Gold Price - Where is it heading?

[CanOz]

Treasury yields are going up, at the moment gold is correlated to the bonds....yields up, gold down...

 

[Gringotts Bank]

Hi all,

I'm pretty knew to the markets and couldn't help but ask any reason for the Gold selling off ?

How many contracts did you buy?

http://grammarist.com/homophones/knew-vs-new/

 

[Gringotts Bank]

Daily GC

 

[kokonut]

How many contracts did you buy?

http://grammarist.com/homophones/knew-vs-new/

Unfortunately I didn't enter in any.

 

[Joules MM1]

It does work as two channels,

think of that idea as one channel with a psuedo "mean" within the channel....varification of the validity is the repetition of price hitting the line and getting rejection and acceptance .....somethings cannot be fudged

 

[Joules MM1]

the axiom 50% of what you read/hear is BS ....the trick is knowing which 50%
https://www.gold.org/research/gold-...tm_medium=referral&utm_campaign=wgc-gold-2048

Gold 2048
Published 17th May 2018

 

[greggles]

Gold's been having a good run in the last few hours.

 

[CanOz]

Gold is also getting ripe....

 

[fiftyeight]

Ripe for a short?

 

[greggles]

I think that's what CanOz means but I'd like to understand why.

 

[CanOz]

Posted on Twiiter......

Gold looking ripe for move away from a well developed lower balance area. Given the DX at res, could be up, nice R:R either way, play a retest i reckon.

 

[fiftyeight]

The profile on the right, what area does that include?

 

[CanOz]

It's just a dated composite to include the range that you see

 

[fiftyeight]

I am not sure that is the most appropriate date to be using as it cut off a lot previous moves. (Yes I know charting is subjective before someone points it out.) Moving the date back just a few months shows we could be moving back in to an area of previous balance. Or we bounce off this back to more recent balance.......so I guess either way it is as you said, seems ripe for a move either way.

Maybe play this idea via gold vix?

Just starting to look at this stuff now so I could be completely off also haha

 

[CanOz]

Ah yes i see your point. In order to get the whole profile i'd need data back to 2010...like this...

So i chose 2 years worth or so.

 

[greggles]

Market profile looks interesting but I don't really understand its practical application.

Would make a good thread.

 

[CanOz]

Consolidating near the HVN above the value area that it left behind...1308.6 is an excellent possibility.

 

[greggles]

Very strange up and down roller coaster-like price action on gold overnight. It looks like a tug-of-war between the gold bulls and bears.

 

[Joules MM1]

.

 

[greggles]

Joules, what sort of impact do you think that will have on the gold price?