Gold Price - Where is it heading?

[Joules MM1]

nearterm, xauusd on a very clean set of sells

 

[Joules MM1]

nearterm, xauusd on a very clean set of sells

price hit the uptrend line and stopped selling .....that's wot ya call bullish

if the line gets retested and fails that'll attract sell side liquidity again, not a trend swing but lower lows

 

[rederob]

Just for fun I am punting on hitting the below target next week:

@Joules MM1: typically the big price movements occur between 8pm and midnight Perth time. Prior to that volumes tend to be too weak to precipitate anything major.

 

[Rosscoe62]

1800+ on the GCQ20 hit after a period of consolidation.

Spot price fast approaching 1800.

I’m back in holding 5 gold players, two have been mid term holds bought back in April if my memory serves me correctly. Another 3 picked up after a sell off weeks ago.

It’s now looking quite bullish, hopefully gold can hold 1800 short term, consolidate and continue to accelerate. The current climate certainly is favouring for this to happen.

Nice analysis above Rederob.

Well noted Chronos-Plutus ....

Onwards & upwards

https://www.barchart.com/futures/qu...V&sym=GCQ20&grid=1&height=500&studyheight=100

 

[rederob]

Getting close the the $1800 hurdle:

There has been some discussion in this thread about gold's price performance relative to silver. Had one bought into equal shares of gold and silver at March's low point for these respective metals, today your silver investment would have increased by over 40 basis points to gold's 20 basis points. However, below I have removed the "cherry picking" effect to show the silver case continues to run true:

 

[rederob]

 

[rederob]

Ta da...

 

[explod]

And after that Rederob comes DE DUM,

Good break out this evening.

 

[rederob]

@gartley - Here's how I see the wave count work better (my count is golden):

My view is that the count window in your chart is time constrained and the impulse waves are therefore not properly accounted for.
Underlying my count is the preferred trend channel I use to preempt future prices. I place wave 3 terminating in the plus$1800 window which I have shaded, above.

Back on 21 May I plotted an alternative Elliott Wave count because I could not see the technical correction panning out as some others had described.
I definitely got the timing wrong and am happy about that as there is nothing better than long stints of consolidation to continue a bull market trend.
But on topic: "where is it heading?"
My sense is that POG is likely to spend a month or two consolidating in the $1800s, with a probable short term retrace below.
With over 5 months to go before year's end it is not far fetched to see 2021 kicking POG off with a "2" in front of three zeroes.
Trend-wise POG is now in the upper band of its longer term channel. This channel's window does not contain POG at $2000 from January 2021.
The bandwidth of this longer term channel is, however, some $500 so a $1500 end of year close is not out of the ball park.
So, in the chart below I have run both the long-term and short-term trend channels, and you can see the end-2020 results also do not YET show a plus$2000 figure from 2021.
I will not be surprised to see the short-term trend kicking higher in coming months and the $2000 window opening.

 

[rederob]

That pot of gold is looking good:

 

[noirua]

This broadcast is very much UK based. However, it has some interesting comments about gold and gold shares. Golden Prospects LSE:GPM GPSS - Condor Gold LSE:CNR - Caribbean LSE:CIHL - Orisur LSE:OMI - Watchstone LSE:WTG - Tesla TSLA - Google GOOG ( Alphabet Inc ) - Boohoo LSE:BOO - REA Holding LSE:REA

 

[rederob]

Over recent week we have seen comparatively long periods of price consolidation within a narrow range, followed by price rises of varying magnitude.
That pattern was broken overnight with slight dip in price.
Currently we are nearing another "buy" signal based on the pattern I have recently been posting:

Should we get a dip to near-term support I will definitely be adding to several of my gold equities.
Company reporting periods are not far away and most of the gold producers are likely to shine.

 

[rederob]

I have charted the last month's price action in a way to look like sheet music for gold bugs.
The buy signal in my previous chart got hit but, alas, "above the line:"

What is not immediately obvious is that from left to right we cover an $80+ range in 30 days.
What's nice to not see is the markets raving about gold, as despite being at 8 year record highs its incremental daily movements have been relatively subdued, as reflected in a steady day to day trading volume pattern.

 

[Garpal Gumnut]

I have charted the last month's price action in a way to look like sheet music for gold bugs.
The buy signal in my previous chart got hit but, alas, "above the line:"

What is not immediately obvious is that from left to right we cover an $80+ range in 30 days.
What's nice to not see is the markets raving about gold, as despite being at 8 year record highs its incremental daily movements have been relatively subdued, as reflected in a steady day to day trading volume pattern.

Excellent comment @rederob .

If Gold goes, we will be down to using Entrenching Tools as the safest investment looking northwards on the Bruce Highway.

gg

 

[frugal.rock]

l now be following this thread....

 

[wayneL]

l now be following this thread....

I think I would be watching silver

 

[explod]

I think I would be watching silver

I do and up almost 6% for today, gold off to the races also.

Just love my silver coin collection.

 

[Rosscoe62]

It’s safe to say that both gold and silver are looking very bullish.

The Euro stimulus package announced yesterday has given the precious metals futures a decent shot in the arm.

This is just the beginning however I think we’ll see a decent rush with similar stimulus packages to be announced in months ahead particularly leading up to the US election.

The gold miners will have a good day ahead as the futures have now broken 1840.

Where are we heading? I don’t think 2000 is out of the question by year’s end.

https://www.barchart.com/futures/qu...T&sym=GCQ20&grid=1&height=500&studyheight=100

 

[Garpal Gumnut]

It’s safe to say that both gold and silver are looking very bullish.

The Euro stimulus package announced yesterday has given the precious metals futures a decent shot in the arm.

This is just the beginning however I think we’ll see a decent rush with similar stimulus packages to be announced in months ahead particularly leading up to the US election.

The gold miners will have a good day ahead as the futures have now broken 1840.

Where are we heading? I don’t think 2000 is out of the question by year’s end.

https://www.barchart.com/futures/qu...T&sym=GCQ20&grid=1&height=500&studyheight=100

One has to ask oneself, if one were living in the Middle Ages and there was a Plague, what commodities would increase in value?

gg

 

[rederob]

One has to ask oneself, if one were living in the Middle Ages and there was a Plague, what commodities would increase in value?

gg

Food?
Especially pet food: