and test 1K .. over the next 2 weeks.

 

[Wysiwyg]

The correlation between oil (main pic.) and gold is undoubtable.Good shot on the $950 S.C.