Australian (ASX) Stock Market Forum

Gold Price - Where is it heading?

Jump to new
GLD is now trading above it's 50day SMA but has been moving sideways in the same price zone that it was churning in back in late May early June. On a positive note, it is making higher lows and higher highs as it moves up. A close above 184.5 would be a breakout from this price zone and signal more upside.
1690440019792.png
 
LOL. Fell 40 bucks in a couple of hours on NY opening.

Screenshot 2023-07-28 at 10.00.46 am.png

(Kitco News) - Gold prices are solidly lower and hit a two-week low in midday U.S. trading Thursday. Silver is down sharply, too. Modest overnight gains in both metals were erased after the release of upbeat U.S. economic data this morning that beat market expectations. August gold was last down $27.10 at $1,943.00 and September silver was down $0.645 at $24.325.

U.S. economic data Thursday morning fell squarely into the camp of the monetary policy hawks, suggesting at least one more interest rate hike may be necessary to further cool the U.S. economy and choke off problematic price inflation. The first estimate of second-quarter U.S. gross domestic product came in at up 2.4%, year-on-year, which beat market expectations for a rise of 2.0%. The internals of the GDP report were also solid. Meantime, U.S. durable goods order were reported up 4.7% in June versus expectations for a 1.5% gain. Also, weekly U.S. jobless claims came in lower than expected. The data sharply boosted the U.S. dollar index and pushed U.S. Treasury yields up—both of which are daily bearish elements for the precious metals markets.
 
Geez, for all the political problems that the US has, the race issues, the gender issues, the neocons issues, the Trump supporter issues, a deeply divided society etc etc, it is still the most productive economy going around.
everyone else is on the slide, but they manage to keep on going.
For all its faults, Capitalism still seems the least worst option for running an economy.
Mick
 
mullokintyre said:
Geez, for all the political problems that the US has, the race issues, the gender issues, the neocons issues, the Trump supporter issues, a deeply divided society etc etc, it is still the most productive economy going around.
everyone else is on the slide, but they manage to keep on going.
For all its faults, Capitalism still seems the least worst option for running an economy.
Mick
Click to expand...
You forgot to add/mention drug dealers, corruption etc.
 
Sean K said:
LOL. Fell 40 bucks in a couple of hours on NY opening.

View attachment 160174

(Kitco News) - Gold prices are solidly lower and hit a two-week low in midday U.S. trading Thursday. Silver is down sharply, too. Modest overnight gains in both metals were erased after the release of upbeat U.S. economic data this morning that beat market expectations. August gold was last down $27.10 at $1,943.00 and September silver was down $0.645 at $24.325.

U.S. economic data Thursday morning fell squarely into the camp of the monetary policy hawks, suggesting at least one more interest rate hike may be necessary to further cool the U.S. economy and choke off problematic price inflation. The first estimate of second-quarter U.S. gross domestic product came in at up 2.4%, year-on-year, which beat market expectations for a rise of 2.0%. The internals of the GDP report were also solid. Meantime, U.S. durable goods order were reported up 4.7% in June versus expectations for a 1.5% gain. Also, weekly U.S. jobless claims came in lower than expected. The data sharply boosted the U.S. dollar index and pushed U.S. Treasury yields up—both of which are daily bearish elements for the precious metals markets.
Click to expand...
Quite a fall on Economic Data which was well flagged.

Worth remembering that for the future.

Sorry to interrupt the FMG thread LOL.

gg
 
Hasn't it shown to be pointless by now - trying to read the daily or even weekly gold price chart? Everyone who's exposed knows the nasties can paint it any time they want with intrinsically worthless paper contracts. They can't let something simple and incorruptible rule the cesspool of the current power structure in the U.S
(switches off portable microphone)
 
GLD still in the zone in which it's been moving sideways. The latest heikin-ashi candle has printed a red body with no upper wick, the interpretation of this candle is momentum to the downside, we'll see what happens in tonight's session. There was a lot of volume last night (not shown) so it may go lower.
1690517512228.png
 
If GLD breaks down tonight then I think it's going down to that 177 zone. I am hoping it will hold this level but I think that tonight will be telling.
1691413798912.png
 

Similar threads

M
Investing in Gold
2 3 4
Replies
76
Views
10K
finicky
finicky
System
SGD - Siguiri Gold Corp.
Replies
1
Views
573
Dona Ferentes
Dona Ferentes
Joe Blow
  • Sticky
Resources Rising Stars 2024 Conference Gold Coast
Replies
7
Views
2K
Garpal Gumnut
Garpal Gumnut
B
$FDR.V | FDMIF - Founders Metals Inc.
2
Replies
24
Views
5K
BigMacAttack
B
Knobby22
2026 Victorian Election
Replies
2
Views
747
sptrawler
sptrawler
Top