Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

Don't have any gold shares now, got out about a fortnight ago. For some reason, I now have a mental block and cannot think clearly.....hope forum members have more clarity.

I'm signing out. Need to take a drive and put bins out......have a good day, everyone.
 
It must be noted that Your DXY chart above is horribly out of date
FOUR (4) weeks out of date

It seems Everything has changed a Month ago
This all about "The Now" and
Not October when the DXY was in a different Hemisphere
View attachment 153604
View attachment 153606
Salute and Stay Safe & Dry
View attachment 153605

Capt. Chazz,

I think you miss the point. It is not based upon a 'technical' outlook. It is based on a fundamental outlook by the powers that have the financial firepower to dictate to the market, particularly when they are working together to achieve the same end.

The chart was provided merely to highlight the confluence of dates. As such, it is in 'date'.

The proof of course will be in the pudding: will the current rally be: (a) continuation of bull trend or (b) trend change with a correction to mean rally.

We will find out in due course.

Screen Shot 2023-02-27 at 3.20.03 PM.png

jog on
duc
 
screen-shot-2023-02-27-at-3-20-03-pm-png.153629


jog on
duc
Your $DXY chart has all the appearances of the beginning of an EW Wave 3 btw.

Fortunately I am not privy to the conversation between you and for whom you posted it, so I may have missed the context.

gg
 
So, if we agree that the dollar index will go up, that means it's not good for gold (that's how I understand it) We need the dollar to come down which will help commodities........is this correct, Captain, gg, Dave, anyone?
@eskys yes that is the case regarding the us$ index but then you have overlay the au$-us$ exchange rate on top of that because we are dealing in Australian Dollars. It's a two step relationship. After you do it a few times you get use to how to think about it.
 
@eskys yes that is the case regarding the us$ index but then you have overlay the au$-us$ exchange rate on top of that because we are dealing in Australian Dollars. It's a two step relationship. After you do it a few times you get use to how to think about it.
Except ALL Commodity contracts are signed in The World's Reserve Currency USD ( The Big Buck) and That's the Conundrum

Stay Safe & Dry
Invest.jpg
 
GLD's price has just turned up into a price zone coming from price highs in Nov 2011, Feb 2012 and Oct 2012.
1677987793455.png

This price zone has been both supportive and resistive to price on a number of occasions through 2020, 2021 and 2022, but price has also been able to push through this zone a number of times during this period of time.
1677988262861.png

Using a standard MACD indicator on the Daily chart to show momentum, it can be seen that the MACD line has just crossed the signal line as the price came up into this zone. My proprietary indicators are also showing me that short-term momentum is up with the $AUS-USD trending down at the moment which would be supportive of a bullish position. The question is, will this short-term momentum continue to grow in strength driving the market up through this zone. For me it's a question of the time zone that you are looking at, to trade this move up I would want to be in three bars ago because on the weekly or daily time frame it's still a counter trend move. It's just at that very awkward position on the daily chart right now where it has the potential to turn south at any moment.
1677988661269.png
 
Not quite true, the yuan is creeping in, slowly, but for intents , yes, the USD is still the dominant.

Have watched quite a few 'experts' talking about the shift away from USD as the reserve currency for everything. It's hard to see this transition happening overnight, but the BRICs seem pretty keen to follow this up, and obviously when a nation goes to war and the international community can turn off their access to Swift and freeze money in USD accounts then it's a worry for them. I think China will be much better prepared than Russia was before they invade Taiwan. Watch this space.
 
Have watched quite a few 'experts' talking about the shift away from USD as the reserve currency for everything. It's hard to see this transition happening overnight, but the BRICs seem pretty keen to follow this up, and obviously when a nation goes to war and the international community can turn off their access to Swift and freeze money in USD accounts then it's a worry for them. I think China will be much better prepared than Russia was before they invade Taiwan. Watch this space.
Yeah, go to Africa, and the pacific Islands and you will find the cits demand USD in cash.
Its universally acceptable, everyone knows its "value", and you can buy anything in USD.
Try bribing an African dictator in Yuan or Roubles.
Mick
 
Yeah, go to Africa, and the pacific Islands and you will find the cits demand USD in cash.
Its universally acceptable, everyone knows its "value", and you can buy anything in USD.
Try bribing an African dictator in Yuan or Roubles.
Mick

Recently in the Maldives and a cafe didn't even accept Maldivian money. Just USD and credit card. Huh?
 
GLD's price has just turned up into a price zone coming from price highs in Nov 2011, Feb 2012 and Oct 2012.
View attachment 153928

This price zone has been both supportive and resistive to price on a number of occasions through 2020, 2021 and 2022, but price has also been able to push through this zone a number of times during this period of time.
View attachment 153929

Using a standard MACD indicator on the Daily chart to show momentum, it can be seen that the MACD line has just crossed the signal line as the price came up into this zone. My proprietary indicators are also showing me that short-term momentum is up with the $AUS-USD trending down at the moment which would be supportive of a bullish position. The question is, will this short-term momentum continue to grow in strength driving the market up through this zone. For me it's a question of the time zone that you are looking at, to trade this move up I would want to be in three bars ago because on the weekly or daily time frame it's still a counter trend move. It's just at that very awkward position on the daily chart right now where it has the potential to turn south at any moment.
View attachment 153930
Yes, well, everyone has bought gold during mid last year to last month, The Russian cousins, The Chinese cousins, the Saudi cousins, The Indian cousins and me.

As far as I know I'm the only one to have sold mine.

I believe the buying is over and the price may drift south in $USD and the latter will strengthen.

That is not to say there will not be a quid made out of Gold in $AUD. But it won't be easy.

gg
 
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