Gold Price - Where is it heading?

[noirua]

Maybe this chart of events is how it is going to go. There is a seemingly good recovery in the Dow 40 and other country's indexes. The problem here is it happened in the black Tuesday 1929 crash followed by a depression. The gold price was fixed then and Aussie markets traded with a 15% dollar premium in the early days of development. The Dow fell 90%.

 

[rederob]

Back to Gold.
Getting close to a big break.
I reckon it will be strongly up.

 

[ducati916]

Back to Gold.
Getting close to a big break.
I reckon it will be strongly up.

You have identified a Bull Flag (chart pattern).

Here is the same pattern, but it looks slightly different.



Does the difference in the 'look' attach any amended probabilities to the outcome? I'm asking because I don't know.

Two further charts:




Does the fact that Silver is not confirming the move add/subtract anything from the Bull Flag?

jog on
duc

 

[rederob]

Does the difference in the 'look' attach any amended probabilities to the outcome? I'm asking because I don't know.

First, the pattern has a maths constraint - it can only break up or down.
If we assume that the economic influences presently in play are relatively unchanged then the historical factors that typically drive prices point to a break upwards.

 

[aus_trader]

First, the pattern has a maths constraint - it can only break up or down.
If we assume that the economic influences presently in play are relatively unchanged then the historical factors that typically drive prices point to a break upwards.

Looks like the break is happening...

Same on Silver...

 

[rederob]

This chart is a continuation of Tuesday's but hourly:
As @aus_trader points out, silver also got a nice lift overnight.
I don't see much need for commentary.
Gold is in a bull market.
Buy the dips, and watch how well the better Oz producers now respond.

 

[Rosscoe62]

Yes, I tend to agree with a break to the upside. Maybe just maybe where are heading towards 1800?

My only concern is the trillions of cash being pumped into the markets & the likelihood of inflation.

Views?

Currently holding around half a dozen gold players and looking forward to the next leg up.

 

[Rosscoe62]

Oops -we are heading towards 1800

 

[rederob]

My only concern is the trillions of cash being pumped into the markets & the likelihood of inflation.

An ounce of gold will continue to be an ounce of gold, so those who make a big deal of inflation or deflation affecting the POG can do it with as much hooha as they like.
Fiat currencies are worthless.
Gold wins every time.

 

[aus_trader]

Sounds awesome guys. I have taken some action by buying a couple of Gold mining stocks for the Speculative Stock Portfolio. I'll post the details in that thread later tonight.

I have held the same view, and have a couple of ETFs for the longer term Gold price appreciation. But lately has been spooked by market manipulators and commentators fear mongering about the looming $800 Gold crash !

Today's Gold chart and fellow ASF members who share the same bullish views gives me confidence to venture out to the market and buy a couple of Gold stocks on the ASX. There is always risk and there is always doomsayers flaunting horror reports but it's good to hang out with the crowd with a positive attitude to life... and Gold price

 

[explod]

This chart is a continuation of Tuesday's but hourly:
As @aus_trader points out, silver also got a nice lift overnight.
I don't see much need for commentary.
Gold is in a bull market.
Buy the dips, and watch how well the better Oz producers now respond.

All of my gold stocks are up around 8 to 10% today. We are heading for a new breakout. Aussie gold hitting $2700 so mining profits will start to soar now.

 

[Rosscoe62]

Great day for the gold players.

SLR on fire - fantastic trending stock at present ....

Top performer on the XJO today!

Weekly chart over six months.

Very bullish ...

https://www.barchart.com/stocks/quo...&sym=SLR.AX&grid=1&height=500&studyheight=100






https://www.barchart.com/stocks/quo...&sym=SLR.AX&grid=1&height=500&studyheight=100

 

[Rosscoe62]

Sorry that’s the weekly chart over the past year above ....

 

[rederob]

Although POG hit a recent high of $1751.72 it fell back to close some $10 lower for the week:

Over coming months a lot of dust is going to settle on global financial markets, and there will be very little good news. That has traditionally been positive for gold.

 

[rederob]

Here's the daily chart:

 

[Rosscoe62]

Cheers Rederob.

I’m getting the feeling now that this bull market is just about to get hotter & extend its position. 1800 the first target and then onwards & upwards from there .....

https://www.barchart.com/futures/qu...e&sym=GCM20&grid=1&height=500&studyheight=100

Also, I pinched this article from another thread which I hope the poster doesn’t mind. It’s very interesting & appropriate to the discussions here.
Personally, I think the targets for the Gold/Silver Indices outlined are exaggerated but I do agree with some of the fundamentals expressed moving forward from the current state of play .....

https://goldswitzerland.com/total-catastrophe-of-the-currency-system/

 

[Garpal Gumnut]

I dug up some of my gold bar yesterday after some light rain as it makes it easier to dig.

I put on the billy and sat drinking tea and carefully polished it.

It is a beautiful metal.

Quite apart from markets, financials and charts.

It is a beautiful metal.

gg

 

[ducati916]

Here's the daily chart:

Mr Rederob,

So gold moving, supported now by a move in silver (still lagging, but moving), Oil and a selloff in 30yr Bonds. Now all of these moves are relatively short in duration: however they do essentially represent the 'inflation' argument, which has been quite prominent in the last week or so.

Is gold moving on the inflation argument or would it still move (higher) if the inflation argument fell away at a later date? Or are you simply agnostic on the whole inflation issue?

jog on
duc

 

[rederob]

Mr Rederob,

So gold moving, supported now by a move in silver (still lagging, but moving), Oil and a selloff in 30yr Bonds. Now all of these moves are relatively short in duration: however they do essentially represent the 'inflation' argument, which has been quite prominent in the last week or so.

Is gold moving on the inflation argument or would it still move (higher) if the inflation argument fell away at a later date? Or are you simply agnostic on the whole inflation issue?

jog on
duc

First, over the past month silver has significantly outperformed gold:

As to inflation or even deflation, I think I said previously that they really are neither here nor there.
When fiat currencies are threatened either way, investors need to look for certainty.
Gold is immutable.
I admit to being fascinated by the technical significance of POG at $1800.
My sense is that this will turn into long-term support, as previously it stood at $1050.

 

[rederob]

Gold was rallying nicely last night until Moderna vaccinated the Dow Jones Industrial Average against further losses, and killed off some gold bugs:


There are posts elsewhere from @kahuna1 who has a few things to say about Moderna. My take is that it epitomises everything one needs to know about US markets, and will be found out soon enough.
For those following gold in Aussie dollars, the decline from yesterday's peak was around AU$95 - ouch!!!

For those coming late to gold, buy the dips - today look for RMS to slide back into range.