Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

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Garpal Gumnut said:
I am quite pleased with the way the POG has kept its head above USD 1700 this week and the AUD/USD remains between 0.0067+ and 68+ roughly which translates to a stable price in AUD.

Unless the cousins in London and overnight Comex panic I will sleep well this weekend.

The cousins in Russia and China will be looking forward to holiday season soon, so POG should stay stable or rise through Xmas and in to our and Chinese NY.

The Russian cousins may start falling out of high rise windows in greater numbers and any sort of turmoil is good for gold. There also may be a changing of the guard in the ranks of the oligarchs and boyars as they look for someone to blame for the miscalculation in Ukraine and with that gold bars will of course be flying.

The Chinese cousins on the other hand must be getting sick and tired of cousin Xi herding them about with RAT and PCR's. They are a patient lot, then they number a billion I am told. I would have thought it would be more difficult to herd a billion than say 25 million. But there you go. Anyways by Chinese New Year there will be a build up of cash amongst that patient pale isolated billion to spend on the yellow metal.

All gold holders have a good weekend.

gg
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Well historically (if I recall correctly from memory) Gold tends to do quite well during September/October (so finger's crossed).
 
Telamelo said:
Well historically (if I recall correctly from memory) Gold tends to do quite well during September/October (so finger's crossed).
Click to expand...

Indians start cranking it up in October.

Indian Gold Buying Season | Forex Education

Gold is a precious metal that is acceptable as an asset all over the world. This is because it has an expected value and is…
www.forex.in.rs www.forex.in.rs
 
It could be worth keeping an eye on gold prices given the possibility of the US Dollar extending its pullback from its 20-year highs.

As opposed to the EUR/USD or GBP/USD, which will likely continue to come under pressure due to the region’s economic situation, XAU/USD is showing signs of forming a swing low after finding support at 1700 last week. The lack of hawkish Fed commentary due to their blackout period ahead of the FOMC Meeting, and expectations for US inflation to continue easing, may allow gold prices to break the resistance that has formed around 1740 this week.

All trading carries, and a hotter-than-expected CPI print tomorrow may reignite the greenback. Either way, it will be interesting to see how this develops over the next few days.
 
Another rejection during COMEX overnight.

This is purely a feeling, but I get the impression that parties who hold significant amounts of gold are dislodging it into the market to cover other problems they're having. Thinking of some EM CBs that everyone made big noise about their past accumulation in particular...

1663198926241.png
 
DaveTrade said:
It looks like GLD is going lower from here, I don't think that the support zone will hold and lower prices are in our future.
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It wouldn't be surprising to see additional volatility in Gold ahead of the FOMC Meeting after Tuesday’s upside surprise in US CPI numbers. The ability to hold around last week’s lows may likely depend on the US Dollar trades over the next few days.

All trading carries risk, but if markets continue to reprice for the possibility of a Fed pivot being delayed even further, the precious metal may be exposed to a retest of its pandemic-era support zone.
 
I've been noticing on Daily Gold chart, at the end of a trend it continues on for about $20 worth then reverses just to make sure it takes out all the hopefuls :(:oops:o_O:cool:

Soooooooo
it could drop to 1667 o_O;) in the next few days before reversing.

Anyways, assumptions are just that :)

Kind regards
rcw1
 
Telamelo said:
Gold hammered overnight dropping another -1.94%
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A very good morning to ya Telamelo
At 6.12am Gold knocked out...in again at 1663. Allot of US news come out last night ... Not as depressing as the Rugby Union Test Match...

Edit spelling error

Kind regards
rcw1
 
KevinBB said:
and, for those like me, who don't know where

is, here's the chart.

View attachment 146881

KH
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Yes, the key zone seems to be between 1670-1680, which has held as support roughly 6 times since mid-2020. All trading carries risk, but gold futures prices are currently testing the lower band. Will be interesting to see if this level holds yet again, or if prices finally break lower today.
 
rcw1 said:
A very good morning to ya Telamelo
At 6.12am Gold knocked out...in again at 1663. Allot of US news come out last night ... Not as depressing as the Rugby Union Test Match...

Edit spelling error

Kind regards
rcw1
Click to expand...
Good morning to ya @rcw1 yeah after my strong coffee am feeling better already lol but true hey us Aussie's got robbed in the rugby last night what a bloody joke/shambles
:( :( :(

I'm eyeing Gold to possibly drop to as low as US$1,600-$1,625 range in the short term imo

Good Luck!

Cheers tela :)
 
Telamelo said:
Aussie's got robbed in the rugby last night what a bloody joke/shambles
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Not sure that has ever happened before in such a tight match.

Foley played well until the last minute. Even his own teammates were yelling at him to kick the ball into touch, and he ignored them. No idea why as the ref kept telling him to play.
 

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