Gold Price - Where is it heading?

[refined silver]

Not sure why USD is so strong, massive repatriation and a huge cover of all those who were short are two possibilities.

Hoping this is a blow-off top short cover rally.

http://www.theaustralian.news.com.au/business/story/0,28124,24535757-643,00.html

 

[arco]

Well it was an overnight sensation for me

Post #5648 Quote "..........looking at the daily chart there seems to be the possibility the next area to target could be the grey box in the bottom right corner".

 

[Indie]

When Bernanke starts giving money to people instead of financial institutions (who are only hoarding cash for takeovers) then gold will rally. The longer he takes to do this the lower the gold price will fall. Demand for all assets - except the dollar/yen - is falling until then. If the Fed keeps this up gold will retrace it's bull market gains back below $300. Regardless, $600 is certain within weeks. Aussie buyers have USD strength to thank for any gains they are still holding this year.

 

[Nick Radge]

Here is the correlation chart of the US$ and Presidential cycles. I've changed data suppliers since the earlier one and this data doesn't go back any further.

 

[Whiskers]

I hope your target is pretty close to the mark arco, cos if it goes lower than 640 my revised count is wrong and we are in another impulse down leg.

But I'm not convinced yet. For now I'll go for a possible short wave 5 and an enlarged Expanded Flat.

If it doesn't go much lower 1,300ish is still possible for the rebound (c).

 

[Whiskers]

I forgot to mention the reason I think we'll get a stumpy revised wave 5 is because what was going to be wave 5 exceeded my estimate and made my original wave 3 the shortest, cos the USDX has gapped up from 84.5 to 85... but it should fall back sharply soon and turn the POG around (I hope).

 

[Trembling Hand]

Whiskers you make me laugh.

 

[Whiskers]

Whiskers you make me laugh.

pheew... that's a change!

So what's goin on?

What's your intel? Overwhelming recession fear causing everyone to head for cash, fundies liquidating gold to USD, the infamous PPT...?

 

[cuttlefish]

Is John Nadler the most painful financial journalist around or are there far worse ones? I really don't know why I read his stuff - I just can't seem to stop myself from clicking on the link when I check the kitco site. It seems like such rehashed, unoriginal, directionless, band-wagon-jumping, inane waffle - or is that just me?

I really don't see the point of making calls after the fact and then acting as though that was the line all along, and why he likes to include completely irrelevant garbage from other sources and refer to it as though its something that we'd find remotely noteworthy or interesting is beyond me. Its truly terrible - I hope he isn't actually making a living from this writing.

</rant> - sorry just had to get it off my chest

 

[Kauri]

just gotta love those lines...

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

 

[barrett]

Is John Nadler the most painful financial journalist around or are there far worse ones? I really don't know why I read his stuff - I just can't seem to stop myself from clicking on the link when I check the kitco site. It seems like such rehashed, unoriginal, directionless, band-wagon-jumping, inane waffle - or is that just me?

I really don't see the point of making calls after the fact and then acting as though that was the line all along, and why he likes to include completely irrelevant garbage from other sources and refer to it as though its something that we'd find remotely noteworthy or interesting is beyond me. Its truly terrible - I hope he isn't actually making a living from this writing.

</rant> - sorry just had to get it off my chest

I know he was bearish right through 900-1000+ and copped mountains of crap from gold bugs for it!! He was practically getting death threats from the Axtones mob before that was shut down... I don't read him, but sounds like it's payback time! lol

 

[barrett]

just gotta love those lines...

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

Nice spotting there Kaureye!

Does that mean I won't get my usual wakeup call from Commsec ML tomorrow? Don't even bother to set the alarm these days..
lol j/k.. so far, anyway

 

[Kauri]

Gold has reversed course and surged to $733.40 highs after plumbing $695.20 lows. Traders in the pits report "very aggressive buying" but no name attached, speculation that it is hedge fund related but no one nose.... or is saying... yet...

Cheers
.........Kauri

 

[barrett]

Bigger-scale version of Arco's chart.. nice work too by the way!

 

[arco]

Hi Whiskers/All

The grey target price box has now been invaded. (update on chart from post #5661). I've taken my profit.

GTA - arco

 

[Ageo]

I get this feeling the US dollar is being manipulated (hence the U.S imports alot of its goods) which in turn can affect the price of gold....... Thats the only reason i can think of for gold to drop this much in such a short term (and i dont believe selling gold to cover margin calls is the answer).

 

[Uncle Festivus]

I would also reiterate what I have said before. If Gold is such a store or wealth, such a safe haven, why the heck is it still below its major lows and trading lower...

Don't take my work for it. Take a look at the correlation between presidential parties in power and the USD.

Not sure if it matters what turkey is in charge of the financial largesse purse strings as these are not normal cycles or times.

Yep.

I said elsewhere today that it is dead at this stage. All its ducks lined up... and it failed.

It's all relative, you just have to know which store of wealth you are comparing to? Perhaps preservation of capital?

 

[IFocus]

HUI is just getting smashed

Chart of the weekly


.

 

[IFocus]

US dollar index weekly chart

.

 

[nick2fish]

Nice Chart Uncle ........ very interesting ..........Thanks