Gold Price - Where is it heading?

divs4ever said:

well that depends if you suspect a major correction (crash )

currently there is a LOT of liquidity to hold the global economy together but there is reduced underlying productivity to support the expenditure , SOMETHING has to move , eventually . ( the US dollar could just implode , pushing all major commodities into orbit , but i don't think that will happen , like that)

if a major correction , gold should drop as leveraged positions are closed , followed by gold buying ( but i am betting access to the physical metal will be impeded )

so the question is how much of the gold positions are unleveraged ( and the holders are not heavily leveraged elsewhere )

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mullokintyre said:

I used to think the same.
When the crunch came in Feb courtesy of the Covid scare, I fully expected gold shares to up as a defensive measure.
As we all saw, gold shares got crunched along with everything else. People just wanted to get back into cash. Especially those who were leveraged to get those shares in the first place.
So I expect it to happen again.
If and when the "the Big Correction" comes, gold stocks will also get crunched along with everything else as "investors" gather up their cash.
I look forward to this correction with great enthusiasm, as I am sitting on a pile of cash waiting to buy when blood is flowing in the streets. (methaphorically speaking of course).
Mick

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• Gold Roadmap out till November :
  There are two Dates where Low could come in which are indicated on the two Curves . The first scenario is price could drop into the 24th September then Main trend is indicated up till the 9th November which could turn out to be Top so the duration of upside on this model is around 45 days with past Cycles pointing towards an increase of around 6 1/2% into this Date .Curve No 2 drawn in red indicates that the second scenario could be Low into either Friday 1st or Monday 4th October and then main trend up till around the 9th November the same period on both Curves so I will be watching very closely to see if price moves down and forms Low into either one of those dates and if there is any price Geometry to confirm this pattern . So to confirm the Cycle we require A Low into those Dates and once the position of the market has been confirmed we could be looking at a significant move to the upside of around 6 1/2% in magnitude .
  The second set of Curves outline the possible Minor swing points between point A – B . There are a few points that I was unable to calculate but my strategy in regards to these Minor Swing points would be to position yourself in the direction of the prevailing trend which is pointing up towards the 9th November so those Minor swing points could either come in as Minor Top or Minor Low so it would be prudent if some of those minor swing points aligned with a counter trend Low and the next price bar opened higher you could position yourself in the prevailing direction of the trend but be very careful if they set up as Tops as our main plan is to ride the trend up and we are looking for signals to enter long so I would be very selective and wait and see if any of those dates turn out to be counter trend low and then you could enter on the next bar higher with stop management in place .
  The projected Low of September 23rd could be a significant point as it is 45 Deg out from the 9th August Low marking 1/2 of the important 90 Deg Cycle and is also about 6 days past the 90 Deg Cycle so with these two points aligning it could turn out to be a significant zone to watch.