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Gold Price - Where is it heading?

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In posts on X, Jim Bianco said: “We have so financialised gold via futures, options, ETFs and other such derivatives, that it has been turned into another fiat currency.

“So, gold goes up when the dollar goes down, instead of inflation, war(s), crisis, or even pandemics. That said, note that even though gold is going up, money is not flowing into gold ETFs. At least not yet.”
 
Sean K said:
Well, that was short lived. Hasn't even held above $2030, for now. What a tease.

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One is never privy to all the information affecting any instrument.

It may be an opportunity rather than the end of the world. One wonders what Keith "Flamingo" Miller would have thought?

“Pressure? There is no pressure in Test cricket. Real pressure is when you are flying a Mosquito with a Messerschmitt up your arse.”​

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gg
 
Gold has retraced from Monday's highs, but it's been holding above US2,000 for a week and a half now and seems reluctant to venture below that level. Will it find longer term support here now? Whatever the case, I think the next few months is going to be a very interesting time for gold.
 
The Monday morning rally in gold was totally irrational or an insto buy stop hunt to sell some of their position. They may have sold some gold in order to buy BTC. Who knows, but BTC seems to have all the hot money atm.
 
peter2 said:
The Monday morning rally in gold was totally irrational or an insto buy stop hunt to sell some of their position. They may have sold some gold in order to buy BTC. Who knows, but BTC seems to have all the hot money atm.
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Peter2,



Not a fat finger trade. Sustained selling pressure in huge volume. Same with gold. At exactly the same time. Started pre-market when other volume was thin. LOL.

It's fairly common knowledge that it is JPM acting as agent for the Treasury. Of course 'concrete' evidence is thin to non-existent.

However there is irrefutable evidence that in the 1960's the US led the 'Gold Pool', which had exactly the same remit: control the POG. There is (as they say) 'Nothing New Under the Sun':



Today there is a huge currency war occurring between the USD and BRICKs who have rejected holding the UST as a reserve asset.

Gold as 'money' is front and centre of this war with fiat.

jog on
duc
 
For those who may not be familiar with the GLD ETF I'm including a description taken from the ETF database.

"GLD is a relatively straightforward product; the underlying assets consist of gold bullion stored in secure vaults. As such, the price of this ETF can be expected to move in lock step with spot gold prices. The physically-backed nature of this product eliminates any of the uncertainties introduced through futures-based strategies, though investors also have the option to approach this precious metal through futures-based funds such as UBG and DGL."

First the zoomed-out daily chart showing the bounce back off the overhead resistance zone. Price is above the 50 day SMA making higher highs and a higher low. The market has been moving up strong so far, I'm looking at this current pullback to see if the market still has strength to the upside to break out through the overhead resistance.


I've zoomed-in to show the bounce off the minor resistance coinciding with the 50% time&price fib line. This doesn't mean it will head higher from here, the market has show it's hand, and it is still a long way from the 50sma. When the next higher low is confirmed the market will show me if it has the energy to make a break to the upside.
 
GLD continues to fall and looks like it will go lower. There is some support around 183 and I'm looking to see if this area will be the end of a pullback, if this happens and it rallies hard off this level then I would be a buyer. If it falls below 182 then I'd be concerned that weakness may be coming into this market, at least in the short term.
 
Was anticipating that gold miners would see some support about here but the paper selloff in gold continues unabated.



Don't like it when prices retreat more that 62% from prior high. I like it even less when the pull-back looks impulsive, not corrective (choppy). So, it seems it's a bit early to start building positions in gold miners now.
 
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