Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

I’m still holding a few gold players including WAF that appears to be going against the short term trend at present.

For what it’s worth find a link to the moving averages of XAUUSD (the 20 & 50 day moving averages suggest sell however the more mid/long term MACD averages - 20/50, 20/100, 20/200 + 50/100,50/150, 50/200 suggest buy) ... I personally think the trend is for more downside short term but would not be at all surprised to see it reverse & go the other way ...

Interesting times ahead for this sector.

https://www.barchart.com/forex/quotes/^XAUUSD/opinion
 
Duc,
I don't trade Gold, so I couldn't care less where it went. But when that red line is below zero the price goes up.

Which price are you referring to?

The COMEX futures?

The vast majority of precious metals buyers don't use the COMEX as it is a price based on fraud!

You walk into a bullion dealer and just ask them if they want to buy your precious metals. If they don't give you the price that you want, then walk away!

Very simple.
 
A further chart:

Screen Shot 2020-06-14 at 8.24.29 AM.png

That trendline is broken. There is horizontal support, which will need to hold, otherwise gold might have a bit of a tumble. Gold seriously needs to break through that horizontal resistance to have any chance of progressing from a cyclical bounce to a new (bull) trend.

jog on
duc
 
I am no longer fazed by what pundits thought gold might do in any week, especially after the first week of US BLM protests did not scare investors into gold's apparent safe haven status.
What we do know since then is the US Federal Reserve will keep interest rates low in a bid to stimulate the US economy into action. All it tends to mean for the stock market is easier access to a more-debased fiat currency that lets speculators loose.
Ultimately gold wins this race.
The below chart shows that POG remains well and truly on track to hit $1800 which, in perspective, would mean a rise of some 20% during the year:
eAhffLc0.png
 
1. I am no longer fazed by what pundits thought gold might do in any week,

2. especially after the first week of US BLM protests did not scare investors into gold's apparent safe haven status.

3. What we do know since then is the US Federal Reserve will keep interest rates low in a bid to stimulate the US economy into action.

4. All it tends to mean for the stock market is easier access to a more-debased fiat currency that lets speculators loose.


5. Ultimately gold wins this race.


The below chart shows that POG remains well and truly on track to hit $1800 which, in perspective, would mean a rise of some 20% during the year:
eAhffLc0.png

1. Were you ever?

2. Again, one would expect the riots to be bullish for gold. Zero reaction. I would find that to be at least a concern.

3. Correct.

4. I suppose it depends who you consider 'speculators'. Increased QE benefits the Banks and other Financials (Insurance Co, Pension Funds, etc) and the Corporations themselves. They are not usually classed as speculators, although in many cases that is exactly what they are. They are however 'big money' considered as a group. Their 'wellbeing' is bullish for stocks: not for gold.

5. That is a conclusion based on what? The gold chart?

jog on
duc
 
Here is a chart of the Miners (GDX:SPY).

Screen Shot 2020-06-14 at 3.50.02 PM.png

They have been doing well: obviously selling production into good prices.

There is an indication of a break of trend from late May (the top being 20 May). They are now either (a) resuming their upward trend or (b) heading back towards support.

Due to the lack of traction exhibited by gold currently, I'm guessing (b).

jog on
duc
 
I am wondering if anyone will be buying or selling PMGOLD in the next few weeks? Given covid-19 situation is easing but going into a recession.
 
I am wondering if anyone will be buying or selling PMGOLD in the next few weeks? Given covid-19 situation is easing but going into a recession.
not yet but with the speed of the market in the last 6 months, I have a finger ready to press on the buy as soon as required
 
Yeah; I have been wanting to buy ~10Kg of Silver to add to my stack, but the Perth Mint has been sold out for months now and the bullion dealers are charging a massive premium.
What about them premiums on oz. silver coins!

Jayzzuzz!

Got a couple of bars on order... Closer to spot but still.
 
What about them premiums on oz. silver coins!

Jayzzuzz!

Got a couple of bars on order... Closer to spot but still.

I was having a chat with a Perth Mint guy a few weeks back. They have the mint running 247 to supply the demand.

I will have to place an order and wait, it seems. I thought the demand would fall, but this has been since ~Feb now.
 
Top