Gold Price - Where is it heading?

[explod]

That is a standard short sale, if you use a margin account it is in the agreement that "your" shares may be lent out for short selling. Otherwise they cannot touch your stock without your consent!

There are some questionable practices in the US involving naked short sales but they generally target weak companies, not ETF's. That is all very murky and hard to get a handle on.

From the Harvey Organ blog of Thrusday US time:-

Today, physical gold continues to leave London with 6.02 tonnes of gold departing the GLD for the shores of China/and or Russia. The game ends when the last physical ounce held at the GLD departs.

And this from the same report:-

The two ETF's that I follow are the GLD and SLV. You must be very careful in trading these vehicles as these funds do not have any beneficial gold or silver behind them. They probably have only paper claims and when the dust settles, on a collapse, there will be countless class action lawsuits trying to recover your lost investment.


There is now evidence that the GLD and SLV are paper settling on the comex.

http://harveyorgan.blogspot.com.au/

 

[Ann]

It is not as confusing as you make it sound!

They are often very coincident

I am not trying to make anything sound confusing, my charts rarely have more than four or five lines drawn on them, often less. But those four or five lines tell me exactly what is going down. Or generally do if I have focused correctly. Red wine does on occassion blur the vision.

I called $1474 as a solid resistance line a couple of days ago and it is still struggling with that level. A single well placed line told me this was a high probability.

Will it ever rise above $1474? May do so but currently it is churning through the sellers and appears to be making little headway, with an imminent threat of collapse any minute. I don't believe it will rise above that level but I have often been surprised by the robustness of markets.

But as I said Z, if your charts tell you their secrets with whatever style you use, fine that is what chart reading is all about.

 

[Mr Z]

From the Harvey Organ blog of Thrusday US time:-

This is the same GLD that they complain about as being unbacked by gold, no?

 

[Ann]

With the new trading day about to start I see this as a very critical time. My charts are telling me the POG is about to move out of support from its recent flag formation and for the last 6 days of trading has been stuck under the $1474 resistance line. It must lift above that resistance line or risk falling to levels of $1413 or $1350.

Let's see what happens!

 

[CanOz]

With the new trading day about to start I see this as a very critical time. My charts are telling me the POG is about to move out of support from its recent flag formation and for the last 6 days of trading has been stuck under the $1474 resistance line. It must lift above that resistance line or risk falling to levels of $1413 or $1350.

Let's see what happens!

Looks like value is being accepted higher, 1474.6, if i were a betting man I'd say our target is 1600 again...

CanOz

 

[CanOz]

GOLD COT April 30th...

 

[Lone Wolf]

Looks like value is being accepted higher, 1474.6, if i were a betting man I'd say our target is 1600 again...

CanOz

You're suggesting that price sitting at resistance rather than being rejected hard is an indication that the resistance is likely to be overcome?

I think now would be a good time for a false break lower before a push to 1550. That would mess up the plans of people like me quite nicely.

 

[CanOz]

You're suggesting that price sitting at resistance rather than being rejected hard is an indication that the resistance is likely to be overcome?

I think now would be a good time for a false break lower before a push to 1550. That would mess up the plans of people like me quite nicely.

Well its only the Asian and a quiet EU sessions yet, but for now at least, we have a the majority of the volume traded between 70 and 79...

Lets see how things pan out...

CanOz

 

[explod]

From Goldtrends.net, 6th May

Find this site well worth the trip each day. And agree CanOz, Mondays and even late intoTuesdays directions rarely set. We will see.

Gold short term uptrend being challenged as far as maintaining the upside momentum. Price has come down to the 1465 area and this is a very important area for Monday and this week as BOTH the weekly and monthly PIVOT POINT stands at 1465. That means that traders who watch these pivots will be going LONG at 1465-1466 and going short the 1460-1462 area back and forth looking to get on the trend for this week. The chart shows this area at 1460-1465 also important as 1st SUPPORT to pay attention to as the green 200 hour moving average is there as well as the lower dotted channel line from the rally off the lows. There’s a Fibonacci number at 1455 as well. Thus 1st important support on Monday is 1455-1465 area. The congestion on the chart here shows how important the resistance is at this area in the 1477-1487 area at upper end and then the 1455-1465 area at lower end. Last week’s low is 1440 and Friday low is 1455. A close below 1455 keeps the downside for this week open. With a cycle low due this week we could very well go test this area if the WEEKLY and MONTHLY pivot doesn’t hold 1460-1465. Remember, PIVOTs can and do get broken and sometimes a real dog and cat fight can occur at that area. Traders will long and short the area more than once trying to get on trend and which way it develops. So watch 1462-1468 area for a battle today. Below 1455-1460 gives the downside the very short term advantage while above 1470 has the upside with a slight edge. WEEKLY support is the 1440-1448 area and MONTHLY SUPPORT is the 1415-1425 area. If we close below 1455 the lower support levels are activated for a potential test. The Medium term trend remains down, but this week will be about whether gold can make a short term low on this pullback and then FORGE above 1487-1490. If gold can get above 1490 then the upside will open up and resistance will be 1497-1503 and 1520-1530. Watch 1460-1465 area today as the most important price point of the day.

 

[Ann]

From Goldtrends.net, 6th May

Find this site well worth the trip each day.

Interesting read but I like a picture, saves a lot of words!

Just a few cents over $1470 on the open and close was yesterdays reply to the $1774 overhead and just kept hooked half way onto the flag formation.

 

[CanOz]

After a three day balance gold broke down again last night invalidating my bullish bias. Value is currently being accepted just below the break. If the break is tested and rejected, our lower prices are once again in play....


CanOz

 

[chops_a_must]

After a three day balance gold broke down again last night invalidating my bullish bias. Value is currently being accepted just below the break. If the break is tested and rejected, our lower prices are once again in play....


CanOz

Have you reversed, and if not, why aren't you trading down to the reversal pattern prices?

 

[CanOz]

Have you reversed, and if not, why aren't you trading down to the reversal pattern prices?

I just use the analysis for short term bias. My account size is not large enough to trade the risk associated with these large moves, in every case. Although occasionally there are such opportunities to catch those big moves....much as is the case with CL today

 

[chops_a_must]

I just use the analysis for short term bias. My account size is not large enough to trade the risk associated with these large moves, in every case. Although occasionally there are such opportunities to catch those big moves....much as is the case with CL today

Bugger.

The bucket shops sometimes have an advantage for pattern and position trades.

 

[CanOz]

Bugger.

The bucket shops sometimes have an advantage for pattern and position trades.

Check out CL...consolidation within consolidation then breakout, just when i'm off to lunch too

 

[Trembling Hand]

just when i'm off to lunch too

 

[CanOz]

lol, you and your photos for all occasions, you're like f'in Hallmark

 

[CanOz]

Time for Gold to make up its mind, been in this range for long enough!!

 

[explod]

According to Bix Weir (The Road to Roota) the paper price is just about meaningless.

In my mail box today:-

Physical off take of REAL Precious Metals continues at a blistering pace as recognition of the false electronic pricing mechanism spreads. Gold inventories are disappearing and silver inventories are being faked. I expect to see this reality manifest in ELECTRONIC PRICE VOLATILITY (up and down) over the next two weeks as the Bad Guys struggle to regain their control of both gold and silver. They know that if they cannot control the gold and silver markets they cannot control the unbacked fiat monetary system.

We will see.

 

[Mr Z]

Bix is bat poop crazy.

Gold is close to another semi religious experience by my estimation.

Hopefully that is wrong...

BUT?!