Gold Price - Where is it heading?

[Triple B]

Im off to bed. Good luck gold diggaz

 

[explod]

Don't worry about gold. It will sustain you through it all, IMHO

So glad I have my silver coins.

 

[explod]

The markets and bitcoin creaking but not gold:-

 

[Triple B]

Gold looks to have tested the previous 4h resistance. Support looks confirmed at $1215and now pushing resistance on 1min chart after nice bounce off 1min 200ma.Still in bottom half of trading range


15min chart white MA is 1 min 200ma

 

[greggles]

Yep, US$1,216 is looking like support for now. Looks like sentiment is really starting to turn for gold. All it takes is some real market volatility for people to turn to safe havens.

I think tonight will be another good night for gold as I'm pretty sure we'll see another decline on U.S. equity markets tonight. It's October and people aren't going to take any chances heading into a weekend.

 

[Triple B]

Hopefully we can make the most of the move. I have been waiting for weeks. already tripled my account after last nights move!![very small acc] and have the 2 positions at BE now.Gives me enough for a few months live training at least.Been making $100 last a month consistantly trading 5%R!!

 

[Triple B]

medium impact news: import prices month -month at 11:30

 

[Triple B]

Nice surprise when I got home!
Next target blue line daily 200ma

 

[explod]

Yes, interesting and on what is the usual ramp down Monday.

Are the foundations of the DOW about to pop.

 

[Triple B]

Yes, interesting and on what is the usual ramp down Monday.

Are the foundations of the DOW about to pop.

i reckon the red line 200ma is the only thing stopping it now: edited chart this one more interesting

 

[Triple B]

Gold working up off bottom of Trading range . Looks like plenty of selling to get through to get too the top. if it breaks blue support Im out and back in on bounce off 200ma.
also did a point and figure count of last couple months accumulation .came up with target of $1295

 

[Triple B]

Nice push back into trading range . was thinking short due to the fear in stocks subsiding
now needs to hold and test support for a move up?
AUD /USD went with gold too as often the case.

 

[CanOz]

I see it bullish until we test and fail at 1244 ish....also depending on the sentiment through Europe and the US. IF the Fed is bullish rates in the minutes then i see Europe selling off....Fed minutes tonight

 

[Triple B]

very good . might need fed minutes tonight to break R of trading range.
to hit 1238 soon.
I see the next major R after that at 1250 round no and close to daily 200ma.
P& F count give me target of $1295.
will proceed with caution
also noticed your prices slightly different than mine.those tops at 1244 on your chart show up as 1236 on mine . Im spot gold ,yours is Gc. I believe there is a difference as futures has holding costs of physical gold included in traders risk?

 

[Triple B]

Gold is moving strong Long . Just breaking 4H Resistance. will it hold?

 

[sasch]

Gold about to pop?

 

[Ann]

I chart gold on a quarterly basis and have done since 2012. It is really easy to call a fall to gold doing it this way.

Now for a reason only known to me I decided to look at Gold on a long term weekly chart. It has formed an equilateral triangle which is regarded as a continuation pattern. The price of gold has been rising and was never higher than in 2011. So the theory says once it breaks out of the equilateral triangle it should go up, fair enough. However, a lot of traders appear to be looking at the gold price which has been adjusted for inflation. (I find this a right crock of...). However this will then offer a chart shape which shows a double top (adjusted for inflation) with 2011 which would likely influence the POG to fall downward out of the triangle.

Which way do I think it will go? I think down but I could be very, very wrong.

Just for interest I have drawn a swing trade chart showing it both ways. Should I call this chart swinging both ways?

 

[barney]

Which way do I think it will go? I think down but I could be very, very wrong.

Hi @Ann …… I recall we have had differing opinions previously … that cost me $50 bucks

Anyway … no bet this time but I have XAUAUD pegged to rise this week to around $1700 for the first port of call (currently $1676) If it does that it could go higher quickly.

I could also be very wrong but I see a potential 'flying horse' trade developing around the current monthly lows …. If not, I am wrong … again

If it starts to look interesting I'll post a chart

 

[Ann]

Hi @Ann

Anyway … no bet this time but I have XAUAUD pegged to rise this week to around $1700 for the first port of call (currently $1676) If it does that it could go higher quickly.

If it starts to look interesting I'll post a chart

G'day Barney, looking at the XAUAUD very quickly on a long term chart I can see the AusPOG has the potential to hit a a triple top coming from 2011 and again in 2016 of around $1820. I will chuck a chart with no comments, I have a lousy flu and am all charted out today. Ahh yes, earlier on I was looking at and charting the 1 month $XGD and it looks like it is weakening. I feel there may be more downside than up at the moment but ......I could be wrong!

First the AusPOG chart with a daily view over 12 years.



Now the daily $XGD over a one month time frame.
I have a delay on my charts ( I am too tight to pay big bucks for more than I need. These were yesterday's prices.)

 

[barney]

G'day Barney, looking at the XAUAUD very quickly on a long term chart I can see the AusPOG has the potential to hit a a triple top coming from 2011 and again in 2016 of around $1820.

Thanks Ann … we will watch and see what unfolds ….. I am a bit biased because I hold Aussie Gold Stocks so it may all be wishful thinking ...