Gold Price - Where is it heading?

[Kauri]

I don't have a short term view of Golds direction currently,(well not one that I would post ), but the down-legs look impulsive whereas the up-legs, in particular the present one, look corrective??

Cheers
..........Kauri

 

[josjes]

Some action on the gold front imminent? Consolidation period coming to a decision point? I notice this time the wedge is not so symmetrical compared to previous, more of a bullish bias maybe?

Stars aligning again? Central banks dishoarding gold to prop up their accounts? Willing buyers soaking it up?

I notice that too Uncle, I reckon price is consolidating within this week, and will have a reversal latest next week.

Also, since the July 2007 run, gold has never in down trend for more than 4 weeks without resuming uptrend, since October 2006 no correction lasted for more than 10 weeks. This week marks the 4th week since March 17 high.

When you look at the runaway crude oil, what is the odd that it breaks up vs breaks down ??

 

[Sean K]

I don't have a short term view of Golds direction currently,(well not one that I would post ), but the down-legs look impulsive whereas the up-legs, in particular the present one, look corrective??

Cheers
..........Kauri

I agree, and quite a paradoxical statement there Kauri. LOL

 

[Kauri]

I agree, and quite a paradoxical statement there Kauri. LOL

What I really meant was that only people who have won a subscription to my Email alerts by entering on the form found on the back of a Purex toilet tissue 6pack really know what I think.. I thunk..
....now where is that Berocca...
Cheers
..........Kauri

 

[Uncle Festivus]

What I really meant was that only people who have won a subscription to my Email alerts by entering on the form found on the back of a Purex toilet tissue 6pack really know what I think.. I thunk..
....now where is that Berocca...
Cheers
..........Kauri

I think we are all waiting for a definative indication from your feathered friend

 

[explod]

Why would I be making a post here at this time and hour?

This thread is about gold, are we on topic

Oil just hit $114.50 a barrell..

The US dollar has gone into another of their recurrent nosedives

Can you rattle budgies cage Kauri (or anyone) and bring us mortals into the light.

Interesting times indeed.

 

[josjes]

ABC correction done. Gold just broke the symmetric triangle. Heading for 960 soon. Gold always surprises on the upside, I see likelyhood it is heading for 1024, and have strong support in 880-900. Fairly little chance heading back to 800 as many predict.

 

[sophieyan]

It looks like one person has caused the current slump in Aussie gold share prices:

It's not just thanks to the ANZ that we have bargains around right now.

Read the following:

Bolnisi Gold chairman behind Opes fall
_____

Monday, 14 April 2008
Kate Haycock

WEEKEND media reports have revealed that former Bolnisi Gold chairman Norman
Seckold was the person who withdrew some $A100 million in stock from failed
stockbroker Opes Prime in mid-March, precipitating its $1.4 billion
collapse.

The Australian Financial Review reported over the weekend that Seckold, who
is also the chairman of Mexican-focused explorer Kings Minerals, was the
shareholder called "Client A" by the Australian Securities Exchange.

Seckold told the newspaper he had withdrawn the shares Opes held as security
for a loan taken out in 2004.

At that time, Seckold's shares in Bolnisi - which was taken over by United
States-based silver miner Coeur d'Alene Mines late last year - were worth
around $15 million but by mid-March this year they had risen in value to
around $100 million.

Seckold's decision to remove his shares from the Opes account reportedly
drew attention to irregularities within the stockbroker's accounts, which
quickly led to its demise.

In the wake of the Opes collapse, its major lenders ANZ and Merrill Lynch
were left to recover around $1.4 billion in capital by selling off shares
they seized from the failed broker.

 

[cuttlefish]

Interesting, though I'd say 'triggered' rather than 'caused'. He withdrew money/stock that was rightfully his - but he's also lucky because it looks like he was last out the door and bumped the door frame on the way out pulling the whole termite ridden building down behind him.

 

[ithatheekret]

Hmm , well it went up hey ...............

 

[Uncle Festivus]

So are we game enough to call this a breakout? Sneaking up on 1k again, gold stocks have to play catch up, only they may get dragged down on a red night in the US tonight?

 

[ithatheekret]

I think it will still range trade for a little longer , but I am expecting a new support to be established , so we get a higher low again .

 

[barrett]

Hi, it looks like we might have completed five waves up from 914 to 952 and now the abc correction is underway? a looks to have completed, b underway or finishing, and then possible c down to the low to mid 930s and in that case I would accumulate there. 933 area would be a 50% retracement of the 5 waves up as well as a return to the breakout point of the wedge.. a definite 'buy' for me if a retracement to around there and rebound were to occur..

On the other hand, a breakdown below the lower boundary of the wedge - ie hourly close much below about 930 - would greatly raise the probability that this whole rally from 870 was a huge wave 'B' in an ongoing correction - in which case the 'low 800s' calls would look more possible.

So the next 24 hours, technically, may be quite crucial for the medium term direction, as I see it...
cheers

 

[Uncle Festivus]

Another 'champagne' analysis there barret

Do I read your chart correctly, with volume this time supporting the advances?

 

[Kauri]

Another 'champagne' analysis there barret

Do I read your chart correctly, with volume this time supporting the advances?

Intraday chart... volume supporting the different players timezones??

 

[barrett]

Hi UF, might have to open a bottle if that plan works out.. long odds of course, being gold.. I'm not sure about the volume, I usually watch it at the 1-min level, and that's been little use this past week.. at the daily level it almost looks like volume was tapering off a little during this 2-week rally.. though on the 15 min chart the fairly high volume on the wedge breakout may be encouraging for the medium term bulls..

 

[Trembling Hand]

What contract are you looking @ barrett?

 

[Kauri]

Another 'champagne' analysis there barret

Do I read your chart correctly, with volume this time supporting the advances?

On anything less than dailies (on spot) the vol will be skewed to to timezones.. making vol interpretation a tad hazardous..
Hourly chart affixed... grey is early Euro + London... green is NY...brown ale in the middle is overlap atween the two... and the rest is Asia/Australasia...
Not surprisingly the most trade is done during brown ale time.. :bier:

Incidentally... a quiet word floating..(like a lead balloon) has a big group in some city writing off up to $22Bln tomorrow... not that I believe it... butt.. all good boy scouts and policemen....
Cheers
...........Kauri

 

[barrett]

What contract are you looking @ barrett?

Spot gold on MT4 with Norths... thanks to Kauri Trading thread for the setup.

 

[barrett]

Not surprisingly the most trade is done during brown ale time.. :bier:

Ah thanks for clarifying the brew... brown ale time's nearly over by the looks, good excuse to grab one:drink::kebab