Gold Price - Where is it heading?

This is the GOLD ASX code, which means prices in A$ for 100g.

Looking like a bearish triangle formation to me.

GP

how do you get that chart GP? I just use the Kitco site, but i like yours better.


Having second thoughts about my PNA shares. I guess i should stick to my plan, and if they reverse again i'll ditch them once its confirmed.

Thanks,

GreatPig said:

This is the GOLD ASX code, which means prices in A$ for 100g.

Looking like a bearish triangle formation to me.

GP

Click to expand...

GP, what is the price target?

canaussieuk - GOLD is the asx code for this security, each share entitles you to 1/10th of a ounce of gold in australian dollars. Tracks gold price well (obviously). This is a (great?) wat to get exposure to gold without worrying about company fundamentals, management, earnings, mine life, production costs, etc.

If it breaks this triangle to the downside.I think $540.then gold stocks will be worth getting on board big time.

thats $540 yankee dollars obvisoly.

thats my taregt price anyway

nizar said:

GP, what is the price target?

canaussieuk - GOLD is the asx code for this security, each share entitles you to 1/10th of a ounce of gold in australian dollars. Tracks gold price well (obviously). This is a (great?) wat to get exposure to gold without worrying about company fundamentals, management, earnings, mine life, production costs, etc.

Click to expand...

Fascinating, i never knew it existed! Thank you. Is this the only precious metal listed this way?

Cheers,

The following is the opinion of the Guru Marc Faber about one week ago: http://www.ameinfo.com/99057.html

CanOz said:

Is this the only precious metal listed this way?

Cheers,

Click to expand...

In Australia there is only the 2 gold funds, GOLD and ZAUWBA (from Perth Mint)

If you head overseas there is SLV - silver etf in the US
In London there are ETF's now for a lot of commodities, click on the link for the list and codes

noirua said:

The following is the opinion of the Guru Marc Faber about one week ago: http://www.ameinfo.com/99057.html

Click to expand...

Good grief, and i thought Wayne was a bear. Two days left to go and October's a memory. I wonder if anything eventful will happen to the DOW overnight?

Cheers,

Yogi tipped a major event occuring on the west coast of the US of A on 23 Oct involving water that would significantly effect the market...tick, tick, tick...

Well, nothing from west coast but gold pushing $600 again. Really needs to break this downward trend started in May/June to kick the general gold sector off. Needs to hold above $600 and hold. Hold!!

Interesting however that some gold stocks have actually been trending UP, while POG has been going DOWN.

Take POG and NCM for example. I am sure there are some others out there not tracking gold. Even LHG has been going sideways, but not down.

Good for Aussie goldies when POG breaks up after US mid terms.

Gold has recently recorded it's first higher low in a while. Trying to break $600 again, and with US mid terms about to run, POG will heading up when $US drops. All coinciding for a return to gold bull imo.

Gold, Little Changed, Heads for 3rd Weekly Gain as Dollar Drops

By Pham-Duy Nguyen

Oct. 27 (Bloomberg) -- Gold, little changed in New York, headed for a third straight weekly gain after a U.S. report showed economic growth slowed in the third quarter, weakening the dollar and boosting the metal's appeal as an alternative investment.

Gold, sold in dollars, generally moves in the opposite direction of the U.S. currency, which today headed for the second straight weekly drop against other main currencies. Gold is up 16 percent this year, while the dollar index has fallen 6 percent against a basket of six major currencies.

``There's a big focus on what could happen to the dollar,'' said Carlos Perez-Santalla, a gold trader and president of Hudson River Futures in New York. ``I'm liking gold again.''

Gold futures for December delivery was at $600 an ounce at 10:38 a.m. on the Comex division of the New York Mercantile Exchange. Prices are up 0.6 percent this week.

A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date.

The U.S. economy grew at a 1.6 percent annual rate, less than forecast and the slowest pace in more than three years, as housing slumped and the trade deficit widened.

Former Federal Reserve Chairman Alan Greenspan said central banks and private investors are beginning to shift holdings from the dollar to the euro.

``We're beginning to see some move from the dollar to the euro, not only in the private sector, but by monetary authorities, by central banks,'' Greenspan said yesterday at a convention of the Commercial Finance Association in Washington.

`Supporting Side'

Analysts say Greenspan's comments were bullish for gold, which usually moves in tandem with the euro. Both gold and the euro rose against the dollar from 2002 to 2004. Last year, gold gained 18 percent even as the dollar rose 14 percent against the euro.

``Mr. Greenspan's comments about migration into the euro is on the supporting side for gold,'' said Frank McGhee, head metals trader at Integrated Brokerage Services Inc. in Chicago.

The metal faces resistance at $600, analysts who study price charts said. Gold closed above $600 twice this month.

``Gold needs to get through a series of important resistances between $602 and $605 to attract substantial fresh buying,'' said Robin Bhar, an analyst at UBS AG in London.

kennas said:

Former Federal Reserve Chairman Alan Greenspan said central banks and private investors are beginning to shift holdings from the dollar to the euro.

``We're beginning to see some move from the dollar to the euro, not only in the private sector, but by monetary authorities, by central banks,'' Greenspan said yesterday at a convention of the Commercial Finance Association in Washington.

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Can u believe that Alan Greenspan said this??
I guess now that hes not Fed Chief he can say stuff like that....

Gold appears to have decoupled from oil - if it has, it is very bullish for gold.

Crude -3.24%, Gold +1.4% at time of writing, minus whatever delays marketwatch have on comex and nymex.

markrmau said:

Gold appears to have decoupled from oil - if it has, it is very bullish for gold.

Crude -3.24%, Gold +1.4% at time of writing, minus whatever delays marketwatch have on comex and nymex.

Click to expand...

Agree it's decoupled to some extent.

But according to at least this article... http://www.mineweb.net/gold_silver/343186.htm things aren't all that bullish going forward.

But chaos an all that (both meanings)... I'm a more enthusiastic buyer than a seller.

Looks like a reversal bar for today, could have some downage for a couple days.

Bugger, definate resistance at $610.

I never did like fundamentals of gold. It is definately sentiment driven.

On the bright side, if $610 clears, we can sit around and say it is a range breakout and has put in a tripple bottom. Better than stuffing around trying to work out supply and demand.

Edit: actually a H&S bottom

its had a good run up over the past week to $600 and now a close above is positve. i would like to see it consolidate between $600 and $610 rather than fall below again. if so this will be a good base to run up from till christmas, with the usd declining and the elections almost out of the way everything looks positive.

wow this is looking good, gold $618 now should see some good action in the gold stocks today. bsg and lhg for me

bsg for me.