Gold Price - Where is it heading?

[mullokintyre]

Gold started falling when it looked like there was going to be some sort of resolution to the debt ceiling "crisis".
Mcarthy among others said he was thinking some sort of compromise could be worked out, so it was risk on again.
Last night gold spiked $25 when Bloombergs news feed said that Mcarthy and the other GOPS had abruptly walked out of the meeting.
Given that at some stage after lots of grandstanding by all parties, some sort of compromise will be reached, we could reasonably expect that once again gold will be puked as that prospect is imminent.
It will be after that next fall that I will be started to add to my gold stocks.
Mick

 

[Telamelo]

Gold up +$20 overnight on US debt ceiling dilemma - deal or no deal !?

https://www.news.com.au/breaking-news/republicans-pause-debt-talks-as-whouse-says-real-differences/news-story/a16ce74b54a4b7ea257f5812838548b5

Excerpt below from newsletter article received in my inbox this morning says it all:

" Hands up if you want to watch an entire political class join forces to show how stupid, corrupt, and incompetent they are.

Me neither.

But I’m afraid we’re going to be forced to watch, as the US debt ceiling ‘panic’ shoves into view this week.

If you’re unfamiliar with the backstory, here’s the quick version. The US is $30 trillion in debt. It has no realistic prospect of paying this debt down and is adding to it at a rate of trillions of dollars a year.

It’ll never pay this money back. At least, not in honest currency. To meet its obligations, it’ll have to fire up the printing press. It’ll stiff the people who lent it money by paying them back in devalued dollars.

That’s the overstory. But periodically, the US political system has to ‘decide’ whether it’ll raise its debt limit to keep the party going a little while longer.

Everyone knows that’ll happen, given how alternative it would be for the US to live within its means. Very few politicians are interested in that. They’d rather spend money to buy bombs for Ukraine, or to hand out to their voters, or to launch a war on drugs/terror/crime/the weather.

But every so often, we’re forced to watch as the whole lot of them — Republicans and Democrats — pretend to care about out-of-control borrowing and spending.

They don’t. None of them do. It’s all just drama, spectacle.

But here’s the silver lining. What the whole display does do is serve to underline just how unstable the entire financial system is, at its core. It’s a temple to unsound money.

And that’s all great news — long term — for Gold. "

 

[DaveTrade]

GLD turned around and went up last night and closed the gap that was made when Thursday opened lower, a good sign, but it needs to get through the 183.22-184.25 resistance zone and close above the 50day sma to prove itself. The 50day angling up and bouncing off support at 181.73 may be enough for some to call a turn.

 

[ducati916]

Gold to the 'Reserve Asset'



jog on
duc

 

[IvoryWolf]

GLD turned around and went up last night and closed the gap that was made when Thursday opened lower, a good sign, but it needs to get through the 183.22-184.25 resistance zone and close above the 50day sma to prove itself. The 50day angling up and bouncing off support at 181.73 may be enough for some to call a turn.
View attachment 157155

Agreed @DaveTrade - really all depends on the spot gold price too, which appears to now be clearly cemented below USD $2000/oz. Needs to get above this now too. Our own gold sector clearly showing the brunt of it all now, also rolling over at present, as per below with XGD. Further details and discussion in my own weekly video series which has a section devoted towards this discussion in the sector breakdown area.

Cheers!

 

[Sean K]

Agreed @DaveTrade - really all depends on the spot gold price too, which appears to now be clearly cemented below USD $2000/oz. Needs to get above this now too. Our own gold sector clearly showing the brunt of it all now, also rolling over at present, as per below with XGD. Further details and discussion in my own weekly video series which has a section devoted towards this discussion in the sector breakdown area.

Cheers!

View attachment 157178

Gold's going to at least $2700 ish in the next 2 years. Major dips are a buying opportunity.

(From an ex-Army Officer and AFL player - so, highly qualified to predict the gold price)

[I think your videos are a bit long. Over 15 minutes is hard work unless you put a naked girl in there at some stage.]

 

[System]

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[mullokintyre]

Gold started falling when it looked like there was going to be some sort of resolution to the debt ceiling "crisis".
Mcarthy among others said he was thinking some sort of compromise could be worked out, so it was risk on again.
Last night gold spiked $25 when Bloombergs news feed said that Mcarthy and the other GOPS had abruptly walked out of the meeting.
Given that at some stage after lots of grandstanding by all parties, some sort of compromise will be reached, we could reasonably expect that once again gold will be puked as that prospect is imminent.
It will be after that next fall that I will be started to add to my gold stocks.
Mick

Last nights debt ceiling talks fell through, so naturally gold and silver got crunched, and plenty of gold stocks got hit.
I have started taking some small parcels of a few gold stocks this morning, starting with WAF which hit a 52 week low this morning, and although it may well go lower, the last quarters hight gold prices should see it generate some serious cash flow,
I expect bit to get re rated once the next quarterly comes out.
Got buys in for PRU and SSR.
Mick

 

[Sean K]

Fingers crossed this level holds.

Been a solid down slope since that triple top.

There's been much bigger corrections over the past two years though.

 

[Sean K]

If it holds above the 50SMA then we are OK, if it breaks through the 50 then a bit of worry hoping the 100SMA holds, I don't have say what's next if it breaks through the 100.

View attachment 157030
View attachment 157031

50dsma done but 100d on the support line. ?

 

[DaveTrade]

Below is a whole bunch of lines on a price chart, I like to just look at these lines without my indicators because they alone show me the direction, the strength of movement, area's of support and resistance to movement, and where price will go to when an area of support or resistance is breached.

 

[DannyB0000]

Gold might be sold off again next week. Democrats and Republicans have reached a deal in principle to raise the debt ceiling.

Looks like another rally for the Stockmarket.

Dow futures up 1%, Nasdaq futures nearly 3%.

 

[mullokintyre]

Last nights debt ceiling talks fell through, so naturally gold and silver got crunched, and plenty of gold stocks got hit.
I have started taking some small parcels of a few gold stocks this morning, starting with WAF which hit a 52 week low this morning, and although it may well go lower, the last quarters hight gold prices should see it generate some serious cash flow,
I expect bit to get re rated once the next quarterly comes out.
Got buys in for PRU and SSR.
Mick

Looks like the debt ceiling issues have been resolved, so I expect risk on again, so gold should rise again based on recent history.
Did not get as many of the low ball purchases as I had hoped, but my theory may be all wrong anyway.
Mick

 

[Garpal Gumnut]

Despite Gold hanging about $USD 2000 for quite a long time upside fundamentals far outweigh downside.

Even our old mates the Taliban are now getting in on the act with a war brewing over water with the Persian cousins at Zabol. Z's only claim to fame is a natural yearly sand storm lasting for 3 months which makes life close to unliveable.

Once the Islamic cousins start scrapping over water, it does become quite existential.

World maps should be centred over Jerusalem to give us punters a better idea of the risk-on suburbs from Serbia east to Kazakhstan.

gg

 

[finicky]

Some Argentines remembered their country's history and resorted to buying gold in 2019 before inflation got too insane. The government stopped them buying the highest grade gold. Now IMF has dictated interest rates into the +90% but inflation still raging, also in the +90%. So bad none of the political power junkies want to run the country.



10 YEAR GOLD INFLATION IN PESOS

 

[Sean K]

Some Argentines remembered their country's history and resorted to buying gold in 2019 before inflation got too insane. The government stopped them buying the highest grade gold. Now IMF has dictated interest rates into the +90% but inflation still raging, also in the +90%. So bad none of the political power junkies want to run the country.

View attachment 157487

10 YEAR GOLD INFLATION IN PESOS
View attachment 157488

That's a wonderful looking chart.

 

[Dona Ferentes]

World maps should be centred over Jerusalem to give us punters a better idea of the risk-on suburbs from Serbia east to Kazakhstan.

Whatever happened to the Sogdians?

 

[Garpal Gumnut]

Whatever happened to the Sogdians?

They moved to WA to work in the mines.

gg

 

[DaveTrade]

Some Argentines remembered their country's history and resorted to buying gold in 2019 before inflation got too insane. The government stopped them buying the highest grade gold. Now IMF has dictated interest rates into the +90% but inflation still raging, also in the +90%. So bad none of the political power junkies want to run the country.

View attachment 157487

10 YEAR GOLD INFLATION IN PESOS
View attachment 157488

How lucky we are!

 

[DaveTrade]

Possible turn for GLD but looking like it will take a couple of sessions to confirm a turn at this price level.