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Gold Price - Where is it heading?

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yes retain some caution , desperate governments do despicable things ( even the US closed the gold window once )

gold is the enemy of all fiat currencies ( it has no third-arty risk )
 
1994.90 ): Just a slight dip below deck of 2K US the silly thing. Must had too much to drink, reckon. Anyways have a good weekend.



Kind regards
rcw1
 
I think there is a good chance of more downside in GLD on Monday. That orange line on the chart is 184.19 and it closed Friday at 184.25 looking bearish in the price action.


If I overlay some Fib support/resistance levels on the chart, they line up fairly well with the support/resistance zones that I have marked. Keep an eye on it this next week looking for support.
 
So above we have the painted tape and to be fair, I would agree that on a technical basis, it would look as if gold is going to move lower. However, US tax receipts are in:



Whoops, way below what is needed.

Confirmation of the above:

So we have reached the position where: tax receipts are far below requirements, necessitating a raising of the debt ceiling, which accelerates the compounding nature of the debt. This places huge pressure on the Fed to monetise (because Russia, China, Europe, Japan and the US banking system certainly won't be) the debt and concurrently lower the FFR as the recession really sets in.

So what about that paper gold price?

If they do manage to collapse it...the acceleration in physical buying will place JPM (backstopped by the US government) in an ever increasing leveraged position as their physical drains away, which even for JPM becomes a high risk position.

They are certainly selling it hard:



Yet the price is not (yet) showing much movement to the downside.

We'll see.

jog on
duc
 
Unhedged Australian producers must have made a motza in March-April. An extra $300 an ounce over the quarter will be very nice.

Not sure how the AUD POG chart responds to normal TA principles as it's a combo of POG and exchange rates, but this is a pretty good set up.

 
Looks good to me, there are a few other MINOR favourable TA signals that confirm your post.
 
I was in a similar quandary when I recently took a very large position, for me, in Gold bar via PMGOLD.

I got caught up too much in the $USD POG, a part of my brain dismissing the chart of $AUD Gold with so much instantaneous action happening and comment with POG and macro politics. As you said @Sean K the PMGOLD chart is well worth following rather than the $USD POG for Gold mavens trading in $AUD.

Ultimately all the information affecting the POG is contained in the chart. So the AUD/USD rate is no more nor less important than whether Cousin Vladimir Vladimirovich's piles are playing up and affecting his commission of further war crimes.

Particularly as Australia is such a large Gold producer.

I have recently again taken up half of a very large position on the POG via PMGOLD from the PMGOLD chart as much as macro politico-economic factors and will ride it up or toss it aside purely on AUD Gold action as much as macro.

gg
 
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