Gold Price - Where is it heading?

[Sean K]

Just over 1.5 hours before Sydney starts the ball rolling this week on Spot trading.

Interesting times.

I'll be doing a little selling on any large rises, too many people are discussing politics.

I even had a Kashmiri Uber driver at 12.30 am this morning explaining Donetsk to me while I was doing today's Wordle in the back seat ( I got it in three ).

I've been to Jammu Kashmir but didn't tell him.

gg

Did the Uber driver tell you to buy gold too?

I've just started Wordle over the weekend. Just worked out the colour scheme.

 

[qldfrog]

Did the Uber driver tell you to buy gold too?

I've just started Wordle over the weekend. Just worked out the colour scheme.

i think taxi driving are still telling everyone to buy cryptos?

 

[Dona Ferentes]

what about all the bunkers and arms storage depots left as a legacy on the Soviet occupation ( the ones the civilians are hoping to hide in should Russia invade ) after all there are already legacy artillery and missile batteries there one would wonder about abandoned nuclear and other WMD arsenals

don't leave out the girls they are liable to be conscripted as well to just fight the pesky rebels , BTW what happened to the ISIS mercenaries sheltering in the West end ??

and don't forget is was JOE BIDEN that was the de-facto Ukraine President between 2014 and 2016

the usual uninformed guesswork, mate

from the BBC https://www.bbc.com/news/blogs-echochambers-26676051

In 1994 the US, UK, Russia and Ukraine signed the Budapest Memorandum, in which the three powers offered assurances that they would respect Ukraine's territorial integrity. Pavlo Rizanenko, a member of the Ukrainian parliament, is having second thoughts.

"We gave up nuclear weapons because of this agreement," he told USA Today's Larry Copeland. "Now there's a strong sentiment in Ukraine that we made a big mistake."

 

[againsthegrain]

i think taxi driving are still telling everyone to buy cryptos?

Finally stopped spruiking cbd apartments? ?

 

[Sean K]

I'm more confident that we did hit a bottom last Sep, but still hesitant about calling a break up, since the last call failed so dramatically when gold crashed from 1870 to 1780 in the space of a few days in late Nov. But, breaking through 1850 again has me thinking.

Anyone calling a break through the upper edges of the flag which is about the 1850 level?

I think GG already has.

 

[qldfrog]

I think we are on now Sean, the nyse will fall in the next month and gold will rise.lets see..

 

[rederob]

Anyone calling a break through the upper edges of the flag which is about the 1850 level?

That was called and posted on Saturday - with breakout actually at $1845 - so maybe unblock posters who have more of a clue than do you.

 

[Garpal Gumnut]

Gold has definitely broken upwards, particularly in $AUD.

I find it easier when I trade at home in stocks or commodities to look at their chart in $AUD.

When on NYSE/NASDAQ in $USD

Trying to work out AUD:USD does my head in to be honest. Particularly with the quality of leadership in both countries over the last 5 years or so when if one of them does an audible fart nobody knows if they are going to cark it or it is the "Second Coming" for them and their followers and opponents. Markets get skittish for no reason at all.

So I'll show you 2 charts, both Gold over a year, one in AUD and the other in USD. In AUD it is basically an uptrend with a recent breakup higher. With USD it is all over the joint, again breaking higher recently.

The canary in the coal mine is Crypto. Many people with severe psychiatric illness, mania, psychosis etc. used trade Gold when they were high. These unfortunates were often quite rich, some with large funds and "followers". A bit like Palestine in 33 AD, the followers that is.

These unfortunates now trade Crypto and there is a distinct lack of "madmen" trading Gold, lowering relative liquidity and market movement.

Each night I kneel by my bed and I pray to Baby J that Crypto will crash, and each morning I wake up and it hasn't.






gg

 

[Sean K]

Gold has definitely broken upwards, particularly in $AUD.

I find it easier when I trade at home in stocks or commodities to look at their chart in $AUD.

When on NYSE/NASDAQ in $USD

Trying to work out AUD:USD does my head in to be honest. Particularly with the quality of leadership in both countries over the last 5 years or so when if one of them does an audible fart nobody knows if they are going to cark it or it is the "Second Coming" for them and their followers and opponents. Markets get skittish for no reason at all.

So I'll show you 2 charts, both Gold over a year, one in AUD and the other in USD. In AUD it is basically an uptrend with a recent breakup higher. With USD it is all over the joint, again breaking higher recently.

The canary in the coal mine is Crypto. Many people with severe psychiatric illness, mania, psychosis etc. used trade Gold when they were high. These unfortunates were often quite rich, some with large funds and "followers". A bit like Palestine in 33 AD, the followers that is.

These unfortunates now trade Crypto and there is a distinct lack of "madmen" trading Gold, lowering relative liquidity and market movement.

Each night I kneel by my bed and I pray to Baby J that Crypto will crash, and each morning I wake up and it hasn't.

View attachment 137585


View attachment 137586

gg

I've been following the AUD POG too but our stocks don't seem to follow that price action as much as USD POG. That's just my perception anyway. Perhaps there's a multi-correlation chart out there that does XGD with AUD and USD POG overlayed on it. Not within my scope unfortunately. I need a better charting program.

 

[Garpal Gumnut]

I've been following the AUD POG too but our stocks don't seem to follow that price action as much as USD POG. That's just my perception anyway. Perhaps there's a multi-correlation chart out there that does XGD with AUD and USD POG overlayed on it. Not within my scope unfortunately. I need a better charting program.

Good point.

Many of our gold stocks are selling AU at fixed negotiated prices and are subject to the vagaries of the spot, futures and other markets. As I said, and as you have stressed which I didn't, its is difficult to make a quid out of Aussie Gold stocks using any available market data or charting.

I've made more dosh over the last 12 mo.out of PMGOLD than I have out of most of my gold stocks.

gg

 

[stanwell]

 

[Sean K]

I've made more dosh over the last 12 mo.out of PMGOLD than I have out of most of my gold stocks.

gg

I think PMGOLD might break up out of that channel shortly. I hope so anyway.

 

[Garpal Gumnut]

Gold has fallen back overnight in $AUD.

Not in Black Knight territory though.

gg

 

[Sean K]

Gold has fallen back overnight in $AUD.

Not in Black Knight territory though.

gg



View attachment 137608

Russia may have pulled back some troops from the border. That's the excuse for the fall anyway, but I watched gold drop last night well before those reports came out.

Russia's build up may have been a 'demonstration' and test of NATO response to see what they can get away with which will inform their next steps. They now know NATO's not going to defend Ukraine directly and know how they will position their EFP battle groups.

Next geopolitical crisis will be after the winter olympics when China ratchet up their buzzing of Taiwan.

If either Russia or China do take direct action it will probably be synchronised so the US have two wars to fight, which will stretch them.

Anyway, if Russia does completely withdraw, that's one reason for gold money to remain in crazycoins for the moment.

 

[Dona Ferentes]

Gold has definitely broken upwards, particularly in $AUD.

and then a day later

Russia may have pulled back some troops from the border. That's the excuse for the fall anyway, but I watched gold drop last night well before those reports came out.

My conclusion, Gold is behaving as it should.

(I only track PMGOLD ; as good a 9-5 methodology is any. .... and truncated to 10-4 !)

 

[Sean K]

and then a day later


My conclusion, Gold is behaving as it should.

(I only track PMGOLD ; as good a 9-5 methodology is any. .... and truncated to 10-4 !)

GG's break up point is different to mine. We're using a different upper resistance line. USD 1850 ish is my resistance point for continued sideways movement.

Don't discount JP Morgan spoofing.

 

[DaveTrade]

Looking at my momentum indicators on my GLD chart, momentum on Gold is still up;

 

[rederob]

The longer term price perspective via a Renko chart also looks positive:

 

[rederob]

POG's continuation has been promising this week, so here's a picture of where it has gone - on an HOURLY basis - since breaking out of its pennant formation:

 

[Garpal Gumnut]

POG's continuation has been promising this week, so here's a picture of where it has gone - on an HOURLY basis - since breaking out of its pennant formation:
View attachment 137683

Yes.

The cousins in London do seem to sell it down during their session this week.

Todays and previous 2 days. .





gg