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Gold Price - Where is it heading?

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Garpal Gumnut said:
I can't see it happening anywhere else @eskys

gg
Click to expand...
It's in investing.com

Today's graph looks like upside down icicles, sharp points and lots of them......I tried to copy and paste the graph but it didn't work. I've never seen it like this and had a hard time trying to work out what this meant. Obviously good, cos the share prices have gone up today.

Day's range:

Day's Range1,926-1,945.95
 
This is traditionally a good time of year for Gold.

All the Indian and Chinese cousins are out yahooing and celebrating Religious Festivals and New Year Holidays and buying gold jewellery.

It may not seem like an important aspect of the Gold market compared to US Funds, Fed, Cousin Putin's haemorrhoids and fear of knuckler war but if every 20th Indian and Chinese cousin buys a piece it all adds up. There are quite a lot of Indian and Chinese cousins, approaching 2bn I'm told.

gg

Just saw your post re investing.com, I don't use it but will have a look sometime this evening.

gg
 
Telamelo said:
Gold price backtested US$1,900 level earlier this evening only to bounce back up again now @ $1,923 .. equates to AUD$2,738 suggests to me next target is likely US$2,070 to re-test previous all time high imo
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Timing of the next move is the issue, the market still seems undecided at the moment, may be waiting on interest rate decision as @CityIndex mentioned.
 
Telamelo said:
Meanwhile, with situation sadly escalating in Ukraine - think we'll see Gold moving higher during 2023 imo
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Unfortunately I have to disagree atm.

Bitcoin has been much more resilient since my good friend Kevin O'Leary, a fellow horologist, nearly lost most of the right leg of his pants in the FTX kerfuffle.

Kevin, his friends and big funds have managed to move BTC impressively to around $22 when I was expecting it to crash.

Gold has been the victim, with much funny money and other ill-gotten gains associated with war having gone in to crypto rather the yellow metal. This is a worldwide phenomenon with so many wars, arms trading, evasion of sanctions and other malfeasance.

Even many colourful characters in property in Sydney and Melbourne, cricketers, TV identities and other rich bogans ( and wives and girlfriends and wives , and I say that advisedly ) are getting back in to BTC, I am told.

The recovery in Gold recently mirrors that of BTC and I must admit, barring a complete destruction of BTC, I'll be selling a good proportion of Gold once it peeps over $USD2000, no matter what the AUD/USD is doing.

It was all so much easier years ago. Nobody ever had to say :



gg
 
ducati916 said:
The Central Banks know:

View attachment 152462View attachment 152461View attachment 152460


View attachment 152459


That gold is the answer to the issue:


View attachment 152458

View attachment 152464

jog on
duc
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Thanks @ducati916

I would agree that Central Banks ( Good Actors ) are buying Gold in large quantities.

However Bad Actors traditionally have played a significant role in the buying and selling of Gold. And thus its price.

These now use Crypto for its supposed untracability, although I am told Exchequers worldwide are chasing crypto transactions down more efficiently.

gg
 
$1900 tested a couple of times and bouncy bouncy**.

As fun as this is, there’s got to be a proper pull back and consolidation soon.

**copyright @finicky

 
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