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Gold Price - Where is it heading?

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Sorry for the almost day-to-day commentary on POG, but my thesis is that with everything going on in the World this is going to break up at some point, and I want a seat at the table. If it breaks down, then I'll stand up.

As we should expect, 1830 has been tested and there's been a little bounce. This is very positive. But who knows what's going to happen over the weekend.

1830 being broken means it's back to the drawing board.

 
just means the gold price is a little more interesting than usual
 
I think next week could be very interesting but it reminds me of the old Chinese curse - 'may you live in interesting times'.

PS: with apologies to our Chinese community there is no evidence this quote ever originated in China.
 
Greynomad99 said:
I think next week could be very interesting but it reminds me of the old Chinese curse - 'may you live in interesting times'.

PS: with apologies to our Chinese community there is no evidence this quote ever originated in China.
Click to expand...

I think that was in a Chinese cookie, created in Bendigo in 1875.

The triangle should pop one way or the other.
 
Greynomad99 said:
I think next week could be very interesting but it reminds me of the old Chinese curse - 'may you live in interesting times'.

PS: with apologies to our Chinese community there is no evidence this quote ever originated in China.
Click to expand...
LOL

i have been in 'interesting times ' all my life , but at least i grabbed some opportunities during the excitement ( a very useful trait in the stock market )
 
Sean K said:
I wish I had have started following and listening to RR when I first started investing 30 years ago. I suppose that wasn't an option pre-you tube. Every mug punter with an interest in PMs should subscribe to his site.
Click to expand...
Gold $5 dream on. This video doesn’t really help me as a gold investor. It’s pure speculation which direction prices are going. I’m over listening to people like this, am playing the long term game with my goldies. Sleeping soundly.
 

That's great Danny, good luck. My sixth person on ignore. I love this function!
 
Honing in on the pennant formation from @DaveTrade's above chart we see with a 4-hourly POG chart that breakout is near:


However, momentum is not especially strong atm, despite several recent upside moves being rapid.
Maybe the big money players are waiting for fed rate hikes before POG issues a strong buy signal.
 
I'm not concerned at this point about the drop on the Gold chart last night, shown below;


After looking through all my charts there seems to be a common theme of a holding pattern across the charts, and I think that's what is happening in Gold as well. If I put up a three day chart to reduce the noise in the daily chart, the latest move up (circled) consists of alternate up and down bars as the market slowly moves from the bottom of the triangle to the top. So at this point nothing has changed, I'm still waiting for Gold to break out of the triangle;
 
The move isn’t very surprising given with the USD and bond yields surging after the hawkish comments by Fed Chairman Jerome Powell during his press conference.

Interestingly, the rejection for gold near 1850 was right along the downtrend resistance coming from mid-2020, so it was going to take something unexpected from the US central bank to allow for that breakout.

All trading carries risk, but now that the much-anticipated interest rate decision has been released, it’ll be interesting to see if gold prices extend this pullback or if they can maintain the uptrend support stemming from the December low.
 
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