Gold Price - Where is it heading?

[explod]

news out of euro goes from bad to worse yet gold continues to slide hate to think whats gonna happen when we finally start getting some good news.

The shakeout in gold is exactly the same as that in 08 just as the Dow began its slide.

Gold then recovered during the falling stock (GFC) market to regain its high during the Dow low in March 09

So when confidence in the markets really falter, only then will gold regain its safe haven status.

However the US$ is the key and the last thing that the Federal Reserve really want is a strong dollar, when they are up to their eyeballs in debt. And they do not want a strong gold price either; he he,

so, we do live in most interesting times.

 

[Logique]

I don't see it breaking below $1600 support, seems quite a strong zone.

Well I'm officially wrong now, $1532 spot price. Shrugging off this loss of face, I'll follow the thoughts of Explod, who, although we don't agree on much else, is demonstrably wiser in matters of gold and silver.

 

[Edwood]

The shakeout in gold is exactly the same as that in 08 just as the Dow began its slide.

Gold then recovered during the falling stock (GFC) market to regain its high during the Dow low in March 09

So when confidence in the markets really falter, only then will gold regain its safe haven status.

However the US$ is the key and the last thing that the Federal Reserve really want is a strong dollar, when they are up to their eyeballs in debt. And they do not want a strong gold price either; he he,

so, we do live in most interesting times.

I think Euro is the key not DXY - if EUR breaks up & Germany has to go back to DMs or similar, everyone will be buying DMs - they're by far the strongest country in Europe and probably quite glad to have Greece etc holding everything back at the moment. DM's will rocket once standalone, and gold will too. Could get messy for longs before then

 

[Joules MM1]

i need ein contrarian signal, das capitan


:fan

we might get a small surfacing today, getting above the waterline is a big ask

https://www.aussiestockforums.com/forums/entry.php?b=954

 

[So_Cynical]

gold on the verge of a fast move here, towards the 1300's - assuming support goes

Or a fast move the other way...every time there has been a flight to US Treasury notes over the last 4 years...a gold rally has followed.

 

[CanOz]

Or a fast move the other way...every time there has been a flight to US Treasury notes over the last 4 years...a gold rally has followed.

Must be getting close to a rally, i heard some muppet :karaoken the Bloomy getting super bearish on gold, LOL.

CanOz

 

[Joules MM1]

opines from the around the globe

JUNE #GOLD 1600 calls $240 , the last 2 times the price was down here within a few days we were above $1600.

https://twitter.com/#!/Rilczyszyn/status/202757563551461376/photo/1

chart :

 

[Joules MM1]

Gold Takes It On the Chin…What’s Next?

May 9, 2012

Facts don’t thwart the short-term pain, yet as contrarian investor Baron Rothschild said, “the time to buy is when there’s blood in the streets.” Here are five reasons we believe today’s sell-off sets up a buying opportunity for gold:......

http://www.usfunds.com/investor-res...-on-the-chin-whats-next/#.T7PiRho17qA.twitter

excerpt

 

[Joules MM1]

radio interview with Sean Brodrick on gold and miners

he's a top trader too

http://talkdigitalnetwork.com/2012/05/bear-market-for-gold/

listen for the BHP comments from a US pov

 

[Joules MM1]

and this ones got lots of nice charts ......

http://ibankcoin.com/chessnwine/2012/05/15/throwing-the-kitchen-sink-at-mark-twains-liars/

By chessNwine – Tue May 15, 2012 8:38pm

excerpt:

GLD – I pointed out a few weeks ago that the bullish inverse head and shoulders setup looked vulnerable on the weekly timeframe. If broken, ti would be a very bearish development. In fact, we have seen just that, as the yellow metal looks to have broken below a massive descending triangle. The only way I would go long for a swing trade is if you have conviction that this breakdown is a false one. Otherwise, I would avoid the long side altogether.

 

[Starcraftmazter]

Must be getting close to a rally, i heard some muppet :karaoken the Bloomy getting super bearish on gold, LOL.

CanOz

My thoughts exactly.

 

[zac]

I think its still too early to tell.
ECB has said they wont print more money, US economy is certainly improving yet being over shadowed by the Greece crisis.

I think it will depend on market sentiment as to how they feel the Euro crisis is going to be handled.
I must admit, im surprised to see gold go positive tonight where as US Indices are still going down.

 

[Starcraftmazter]

ECB has said they wont print more money

Have they? Last I heard, Germany is willing to put up with higher inflation (shock, horror).

That to me is a cue to the ECB that they should print more - from the biggest opposer to such actions in previous time.

 

[Starcraftmazter]

Also not sure why, but gold just went through the roof at 12:03 Sydney time.

I guess it could have been a combination of some Fed board members saying easing is on the table if recovery slows and bad US data released at 12?

 

[CanOz]

Also not sure why, but gold just went through the roof at 12:03 Sydney time.

I guess it could have been a combination of some Fed board members saying easing is on the table if recovery slows and bad US data released at 12?

Yup, poor leading indicators....the market thinks easing is back on the table for sure. EUR went with it.

CanOz

 

[numbercruncher]

ECB has said they wont print more money

:chimney


Haha thats kinda like a Heroin addict sitting in a opium field saying he wont touch the pretty round bulbs ...

 

[Joules MM1]

Must be getting close to a rally, i heard some muppet :karaoken the Bloomy getting super bearish on gold, LOL.

CanOz

Can, well done......looks like youve unearthed the Numpty Bloomers Contrarian Signal
could code that? ......NBCS

 

[Uncle Festivus]

I'm not sure why any of this comes as a surprise - the demise of fiat currencies has been discussed on this thread for several years. If you were a Greek or Spaniard right now would you be trusting what you had in fiat 'wealth' would be there when you woke in the morning?
So what do you exchange your Euro's for?

So we have seen the start of the bank run contagion stage, the harbinger of the demise of the Euro. So while those in the UK & the US sit back & pontificate on what should be done and how much better off they are, on any measure they are in a similar or worse position - it's just that they have the luxury of being able to post pone the inevitable austerity measures that they too must undertake to reduce debt.

I had my first foray for several years back into shares on Wednesday - bought some NCM. By any measure gold miners have been oversold relative to just about anything else and probably have the most upside out of this, even more than gold?

We'll probably get QE4 but will probably have even less effect this time.....

It's going to get violent from here so hang on for the ride......

 

[CanOz]

Yeah, with the poor leading indicators, the market now expects QE3....that's inflationary so gold rises. Now any data that is weak will put gold up. Data supporting a recovery will drop...nothing has changed really, just the risk appetite.

CanOz

 

[Uncle Festivus]

Op Twist =QE3?