Gold Price - Where is it heading?

[againsthegrain]

This from Brian Cox's now, 10 year old remarkable book. All the gold ever found would only fill about 3 Olympic size swimming pools.Not much compared to the size of the world,eh? That rarity extends further out into our milky way galaxy of a billion stars,where the conditions required to produce very rare elements like gold,only happen about 2 minutes in a century.So there won't be much digging for gold on mars,I suppose.

Not getting easier or cheaper to mine it either, peak gold has to be reached some time

 

[rederob]

I don't trade gold as a metal, but the chart says if you want to ride a big movement, it's around UTC 09:00

 

[rederob]

Although there was strong movement overnight and it pierced the first level of resistance on it's way back to a probable new high (not soon tho), it needs a lot more carry through to get to the next level at $1876:

My thinking is that as the post-covid stimulus debt burden sinks in later this year and next, currencies are going to be fragile. And an ounce of gold is always an ounce of gold.

 

[rederob]

Here's the same chart as above, but 4-hourly.
Some good follow through was seen overnight.
POG needs to close above $1860 to break the short term downtrend.

 

[Joules MM1]

i am in STO mode still

https://s3.tradingview.com/snapshots/b/bHErbPXN.png

 

[finicky]

BTO - forgotten what this means
STO?

 

[Joules MM1]

BTO - forgotten what this means
STO?

hey @finicky

buy to open
buy to close
sell to open
sell to close

 

[rederob]

Back to where we were a week ago, but nothing below $1800 in that period, so more uplift likely:

 

[Garpal Gumnut]

Back to where we were a week ago, but nothing below $1800 in that period, so more uplift likely:
View attachment 124304

Could you @rederob put up a chart comparing Gold and Bitcoin over the last 3 years as I believe some punters may be migrating to the latter. Perhaps a logarithmic on the latter.

Then again I cannot see many Indian brides nor Chinese New Year revellers lugging hot hard drives about their necks nor wrists any time in the future.

gg

 

[rederob]

Could you @rederob put up a chart comparing Gold and Bitcoin over the last 3 years as I believe some punters may be migrating to the latter. Perhaps a logarithmic on the latter.

Then again I cannot see many Indian brides nor Chinese New Year revellers lugging hot hard drives about their necks nor wrists any time in the future.

gg

Sir Garpal
In the market, timing is everything.
So, let's first look at the past 6 weeks and see how you would have gone:

Badcoin!
And exactly 2 years ago based on the same chart, you get this outcome:


It's hard to believe that money which 5 years ago would have flowed into gold in this economic environment has not instead flowed into cryptocurrencies.
The only thing I know about the market is that bubbles have always burst. So I reckon there is a good chance that the much safer haven of gold as a store of value (in markets burdened with debt) will continue to outshine the johnnycomelatelies.

 

[Garpal Gumnut]

Sir Garpal
In the market, timing is everything.
So, let's first look at the past 6 weeks and see how you would have gone:
View attachment 124312
Badcoin!
And exactly 2 years ago based on the same chart, you get this outcome:
View attachment 124313

It's hard to believe that money which 5 years ago would have flowed into gold in this economic environment has not instead flowed into cryptocurrencies.
The only thing I know about the market is that bubbles have always burst. So I reckon there is a good chance that the much safer haven of gold as a store of value (in markets burdened with debt) will continue to outshine the johnnycomelatelies.

A compelling post Rob.

gg

 

[rederob]

A nice kick north overnight has POG within $10 of breaking above its next level of resistance:

While it has taken some 9 month from its record high to finally buck the trend, its rise of $190 in less than 2 months is formidable.

I know the chart above looks like a Scottish tartan, but it incorporates 3 distinct trends:

1. The broken downtrend (highlighted by the light blue line below the red arrow)
2. The long term uptrend (dark blue median channel)
3. The shorter-term uptrend (lighter purple outer channel which includes today's circled price)

POG is about to break above the lower boundary of the shorter term uptrend, so lots of takeaways from where POG presently sits on the chart.

 

[rederob]

Back over $1880 but having trouble breaking $1900.
Downtrend broken and upward momentum continues.

 

[Garpal Gumnut]

Back over $1880 but having trouble breaking $1900.
Downtrend broken and upward momentum continues.View attachment 124671

Thanks @rederob . Looking at your chart GOLD doesn't seem to have the "legs" it had after March 2020.

More like Dec 19 - Mar 20.

I would like to be wrong.

gg

 

[rederob]

Thanks @rederob . Looking at your chart GOLD doesn't seem to have the "legs" it had after March 2020.

More like Dec 19 - Mar 20.

I would like to be wrong.

gg

Perspective is everything Sir Garpal.
That's a $200 rise over the past 2 months!

 

[Garpal Gumnut]

Perspective is everything Sir Garpal.
That's a $200 rise over the past 2 months!
View attachment 124696

Thanks @rederob

So you expect this to be a Wave 3 EW. It could be.

gg

 

[Garpal Gumnut]

Just looking at a number of charts Bitcoin and Gold.

There seems to be an inverse correlation over the last month, a fall in BTC and a rise in GOLD.

Perhaps the punters are moving back in to my metal.



gg

 

[againsthegrain]

Just looking at a number of charts Bitcoin and Gold.

There seems to be an inverse correlation over the last month, a fall in BTC and a rise in GOLD.

Perhaps the punters are moving back in to my metal.

View attachment 124741View attachment 124742

gg

I was thinking along those lines too at the start of the year #12,521

 

[bux2000]

Perhaps the punters are moving back in to my metal.

Record volumes of gold moved to NZ as investors seek haven

Risk-averse international investors are thought to flying in their gold to stash it in a discreet, high-security vault near Auckland's international airport.

www.newsroom.co.nz

bux

 

[Garpal Gumnut]

Record volumes of gold moved to NZ as investors seek haven

Risk-averse international investors are thought to flying in their gold to stash it in a discreet, high-security vault near Auckland's international airport.

www.newsroom.co.nz

bux

It is quite a secret where the Bullion Depository is near Auckland Airport.

I am aware it has been busier than usual.

It is not far from the Airport.

Quite near the Oceans 11 Burger Bar and is guarded by anorexic looking Pākehā.

But don't tell anyone else.

gg