Gold Price - Where is it heading?

spitrader1 · 2 November 2006

zed327 said:
bsg for me.

GOLD at $620, 8 week high, good day for kennas and i.

professor_frink · 2 November 2006

spitrader1 said:
GOLD at $620, 8 week high, good day for kennas and i.

How are you punting on gold spi? Stock or futures?

Edit-Disregard that question- just saw your post in the LHG thread

spitrader1 · 2 November 2006

professor_frink said:
How are you punting on gold spi? Stock or futures?

Edit-Disregard that question- just saw your post in the LHG thread

no worries mate...yeah just but some LHG the other day at 2.75

professor_frink · 2 November 2006

well good luck sir, hopefully you won't need it!

Sean K · 2 November 2006

@ $615 now, holding ok. Now that it seems to have broken $600, and $US weakness, plus seemingly decoupled from oil atm, should be some money flowing back into gold stocks. Clearly broken down trend on the 1 year chart. Resistance at $620.

Fab · 2 November 2006

Where can I check LME index price ?

Sean K · 2 November 2006

Fab said:
Where can I check LME index price ?

Perhaps the LME

http://www.lme.co.uk/

Fab · 2 November 2006

Thanks

Sean K · 2 November 2006

0942 [Dow Jones] Investment funds appear to be moving out of oil, copper and into gold, adding momentum to precious metal's recent rally, say traders; gold's move to around 2-month high at nearly $617/oz underpinned by belief economic slowdown will keep U.S. rates, USD in check. Divergence from other commodities likely to continue unless oil, now at $58.50/bbl, moves below $55 or above $65, which would require inflation adjustment. For now, however, gold taking cues from traditional nemesis USD. (JAD)

wavepicker · 2 November 2006

I think if Gold does not stall here it should should carry to the $633-647 price range where it will be overcome by significant resistance. Ongoing sideways move that started on the 14th Of June should persist into next year before possibly breaking lower in wave C that will draw prices sub $500 to end this multi year correction.

Agree USD is the key, but current pullback should only be temporary IMO before current uptrend gains momentum again.

Cheers

Sean K · 2 November 2006

wavepicker said:
I think if Gold does not stall here it should should carry to the $633-647 price range where it will be overcome by significant resistance. Ongoing sideways move that started on the 14th Of June should persist into next year before possibly breaking lower in wave C that will draw prices sub $500 to end this multi year correction.

Agree USD is the key, but current pullback should only be temporary IMO before current uptrend gains momentum again.

Cheers

So, was top of wave B at $660 WP? If we break that during this run does the EW count breakdown and have to be then revised?

Kauri · 2 November 2006

My E/W count may be technically incorrect but this is how I am seeing gold at the moment.
Have entered at 607 on exit from Triangle and break of horizontal supp/res with a tight stop at 599.. (should be 602 but I have dropped it below the round number affect). If that stop is taken will be looking for a possible re-entry if the lower triangle line gives a strong bounce.

Sean K · 2 November 2006

Maybe we could be starting a wave 1?

Kauri · 2 November 2006

kennas said:
Maybe we could be starting a wave 1?

Unfortunately it's along way to the 676 level to get confirmation..

Magdoran · 2 November 2006

Re: GOLD Where is it heading?

rederob said:
I have little doubt that by October this year we will have $800 gold.

Hello rederob,

Just wondering what your current thinking is on Gold given the $800 target by October was not reached based on your forecast on 24/05/06? (post 488 of this thread).

Would you agree now that wavepicker’s Elliott Wave forecast (post 454 of this thread 20/05/06) was pretty much “on the money”?

Regards

Magdoran

Sean K · 2 November 2006

Re: GOLD Where is it heading?

Magdoran said:
Hello rederob,

Just wondering what your current thinking is on Gold given the $800 target by October was not reached based on your forecast on 24/05/06? (post 488 of this thread).

Would you agree now that wavepicker’s Elliott Wave forecast (post 167 of this thread 20/05/06) was pretty much “on the money”?

Regards

Magdoran

Post 167?

Magdoran · 2 November 2006

Re: GOLD Where is it heading?

kennas said:
Post 167?

Thanks kennas,

Slip of the mind/keyboard... should be 454

Having fun post market close...

Mag
P.S. Just edited it in time... Ha!

Sean K · 2 November 2006

Re: GOLD Where is it heading?

Magdoran said:
Hello rederob,

Just wondering what your current thinking is on Gold given the $800 target by October was not reached based on your forecast on 24/05/06? (post 488 of this thread).

Would you agree now that wavepicker’s Elliott Wave forecast (post 454 of this thread 20/05/06) was pretty much “on the money”?

Regards

Magdoran

That chart does look pretty good, but could the current retractment be a pullback to virtually the .382 fib line, and the low of gold at $560 ish be the end of a wave c? Now on to a wave 1?

I hope so. he he.

Like all EW, it's in the eye of the beholder sometimes.

Wavepicker's theory sounds pretty damn good though.

GreatPig · 2 November 2006

kennas said:
Clearly broken down trend on the 1 year chart

Hmm... that Kitco chart doesn't match very well with the chart of GOLD on the ASX. I think that second peak in early July is missing a couple of higher prices.

It's broken through the more recent lower downtrend line, but still has a way to go to reach the overall peak downtrend line.

Cheers,
GP

Sean K · 2 November 2006

GreatPig said:
Hmm... that Kitco chart doesn't match very well with the chart of GOLD on the ASX. I think that second peak in early July is missing a couple of higher prices.

It's broken through the more recent lower downtrend line, but still has a way to go to reach the overall peak downtrend line.

Cheers,
GP

GP, how does GOLD relate to the gold price? Is it a direct relationship? Doesn't look like it does it?

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