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Gold looks good on the chart with a bullish flag formation. If clears to the upside next target could be at the all-time-high blue-sky territory...
Gold Price - Where is it heading?
- Thread starter guycharles
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Reckon the next 'upcoming 4th attempt' by Gold clearing US $2K level & actually staying above $2K - will succeed/see Gold power on higher imo never to look back.
Garpal Gumnut
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There usually is not a "fourth attempt" in charting.
Three goes and its down.
Having said that I'll see it as a positive sign if it goes through.
gg
The environment in which we live in is too unpredictable. Unless there's more fear, where to gold? Too unpredictable for me to predict one way or another........can only watch and hope to do the right thing (partial to black gold at the moment)
Sean K
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Definitely a bullish flag/pennant but as GG said, how many attempts and failures at a particular level means the probability of a break up is low? Or, is it actually high? Dunno.
The way I see it... the more attempts Gold makes trying to crack US $2K+ level - then the weaker resistance becomes at that level imo (my thought process anyway)
Garpal Gumnut
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Gold is certainly on a tear today in London.
gg
gg
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I know this is not the Black Gold thread, but your timing is immaculate for a big gap up...
Can't see that sort of gap trading happening in the Gold chart, unless there is some catastrophic financial event seeking safety in Gold as opposed to safety in the usual suspect the USD.
Might be good for Gold and for those of us who have some exposure via mining stocks etc. But I also worry that extreme fearmongering in such an event such as a major Bank crisis could be used to introduce Central Bank Digital Currency (CBDC's) to control us like lemmings, monitoring every transaction. I will be out on the streets with you blokes protesting against any authority that will attempt it. I hope there is enough of us who value freedom...? ?
Sean K
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Pennant still in tact.
DrBourse
If you don't Ask, you don't Get.
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4/4/23 abt 11am - Where to next for gold – will golds recent past TA happen again – The 1st Chart below shows todays Chart with all the TA notes – The 2nd Chart shows recent TA only – The Q is, will history repeat – will Gold pull back to the Bottom Linear Regression Line (see pages 139 – 142)….. TA Ind’s show reasonable MFI action BUT Unsatisfactory CCI action….
I need to see where the SP goes in relation to the Current Benchmark Candle Formation Top Line…. AND if we get the required 2 candles above that line….
Hmmmmmm I have my opinions, but they are not for publication YET….
REMEMBER
A Bullish ST Breakout from a Benchmark Candle Formation is when there are 2 consecutive Green Candles wholly ABOVE the Top Benchmark Candle Formation Line, that is, OHL&C all ABOVE that Top Line - Then there needs to be confirmation from other Indicators, in my case I use the CCI & the MFI....
AND....
A Bearish ST Breakout from a Benchmark Candle Formation is when there are 2 consecutive Red Candles wholly BELOW the Bottom Benchmark Candle Formation Line, that is, OHL&C all BELOW that Bottom Line - Then there needs to be confirmation from other Indicators, in my case I use the CCI & the MFI....
THEN.....
If the SP re-enters the Benchmark Candle Formation the entire process begins again....
Cheers......
DrB
I need to see where the SP goes in relation to the Current Benchmark Candle Formation Top Line…. AND if we get the required 2 candles above that line….
Hmmmmmm I have my opinions, but they are not for publication YET….
REMEMBER
A Bullish ST Breakout from a Benchmark Candle Formation is when there are 2 consecutive Green Candles wholly ABOVE the Top Benchmark Candle Formation Line, that is, OHL&C all ABOVE that Top Line - Then there needs to be confirmation from other Indicators, in my case I use the CCI & the MFI....
AND....
A Bearish ST Breakout from a Benchmark Candle Formation is when there are 2 consecutive Red Candles wholly BELOW the Bottom Benchmark Candle Formation Line, that is, OHL&C all BELOW that Bottom Line - Then there needs to be confirmation from other Indicators, in my case I use the CCI & the MFI....
THEN.....
If the SP re-enters the Benchmark Candle Formation the entire process begins again....
Cheers......
DrB
Last edited:
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Looks like the breakout is happening...
So is 2k cleared in US$ or will it re-trace ?
So is 2k cleared in US$ or will it re-trace ?
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Hello, you beautiful thing…
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In $AUD terms POG has added over $2000 over the past 15 years:
(above chart is weekly data)
All in sustaining costs for some locally based gold producers are now offering good margins and should see their share prices continue to rise as the approx. AU$3k/oz settles.
Not quite so good will be those more exposed to $USD-based production costs.
However, any move to a new all time $USD POG might change that dynamic.
My imperfect crystal ball sees the $AUD increasing against the greenback towards the end of this year. However, if you have both US and AU-based gold producers in your bag of tricks then there tends to be a balancing out of performance.
It will be interesting if POG's rise affects BHP's OZL scheme offer, as it was based on the gold component of its operation having a 72 cent exchange rate and POG of $1750. In the past POG's byproduct credit has occasionally led to all it's copper exposure being profit, so this no longer renders the scheme offer fair.
(above chart is weekly data)All in sustaining costs for some locally based gold producers are now offering good margins and should see their share prices continue to rise as the approx. AU$3k/oz settles.
Not quite so good will be those more exposed to $USD-based production costs.
However, any move to a new all time $USD POG might change that dynamic.
My imperfect crystal ball sees the $AUD increasing against the greenback towards the end of this year. However, if you have both US and AU-based gold producers in your bag of tricks then there tends to be a balancing out of performance.
It will be interesting if POG's rise affects BHP's OZL scheme offer, as it was based on the gold component of its operation having a 72 cent exchange rate and POG of $1750. In the past POG's byproduct credit has occasionally led to all it's copper exposure being profit, so this no longer renders the scheme offer fair.
Sean K
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It's going to be interesting to see what happens when GGs cousins open for business in Londonstan and then NY in their mornings. Profit taking, or FOMO? Is JP Morgan still spoofing?
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dude...
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