Gold Price - Where is it heading?

[explod]

I don't quiet get it.

Moved through resistance (which becomes support). Hence, I am long, and this is where my stop is placed...........

?

Moving through resistance does not always at that point become support. It usually requires a couple of retracements to bounce off that point/level before one can regard it as support.

Anyway the break out of the flag/pennant looks like it could be a goer, as we speak. Glad I loaded up on some more of them SBM. Me glass of red tastes goodo.

 

[MRC & Co]

Moving through resistance does not always at that point become support. It usually requires a couple of retracements to bounce off that point/level before one can regard it as support.

Anyway the break out of the flag/pennant looks like it could be a goer, as we speak. Glad I loaded up on some more of them SBM. Me glass of red tastes goodo.

I would say it does become support, further tests, confirm and strengthen that level.

Anyways, oil has hit all-time highs! Gold broken out of it's trading range. Volume looks good for this time. Interesting night ahead.

 

[explod]

I would say it does become support, further tests, confirm and strengthen that level.

Anyways, oil has hit all-time highs! Gold broken out of it's trading range. Volume looks good for this time. Interesting night ahead.

Yes agreed on the gold position t/a wise. My example was the technical side of support and resistance per se. for I thought your benefit.

 

[MRC & Co]

Yes agreed on the gold position t/a wise. My example was the technical side of support and resistance per se. for I thought your benefit.

Thanks mate, but don't agree on the support/resistance re-test requirement.

No support or resistance is ever a sure thing, only a level I use to trade from and place parameters.

A break below support will become resistance for me, if it retaces back there, many will sell so they can attempt to break even, this is why you will see a bounce off resistance, only confirming what I already assume. But I guess you already know this well, so not sure why you require a re-test.....it only offers probably a safer entry point into a trade......

 

[explod]

Thanks mate, but don't agree on the support/resistance re-test requirement.

No support or resistance is ever a sure thing, only a level I use to trade from and place parameters.

A break below support will become resistance for me, if it retaces back there, many will sell so they can attempt to break even, this is why you will see a bounce off resistance, only confirming what I already assume. But I guess you already know this well, so not sure why you require a re-test.....it only offers probably a safer entry point into a trade......

Now this is way off topic. I do not require anything. The market move itself tells me the behaviour and I can only follow that lead. I have in the past observed that a bounce off a certain point a few times has become good support and the opposing for resistance is equally valid.

However I see gold now rising well and a hold tonight at this level will set em going next week.

 

[MRC & Co]

Now this is way off topic. I do not require anything. The market move itself tells me the behaviour and I can only follow that lead. I have in the past observed that a bounce off a certain point a few times has become good support and the opposing for resistance is equally valid.

However I see gold now rising well and a hold tonight at this level will set em going next week.

Yes, agree, the more tests of a support/resistance, and failed, the greater the more important that level becomes.

Yes, gold is doing well tonight, what I am very interested in, is how it will do when New York comes online! Might be a very quick move one way or the other! Let's hope up up and away!

 

[barrett]

Urgh what a mistake - very drunken nights and internet forums shouldn't mix... they did last night though.. I apologise to anyone I offended, I actually didn't mean it. Please ignore the post.
And now I'll attempt a more serious look at the markets!...

 

[barrett]

Looking at last night's markets, I think the performance of the gold indices compared to the broader indices was amazing - 5 or 6% up, vs. 3% down - that would seem to signal a bullish shift, along with the oil breakout.

Some support at 909-910 spot? On my chart at least, it looks like the neckline of a month-long inverted head and shoulders.

The main challenge as I see it is the wedge resistance on the daily close in the first chart below.

The speed of the current advance does make me a bit wary for the next day or so. But if it does close above the wedge (as it is now all of a sudden!) that should be very bullish.

The second chart is a 15-min one showing the volume spike I mentioned on the far right... on the 'up' side of the daily hammer. This type of heavy buying spike on the right side of a hammer seems to often come in at interim lows.

TH I'm a bit concerned that my volume data look different to yours. Who is your data provider? In my chart it is Norths/Alpari

I'm away for a few days, good luck everyone.

 

[josjes]

Urgh what a mistake - very drunken nights and internet forums shouldn't mix... they did last night though.. I apologise to anyone I offended, I actually didn't mean it. Please ignore the post.
And now I'll attempt a more serious look at the markets!...

Barrett, your last post makes me LOL. Please say you meant it. . Make sure you load up physical gold before you go away for a few days, you don't want to come back and see gold shoot up to $1000.

 

[Trembling Hand]

Urgh what a mistake - very drunken nights and internet forums shouldn't mix... they did last night though.. I apologise to anyone I offended, I actually didn't mean it.

TH I'm a bit concerned that my volume data look different to yours. Who is your data provider? In my chart it is Norths/Alpari

That data is the CBOT 100oz Gold futures contract. What instrument is yours?

 

[wayneL]

That data is the CBOT 100oz Gold futures contract. What instrument is yours?

COMEX (CG) is the bigger (in terms of volume) contract, and the one that should be followed for the big money's footprints. IMO

 

[wayneL]

COMEX (CG) is the bigger (in terms of volume) contract, and the one that should be followed for the big money's footprints. IMO

GCQ8 (COMEX) open interest is ~ 250,000

ZGQ8 (CBOT) open interest is ~ 10,000

 

[Trembling Hand]

GCQ8 (COMEX) open interest is ~ 250,000

ZGQ8 (CBOT) open interest is ~ 10,000

LOL. do you know how many trades I have done on the little contract without knowing that. Looks a tick or two tighter. V funny.

Although COMEX you only get 5 lines of depth ZG 10.

 

[RobinHood]

Horror story:
I was short 4 CBOT mini's on the 25th. My broker ****ed up big time and didn't fill my stops (I got off the phone with them just now and its under investigation).

What was a 5R trade became -2.28R very very quickly

ended up getting out of all of them at highest price of 895..

 

[RobinHood]

BTW - To all those championing Gold as HAVING to increase in value -

I completely agree with you, but, what makes you think the monetary collapse is close as opposed to 20 - 30 - 100 years away?

If you're wrong, you loose, bigtime. Especially those holding physicals. If anyone has read Buzzy Schwartz's book do you recall whenever he suddenly brings home suitcases of gold pending the financial collapse?

Here check out this chart:




I used to have a historical chart of Gold vs US dollar going back to late 1800's but unfortunately I just couldn't find it. In the long-term a fiat currency has to loose its value to a commodity such as gold (or short-term if your like Zimbabwe) but what if this is just another "spike", how will you know? when will you get out?

You could say this is "long-term", but what you are 100 years old and Gold has lost its value since you last bought it? and then you discover the fiat currency collapse is at least 30 years away?

 

[ithatheekret]

Well it happens , if it makes you feel any better , I doubt it though , I dropped $8K on a Yen option earlier on in the year , made it back , but it hurts I know . So thilly me went hard elsewhere and committed heavily and luckily got more than double the loss back , so it sorta evened itself out . But I still lost $8K in my books and it goes with the territory .

Higher low on POG confirmed techies ???? sorry had a couple of heart starters already ........ early breakfast

 

[michael_selway]

BTW - To all those championing Gold as HAVING to increase in value -

I completely agree with you, but, what makes you think the monetary collapse is close as opposed to 20 - 30 - 100 years away?

If you're wrong, you loose, bigtime. Especially those holding physicals. If anyone has read Buzzy Schwartz's book do you recall whenever he suddenly brings home suitcases of gold pending the financial collapse?

Here check out this chart:



I used to have a historical chart of Gold vs US dollar going back to late 1800's but unfortunately I just couldn't find it. In the long-term a fiat currency has to loose its value to a commodity such as gold (or short-term if your like Zimbabwe) but what if this is just another "spike", how will you know? when will you get out?

You could say this is "long-term", but what you are 100 years old and Gold has lost its value since you last bought it? and then you discover the fiat currency collapse is at least 30 years away?

Hey that chart looks interesting

http://www.europac.net/media/Schiff-FBN-6-26-08_lg.wmv

In the above video, Peter mentions a possible DOW/Gold ratio of 1, basically that chart above is suggesting also

thx

MS

-------------------

 

[RobinHood]

Really struggling to find long-term nominal pre-1970s when US comes completely of the gold standard, but here I found something better which may make my question clearer (just look at nominal, ignore the rest).




Unless your long-term position trading this move, I don't see how your going to make money unless this uptrend is the uptrend preceding the collapse of global fiat currencies. If we have another downleg, you won't make jack. You'll be grandpah's holding gold coins which have declined in value since you last bought them and it could be another 50 years until the collapse you seek happens.

I'm not attacking here, I just would like to know the thinking behind those buying actual gold bullion or gold coins?

 

[ithatheekret]

Yes but in those years it was all open cry ! And the US had more ooompf ....

I think POG will attack 1045 this year .

 

[explod]

I'm not attacking here, I just would like to know the thinking behind those buying actual gold bullion or gold coins?

If you are serious about your question a read over this thread for the last 12 months will put you clearly in the picture. In fact to short cut, go over the posts to this thread of of "cuttlefish" and "silver" mine also if you can delianate the drunken midnight blurbs here and there.

Just on a good close morning for the gold chart