Gold Price - Where is it heading?

[CanOz]

GOLD is going to 1400 as long as it can defend 1320.....Yup i'm finally a gold bull.

 

[BlindSquirrel]

where the heck has all of the volume in the gold market gone today?


There has been a few wild swings this morning!

 

[Ann]

All Globex Futures Trading Is Halted, CME "Aware"

 

[BlindSquirrel]

Thanks!

 

[thomasc]

What is the best way to invest in gold for say the next 5 years. Would it be physical, paper or just some gold stocks on the ASX?

 

[Ann]

What is the best way to invest in gold for say the next 5 years. Would it be physical, paper or just some gold stocks on the ASX?

I would be tempted to buy stocks. There is a bit of gold stocks take-over action happening in the US at the moment so you might get lucky and choose a T/O target. Just my thoughts.

 

[Ann]

Barrick, Newmont behemoth could shuffle Aussie gold decks

The Super Pit gold mine in Kalgoorlie and giant Boddington mine in the South West could be shuffled into the hands of Australian owners if Barrick Gold succeeds in winning over Newmont Mining shareholders to its hostile $US18 billion ($25.1 billion) takeover tilt.

Barrick Gold is chasing Newmont via a stock deal that would create a combined behemoth worth about $US42 billion.

Barrick chief executive Mark Bristow said the Canadian group had already had “many discussions with interested parties” over Australian mines that could be cast off by the combined group if the all-share bid for Newmont is successful.

“There’s a very good chance some Australian operators will be involved and what I can tell you is there are some very good Australian operators,” Mr Bristow told Bloomberg. More...

 

[Zaxon]

What is the best way to invest in gold for say the next 5 years. Would it be physical, paper or just some gold stocks on the ASX?

It depends on what your needs are. If you're buying gold as a safety hedge, then buying a gold ETF makes sense. If you're wanting to buy gold mostly for profit, then definitely gold stocks. And if you have a bunker where you keep 3 years worth of tinned food and a shotgun, then physical gold

 

[Ann]

This is interesting, I wonder if it is true in Australia? I know when I sell gold to a dealer I have to show my drivers license and give my name and address which he puts in his register and I have to also sign that the gold belongs to me.

"You can purchase unlimited amounts of gold bullion from established dealers without triggering transaction reports, and the bullion can be used in many circumstances as a substitute for U.S. dollars or other currencies."

 

[Ann]

Looking at the incomplete quarterly chart, gold failed to break above $1325 yet again this month, it has had a massive drop today the first day of the new month.

 

[$20shoes]

I know at least one Elliotician who has the entire structure for Gold futures from July 2016 to now as an Elliott Triangle which is the entirety of a larger degree Wave B. Withing that triangle, Wave E of the triangle has failed to reach its upper trendline (last week) which is typical, so there's further weight that this structure is valid.

If valid the probable count is Wave a as having concluded in December 2015.
Wave b concluded last week.
Wave c would be bearish in 5 waves across the next 2-4 years with significant downside

 

[$20shoes]

I know at least one Elliotician who has the entire structure for Gold futures from July 2016 to now as an Elliott Triangle which is the entirety of a larger degree Wave B. Withing that triangle, Wave E of the triangle has failed to reach its upper trendline (last week) which is typical, so there's further weight that this structure is valid.

If valid the probable count is Wave a as having concluded in December 2015.
Wave b concluded last week.
Wave c would be bearish in 5 waves across the next 2-4 years with significant downside

Note that I can see a couple of different unfolding scenarios, so the count described below is not of course a foregone conclusion.

 

[Ann]

As I see it, gold and the stockmarket sit on top of a see-saw. If the market keeps moving in an upward trajectory gold will move in the opposite direction. When gold fell on the last trading day, that was when the SPX500 broke above an important resistance level of 2800. The next main resistance line it will come to is 2950. This may see a positive rise from gold at this point if the SPX500 struggles or falls back at this level. I watch the DOW more than the SPX500 and its next challenge level is 27,000. This will be coming up a little while before the SPX500 level. The DOW stepped over the 200daysma quite easily, lets see if it does the same with its all time high price resistance. If it does then the SPX500 will be dragged along in my opinion. That would likely see the POG fall away to lower levels.

Now on a more positive note, I thought the Aussie gold investors might like to see a long term 15 year quarterly chart for gold in Aussie dollars. Any way you want to draw it, it is upward trending at a nice angle.

 

[rederob]

Gold was trashed in the past week and a bit, dropping some USD$55, and AUD$60.
However, on the last trading day this week it did what it has done time and again over the past 6 months, and that is bounce back strongly.
The odd thing again is the AUD vs USD disparity. This time the USD rise was $14.55 (closing at $1298.35), while the AUD rise was the lesser at $11.18 (closing at $1841.89).
We are a long way to $1350 so any break is again likely weeks away at best.
Gold takes the stairs up, and elevator down, so anyone looking for quick profits in equities might need to rethink their strategy.

 

[Ann]

Hedge Funds Dumped Gold Bets Before Jobs Data Sparked Rally

Investors dumped their bullion holdings as the metal flirted with erasing its 2019 advance. But the move could prove to be premature. On Friday, prices got a jolt after a report showed U.S. hiring in February was the weakest in more than a year. The news helped gold push back above $1,300 an ounce amid renewed demand for a haven. More...



Here is a six month daily chart of the $XGD Gold Index. It is sitting well above the 200dsma and it is just below the 50dsma. It has bounced off a long term (2008) support/resistance line. It will be interesting to see if it overcomes the 50dsma, it may herald further rises for goldies or it may get to the 6100 level, call it a double top and fall back. Interesting to watch.

 

[BlindSquirrel]

XAUUSD marching higher again. Here's hoping we've said goodbye to 12-- numbers for good!
(no jinx!)

 

[Joules MM1]

XAUUSD marching higher again. Here's hoping we've said goodbye to 12-- numbers for good!
(no jinx!)

"forever, nothing moves in one direction"

said trader yoda

 

[Joules MM1]

XAUUSD marching higher again. Here's hoping we've said goodbye to 12-- numbers for good!
(no jinx!)

are you trading a synthetic, a cfd ?

 

[Joules MM1]

for the front month contract

there's a measure at 1300's, makes sense to go and spruik weak longs that'll place stops at that level but neither major PM's have posted a basic 50% retrace (upwards) of the recent downswing

i think the tell of what that 1300 level means is in the rotation, if any, if there's no clear bid then that'll support the idea we're back on our way below

#ideasonascreen #justasuggestion

 

[barney]

XAUUSD marching higher again. Here's hoping we've said goodbye to 12-- numbers for good!
(no jinx!)

Lol …. You jinxed it Squirrel ….. JK (I think Gold will have its day in the sun later this year but not quite yet)

I hold a couple of Gold Stocks for (hopefully) longer term gain … but the Futs look to be in limbo land for a bit longer just yet ……….

So my "expert" opinion is …….Gold will either go up a bit … or down a bit (possibly a it more than it goes up … in the short term)

I could probably sell that kind of analysis for a lot of money