Gold Price - Where is it heading?

[GumbyLearner]

I was.

 

[Naked shorts]

I was.

Well I hope you made some decent money

 

[GumbyLearner]

Well I hope you made some decent money

To be honest I havent made any money yet or lost for that matter!
And what is money anyway?
A currency? Trade and Sell? Personally, not ready yet! Just waiting for the inevitable conclusion!

It might not happen overnight, BUT it will HAPPEN!

Just not a garbage recycler anymore!!

 

[boyley]

Got back in Yesterday around $829 and loaded up nicely. Wouldnt be suprised to see it retreat below $850 again though.

 

[Uncle Festivus]

Which means that we will get the double - falling AUS/USD to under 50c and rising $US gold price = $AU gold price over $2k - about the time the Obama factor wears off and every one realises not even He can save them?

Well that warm & fuzzy feeling with the inauguration "times are changing for the better now Barrack is in charge" hyperebole was short lived - Dow down near 330 odd, and gold, well, standing on it's own in 'credible alternative currency' land. Or maybe 'only credible store of wealth/value left standing' land?

On the cross rates it looks even better, just not sure it will translate into gains for the local producers today, but they have still looked reasonably solid in the face of 100 point drops in the index's and weakness in their pleb shares brothers?

On the Dow, if it repeats the 1st Great Depression, then anywhere sub 5000 is plausible?

 

[explod]

Well that warm & fuzzy feeling with the inauguration "times are changing for the better now Barrack is in charge" hyperebole was short lived - Dow down near 330 odd, and gold, well, standing on it's own in 'credible alternative currency' land. Or maybe 'only credible store of wealth/value left standing' land?

And you were spot on the other day Uncle, sentiment is changing, though interstingly HUI dropped at the end of trade, was up early, then followed market; so still think that it is to be watched on short term basis when a big fall is likely. Dow second lowest close since 2003 today.

 

[sinner]

And you were spot on the other day Uncle, sentiment is changing, though interstingly HUI dropped at the end of trade, was up early, then followed market; so still think that it is to be watched on short term basis when a big fall is likely. Dow second lowest close since 2003 today.

So far for the day, my personal selection of gold stocks has regained almost ALL the losses it had over the last few days in one trading session!

 

[explod]

So far for the day, my personal selection of gold stocks has regained almost ALL the losses it had over the last few days in one trading session!

Good for you. But for me having regard to the current financial news and a close scrutiny of the DJIA, which I feel is about to fall to 4000 or below I am out. Purchased GOLD (ASX) a couple of weeks ago and happy with that rise. A look at the HUI looks like a typical reverse hammer for it as well. Yep good gains to be had on the daily but a lot can change overnight in this environment. The US dollar index is shaking like a dying snake as well.

 

[bankit]

Hi Explod,

Have to agree with you, short term the HUI is bearish but with a longer term view I can see a reverse head and shoulder perhaps forming.

Bankit

 

[Page]

Gold cannot say were it heading. It is good to trade in Gold now we can do intraday as well as hold position in gold because it is having both side movements in 2-3 days.

 

[Naked shorts]

Hi Explod,

Have to agree with you, short term the HUI is bearish but with a longer term view I can see a reverse head and shoulder perhaps forming.

Bankit

Looks more like a lower high then a H&S.

 

[bankit]

Hi All,

Spot Gold is at a major resistance but is holding up well with a very tight consolidation in the $857 region.

All relevant details are on the attached chart.

Bankit

 

[cogs]

Will be interesting to see which way this consolidation takes.

 

[cuttlefish]

I liked your first version - somethings going to happen!

As opposed to the conventional adage in relation to stocks, my view is that gold will go DOWN by the stairs and UP by the elevator. (it certainly jumped into the elevator for the first part of the evening anyway ).

 

[boyley]

808-875 in 9 days wow

 

[GumbyLearner]

Going berko tonight.

Touched 903

 

[Uncle Festivus]

$100 in 10 days? The inverse H&S has delivered on Q? https://www.aussiestockforums.com/forums/showpost.php?p=389186&postcount=140

Thank you captains of fractional reserve banking...... $1400 aussie.....sub 50c for $AU/$US after RBA interest rates decisions = $2k aussie? Scramble....

 

[boyley]

$100 in 10 days? The inverse H&S has delivered on Q? https://www.aussiestockforums.com/forums/showpost.php?p=389186&postcount=140

Thank you captains of fractional reserve banking...... $1400 aussie.....sub 50c for $AU/$US after RBA interest rates decisions = $2k aussie? Scramble....

Thats the one mate, at 65cents theres a gain to be had on the X rates, one would think.

 

[cogs]

I guess I have my answer, although I will need to know the serious money is behind this break. According to the volume the later half of this break is momentum.

Time to jump on the retracement with a moderate stop for me.

 

[Sean K]

I guess I have my answer, although I will need to know the serious money is behind this break. According to the volume the later half of this break is momentum.

Time to jump on the retracement with a moderate stop for me.

I agree. I'm waiting to see it hold above that previous resistane, horizontal around 860, and continued upward support for a long. Those points all seem to converge ish.