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Gold Price - Where is it heading?

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Not getting easier or cheaper to mine it either, peak gold has to be reached some time
 
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.
 
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.
 
rederob said:
Back to where we were a week ago, but nothing below $1800 in that period, so more uplift likely:
View attachment 124304
Click to expand...
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.
 
A compelling post Rob.

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