Gold Price - Where is it heading?

[Sean K]

Have we started a new phase of gold pricing above $2030 ish, the old weekly high? This looks like it will be three weeks above. JPM might have gone long. Not counting my kangaroos on that huge C&H that's been discussed for some time, but maybe.

 

[DaveTrade]

It's no secret that gold is currently trading in the resistance zone at the top of a multi-year sideways pattern, we've all been talking about this pattern for a while now. The run up to the zone, this time round, has looked very bullish and the question that we all ask ourselves is 'will it break through on this latest charge at the zone?' To me it looks like it's having a pullback on the daily time frame but the weekly and monthly time frames still look bullish.


So at the moment I'm looking at possible pullback levels that would still look bullish on a weekly time frame. I've put a fib fan and a trendline on the daily chart below and you can see that the trendline lines up exactly with the 0.618 time%price retracement line. I definitely want to see the market turn back up at or above this line, but to be honest I will be closely re-assessing the situation if the retracement breaks below the 50% time&price line (blue line).

 

[ducati916]

The ability to push gold lower with paper from the COMEX is fading with Central Bank buying around the globe. This is pretty much exactly what happened with the collapse of the Gold Pool.



They will of course try again.



Look at the massive selling pressure expended to drop gold $100 at best, which has already come back by and large.

Those shorts will need to cover as they cannot stand for delivery. They have sold x100 paper contracts to the physical that they hold. Rumour has it that they have been dipping into GLD's physical. No idea if that's true, but it wouldn't surprise me.

Further urban legend has it that the US no longer holds anywhere close to the claimed 8000 tons of gold. A revaluation would create an audit. If it is less than claimed, this needs to be avoided.

Whatever the actual truth, the buying pressure from the East is breaking this trade wide open.

jog on
duc

 

[ducati916]

Twenty-First Century Fox: DJCI Gold Tops Stocks and Bonds This Century – Indexology® Blog | S&P Dow Jones Indices

Get insights on trending investment themes from industry thought leaders on the Indexology® blog from S&P Dow Jones Indices.

www.indexologyblog.com

jog on
duc

 

[DaveTrade]

View attachment 168335

Twenty-First Century Fox: DJCI Gold Tops Stocks and Bonds This Century – Indexology® Blog | S&P Dow Jones Indices

Get insights on trending investment themes from industry thought leaders on the Indexology® blog from S&P Dow Jones Indices.

www.indexologyblog.com

jog on
duc

@ducati916 the only problem with this chart is the time period. Is this time period relevant in any way to what is happening now? If I start this chart from the 2011 high in Gold then the chart will look completely different, example below;

 

[ducati916]

@ducati916 the only problem with this chart is the time period. Is this time period relevant in any way to what is happening now? If I start this chart from the 2011 high in Gold then the chart will look completely different, example below;
View attachment 168377

Agreed and of course:



*

Is it currently relevant?

Possibly, we are on the brink of a huge bull market.

jog on
duc

 

[DaveTrade]

Possibly, we are on the brink of a huge bull market.

This is my thinking as well, but I rely on the current charts to confirm or disprove what I think is happening. So far the charts are confirming the look of a new bull market.

 

[DaveTrade]

It's no secret that gold is currently trading in the resistance zone at the top of a multi-year sideways pattern, we've all been talking about this pattern for a while now. The run up to the zone, this time round, has looked very bullish and the question that we all ask ourselves is 'will it break through on this latest charge at the zone?' To me it looks like it's having a pullback on the daily time frame but the weekly and monthly time frames still look bullish.
View attachment 168058

So at the moment I'm looking at possible pullback levels that would still look bullish on a weekly time frame. I've put a fib fan and a trendline on the daily chart below and you can see that the trendline lines up exactly with the 0.618 time%price retracement line. I definitely want to see the market turn back up at or above this line, but to be honest I will be closely re-assessing the situation if the retracement breaks below the 50% time&price line (blue line).
View attachment 168059

Updating with new data this week, the market has come back to the trendline and 0.618 fib and is losing momentum on the daily timeframe. I looking to see if momentum to the upside starts to come back or continues to fade.

 

[Garpal Gumnut]

As with the posts on this thread, with the charts I often wonder what exactly I'm looking at. On my laptop I'm on page 737 with @Sean K 's post on the breaking of the resistance line above $USD 2000 at the top.

It all depends on where one starts !

I believe, although I cannot draw, that we are on a wave 3, ( Wave 3 Elliot Wave theory ) about to continue on this wave 3 to god knows where.

This belief is on what I can see, which is as good a place to start as any.

However if the resistance is not broken, well ...

If it is broken definitively, it depends on where one starts, but either way it is hold on to your hat territory where many who missed out will say "it was obvious, wasn't it" .

gg

 

[noirua]

Dec 21, 2023
Buckle up for a riveting ride with Eric Sprott, our community's financial luminary, as he tackles inflation, naked shorting, interest rates, and the precious metals market. Joined by host Craig Hemke, they not only dissect today's financial landscape but also serve up a tantalizing preview of what's in store for 2024, offering essential insights for navigating the economic rollercoaster ahead.

Eric Sprott on Gold Price in 2024 Yearly Wrap-Up Report

 

[Garpal Gumnut]

Dec 21, 2023
Buckle up for a riveting ride with Eric Sprott, our community's financial luminary, as he tackles inflation, naked shorting, interest rates, and the precious metals market. Joined by host Craig Hemke, they not only dissect today's financial landscape but also serve up a tantalizing preview of what's in store for 2024, offering essential insights for navigating the economic rollercoaster ahead.

Eric Sprott on Gold Price in 2024 Yearly Wrap-Up Report

Thanks @noirua . Eric is always good value, ( get through his early rant on vaccines and NW Order crap ) and his assessment is golden.

Permanent Recurring Shorting by Hedge funds covering their losses second by second is criminal.

Gold is being held back, whether by the forces of evil I'm not too sure, but certainly by the banks and hedge funds and their lackeys in the Fed.

An even better reason for an explosive charge by Gold upwards, when it comes.

gg

 

[finicky]

Kind of startling if true?

 

[qldfrog]

Kind of startling if true?

View attachment 168582

I genuinely would not be surprised, even if California has crazy prices (vs the rest of the US) and penthouses in NYC are sky high, there are many not to say most areas where houses are cheap especially compared to Australia and they are also much bigger nowadays.
A house of the 1970s in very good nick but maybe with only one bathroom can be purchased for very cheap in most of the states from what I can see in the various House Hunters shows

 

[mullokintyre]

Kind of startling if true?

View attachment 168582

This looks like US prices, be interesting to see the same chart using gold in AUD versus AUD house prices.
Mick

 

[finicky]

gold in AUD versus AUD house prices.

Me also.

 

[mullokintyre]

After a bit of searching I found this.
Not quite what I wanted, and it is Sydney centric.


And heres another one which might be all of Australia rather than just Sydney and is a bit out of date.


Mick

 

[qldfrog]

After a bit of searching I found this.
Not quite what I wanted, and it is Sydney centric.
View attachment 168599

And heres another one which might be all of Australia rather than just Sydney and is a bit out of date.
View attachment 168600

Mick

That is data treasure .
Funny how this he ardly ever make it in the press
Obviously would be nice to see median income vs gold too

 

[greggles]

Except for a brief period in mid-December, gold has held and consolidated above US2,000 since 27 November. Time will tell, but it does look like it may be forming new support above US$2,000 with the market anticipating further gains in what is expected to be economic and geopolitical turbulence in the near future.

I believe what started in 2022 is the beginning of a new geopolitical era where countries will be scrambling for resources and land to shore up their economic and geopolitical positions. War, conflict and geopolitical posturing will create turbulent economic times and this unstable global environment will form the basis of the next leg up for gold, and other precious metals.

 

[divs4ever]

Kind of startling if true?

View attachment 168582

a little difficult to judge , you had the fittings and workmanship on 50 years back vs. the modern bling and 'safety ' of a modern residence maybe shrinkflation has attacked housing as well ( but not always on actual floor-space )

( as i post i am sitting in a 50 year old house built for folks who were multi-millionaires at the time no a palace but is certainly isn't any 'worker's cottage ' either )

 

[divs4ever]

I genuinely would not be surprised, even if California has crazy prices (vs the rest of the US) and penthouses in NYC are sky high, there are many not to say most areas where houses are cheap especially compared to Australia and they are also much bigger nowadays.
A house of the 1970s in very good nick but maybe with only one bathroom can be purchased for very cheap in most of the states from what I can see in the various House Hunters shows

yes , but building durability started to slide markedly from the '70s until now ( i have lived in several homes erected it the '70's and time does not always treat them kindly )