Gold Price - Where is it heading?

[Page]

If see globally gold the precious metal is heading towards its high. But after the downfall in the market it has become range bound. As gold gets stabled. After that it will move towards it's high.

 

[Whiskers]

So Whiskers, since you were right on the last jump and following retracement down almost to the exact dollar, I will ask you very nicely for your opinion on this one!

Not sure exactly which one you are referring to there sinner, but I'll take the praise anyway.

Actually the last leg v went a touch higher than I expected because it looked like it had to be a diag triangle forming, however my literature says a regular impulse can still overlap waves i and iv by a small amount especially in leveraged markets.

I'm thinking it's probably just made a minor b and will head south to complete the c to maybe the 770's, but if I had to put a number on it, let's say 786... before it kicks off leg 3 which I think will challenge the previous high of 1032.

I'm still looking for a leg 5 to finish somewhere around 1,200 to 1,500 sometime in the next few months due to low worldwide interest rates, spending stimuluses and inflationary pressure that will rise again down the track.

 

[chops_a_must]

Credit where credit is due Whiskers, it was a good call. I hope you traded it in some format.

If you look at GOLD listed on the ASX, it gives a more obvious picture of what you are seeing there.

I put it in the potential break out thread some time back I think...

 

[Rockon2]

Gone Nucking Futs today,,, started from the break on Friday...

 

[sinner]

Yes of course you did chops, quite sorry for not spreading the credit, I do remember reading that and thinking along similar lines.

Thanks for the early morning update Rockon (I only just woke up : ).

My guess is the price for today has diverged from technical constraints and is trading strongly due to geopolitical instability Israel/Palestine and India/Pakistan issues.

Lovely effect it is having on the portfolio, RMS up 7+% and IAU up 12+% for the day so far.

 

[Rockon2]

Agree Sinner .. a bit of tech, and throw in recent Gaza strip probs,, and bingo

 

[chops_a_must]

I didn't want any credit Sinner. :

I was giving credit to Whiskers for the fade off resistance.


Convincing break through support today, and follow through. Breakout target upwards of 1500 AUD.

 

[bankit]

Hi All,

It looks as though we are getting a good run out of gold/gold stocks at the moment. The Support area as indicated in post #5935 (in yellow) held well and as that support was at a high level the advance is continuing.

The next resistances areas are at $900, $917 and $971


Bankit

 

[Rockon2]

3 Gold picks atm.... ALD TRY TAM

 

[explod]

Taking into account the momentum of this move since early November my take is that US$900 will be breached easily. My interest is in the area of $925 to 930. A close above that level may on past practice in this bull-run see a breach of the all time high.

Trading is light of course so a rise to loftier levels may not survive long after traders return to desks in January.

Fundamentally, politically and technically a real change in gold to the upside will not occur till early February to March, 09, IMHO. Then the added impetus/or element of sentiment will come into play. A realisation that other investment vehicles are losing value whilst gold, at the very least is holding its own.

Interesting times.

 

[Whiskers]

I'm thinking it's probably just made a minor b and will head south to complete the c to maybe the 770's, but if I had to put a number on it, let's say 786... before it kicks off leg 3 which I think will challenge the previous high of 1032.

Just made a small adjustment.

Sell signals still abound though.

I think minor 'b' is in now... looks like an Expanded Flat wave 2 rather than a zig zag, which opens up a possible low of 730's for a pretty sharp retracement to 2.

Atm still looking to retrace at least to 786.

 

[michael_selway]

Just made a small adjustment.

Sell signals still abound though.

I think minor 'b' is in now... looks like an Expanded Flat wave 2 rather than a zig zag, which opens up a possible low of 730's for a pretty sharp retracement to 2.

Atm still looking to retrace at least to 786.

Well if this occurs, i will have to giveyou alof of credit

thx

MS

 

[Stormin_Norman]

the MZM measure of money supply is interesting to note ( Money of zero maturity is equal to M2 less time deposits, plus all money market funds. )

and as we all know - inflation = demand for gold.

 

[explod]

In October the HUI collapsed with the Dow. The HUI has now recovered the entire fall but the Dow from 11000 now sits at 8500 and generally making lower highs. This is the change I have been looking for and should soon drive increased sentiment to gold and gold stocks.

Gold is looking more and more like the only show in town. Up 6.7% for the year.

 

[Stormin_Norman]

the gold bulls look to future inflationary concerns in the coming year as the printing press at the fed start rolling to pay for the bailouts.

the gold bears look at current low inflationary figures coming out because of the massive money destruction and commodity price falls of the past year.

 

[sinner]

Stormin Norman, are you sure this is a safe line to draw? Inflationist = gold bull Deflationist = gold bear?

I see you posting a chart Mike Shedlock might approve of. But he is a deflationist who is not a gold bull! His view is that gold is (still and always) money and the only king in deflation is money.

His prediction is either everything but treasuries slumps or everything but treasuries and gold slumps.

 

[Stormin_Norman]

Stormin Norman, are you sure this is a safe line to draw? Inflationist = gold bull Deflationist = gold bear?

I see you posting a chart Mike Shedlock might approve of. But he is a deflationist who is not a gold bull! His view is that gold is (still and always) money and the only king in deflation is money.

His prediction is either everything but treasuries slumps or everything but treasuries and gold slumps.

can you expand your point? im not sure who mike shedlock is nor his views or what his logic behind them is.

 

[GumbyLearner]

the gold bulls look to future inflationary concerns in the coming year as the printing press at the fed start rolling to pay for the bailouts.

the gold bears look at current low inflationary figures coming out because of the massive money destruction and commodity price falls of the past year.

Inflation will be the final consequence of worldwide increased money supply!

 

[Stormin_Norman]

after current levels of overstocked inventory are sold off at a discounted rates the downward pressure on consumer prices will ease too.

 

[GumbyLearner]

after current levels of overstocked inventory are sold off at a discounted rates the downward pressure on consumer prices will ease too.

Agreed SN

Vintage pro-inflation propaganda