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Gold Price - Where is it heading?

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GLD is at a important level, looking at the monthly chart it can be seen that it's currently in a resistance/support zone coming from the Oct 2012 top.


The weekly charts shows in more detail how this zone has acted as support and resistance in the past.


Looking at the daily chart I've added some indicators showing that price is also coming close to the 50sma and the 0.382 time & price Fib line. I've added my momentum indicator which shows that momentum is still to the downside, but this next week should show us if buyers are willing to come back into this market or not.
 

I apologize for the chart in my previous post, it only went up to Thursday. Here is the updated chart including the data for Friday.
 
Sorry I haven't posted recently on Gold since I sold my PMGOLD in my SMSF.

Myself and my manservant Švejk have been furiously taking turns at driving, eating chocolate sandwiches and slugging coke zero, digging up bar and delivering to my gold bullion dealer in Brisbane in the Arnage.

There has been some pretty wild weather and fires to get around but we've managed yesterday to offload a sufficient quantity to keep us in the style to which we are accustomed.

The chart looks like it did in the retreat last year with Australia and Hong Kong buying it up and London and the American cousins smashing it afterhours here in Australia.

There is also the problem of finding lint free cotton or powder free latex gloves when handling the gold ( which we forgot to bring, or rather I should say Švejk, the indolent Cheko forgot) to include in our kit.

All in all a trial getting it sold, but thanks to some kind people in Dajarra we were able to find gloves with which to handle the gold and ponce it up in suitable boxes prior to delivery.

If POG suddenly goes up I may add to the bar that is left buried, if it goes down which I think it will I'll be looking for a re-entry.

Life is good, is it not?

The bush is resplendent in it's beauty.

The ladies in Brisbane more beautiful than ever.

And Cash in hand.

gg
 

Yikes, I was just about to order a new chicken nugget. Maybe I'll end up with one of yours.

Not sure what prompted the green zig zag overnight?

 
Sean K said:
Yikes, I was just about to order a new chicken nugget. Maybe I'll end up with one of yours.

Not sure what prompted the green zig zag overnight?

View attachment 152978
Click to expand...
Whatever it is @Sean K now the US night trading is over for us today and it looks very volatile with a predominantly down trend.

I would expect Gold miners to get smashed and good opportunities appear for entry to both miners and Gold over the next few weeks.

Then again, if we could predict the future it might horrify us.

I'll sit back and light up a Cohiba. It is too unpredictable for this Gumnut.




gg
 
It is important that the West control the POG because of the level of debt in the system. Ironically gold allows a high level of manipulation via paper derivatives because of its stock-to-flow ratio:



But the West is fast losing control of the metric:



So the 'price action' is highly illusory if you are holding physical. If you are simply trading gold derivatives then obviously short term you need to follow the price action.

jog on
duc
 
In $USD the POG has found a new support at $1835 and not surprisingly the $AUD has followed Gold down with a stronger USD making our currency worth less against the USD.

The outcome, not that much change in the POG in $AUD as compared to $USD.

The danger is, as always a further drop down towards $USD1600 with pauses at $USD1700 and $USD1800.

As @ducati916 has pointed out above the Central Banks of most countries have increased their holdings as the $USD comes under threat as the currency of last resort. this trend has continued in through January and I'd guess in Russia and the CSTO states in to February.

Interesting times. I'll stand aside and watch atm.

gg
 
Just a side note.. I'm weary of Putin's upcoming 24th Feb rhetoric talk/rumours as am expecting escalation of Ukraine conflict with potential to spread to neighbouring European countries on bigger bombs & weaponry used by both NATO & Russia - If so, then Gold could skyrocket overnight on fears of serious war escalation especially if thing's really get out of control quickly
 
With all respect @Telamelo

Buy the rumour, sell the fact.

The rumour is that Russia is fragmented and Putin will get his a*se smashed later this year.

Even a complete victory for Ukraine which is not assured will leave that brave country in need of a Marshall Plan and the US hasn’t got the dollars.

I don’t see Feb 24 as being significant atm for gold.

gg
 
Fair enough gg as likewise, I respect your thoughts/opinions & enjoy reading your posts very much so ?
 
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