Gold Price - Where is it heading?

[Garpal Gumnut]

Yeh.



gg

 

[ducati916]

From SGE:

The West Is Losing Control Over the Gold Price

An important change has unfolded in the global gold market. The East has been driving up the gold price, breaking the West’s long standing pricing power.

www.gainesvillecoins.com

Essentially with gold being bought by Chinese citizens, physical gold is being drained from the West. The actual physical shortfalls are now being supplemented from ETF holdings?

If so, somehow that physical supply needs to be replaced or balanced by a lower price for the GLD ETF.

That will be VERY hard to accomplish as gold is now irrevocably linked to the price of oil. Gold can only fall if oil falls meaningfully. Hence it becomes important to monitor the going ons in the world of oil and energy.

jog on
duc

 

[Sean K]

Looks like an important line across 184 ish on both monthly and weekly. Cracking and holding 190 is the Jesus nut.

 

[Bailxtrader]

• Gold prices XAUUSD pushed higher for the fourth straight day on Tuesday as gold bugs and all sorts of asset bugs shifted their attention to the looming Fed minutes release. Slated for publication later today, the rundown is expected to contain further insight into the central bank’s rate-cut timeline.
• Investors will be snooping for any hint of an early interest rate trim, ideally at the late-April meeting. As it became clear, Fed boss Jay Powell took a March cut off the table when Fed officials last gathered and left rates unchanged. For that March meeting, markets are pricing in another rate hold.
• In that context, gold prices were humming to the tune of $2,030 per ounce on Wednesday, fairly flat on the day. More interestingly, perhaps to the technical geeks, the yellow commodity hit the 50-day moving average on Tuesday and ricocheted with not even a fake breakout. In support of the bullish narrative, gold is now way above the 100-day and 200-day moving averages.

 

[rcw1]

Good afternoon
gold is good... Much better

Kind regards
rcw1

 

[Bailxtrader]

What do you make of this non=sense. Is Gold getting ready to fall?

Gold analysis: US dollar bounces back as yields rise on firmer US data
Opportunity cost of holding gold rises with yields climbing and amid a racier US equity market
Gold technical analysis suggests a potential break below $2015 could initiate renewed selling pressure




As we move through the year, it's likely that inflation pressures will ease up globally, possibly kicking off a round of interest rate cuts. The ECB, BoE, and Fed are expected to start this process around mid-year, depending on how the data unfolds. Looking back at how gold prices shot up in anticipation of rate cuts in 2023, we could see some big gains in 2024 once central banks actually start easing up and yields drop again. But that could be months away, which gives gold bears plenty of time to potentially slam it down.

There's undoubtedly demand for gold, partly because inflation has been sticking around and fiat currencies have been losing value. Gold, often seen as a safe haven asset and a hedge against inflation, might get a boost even before the rate cuts actually happen, as markets tend to predict future moves. But in the short term, it's likely we'll see some more settling down and maybe a slight dip

 

[DaveTrade]

What do you make of this non=sense. Is Gold getting ready to fall?

Gold analysis: US dollar bounces back as yields rise on firmer US data
Opportunity cost of holding gold rises with yields climbing and amid a racier US equity market
Gold technical analysis suggests a potential break below $2015 could initiate renewed selling pressure


View attachment 171527

As we move through the year, it's likely that inflation pressures will ease up globally, possibly kicking off a round of interest rate cuts. The ECB, BoE, and Fed are expected to start this process around mid-year, depending on how the data unfolds. Looking back at how gold prices shot up in anticipation of rate cuts in 2023, we could see some big gains in 2024 once central banks actually start easing up and yields drop again. But that could be months away, which gives gold bears plenty of time to potentially slam it down.

There's undoubtedly demand for gold, partly because inflation has been sticking around and fiat currencies have been losing value. Gold, often seen as a safe haven asset and a hedge against inflation, might get a boost even before the rate cuts actually happen, as markets tend to predict future moves. But in the short term, it's likely we'll see some more settling down and maybe a slight dip

IMO from a technical POV gold is not showing any strong directional bias at the moment, but it does have a very short term weak directional bias to the upside. Still waiting for gold to show it"s hand.

 

[Sean K]

I believe that's a new daily, weekly and monthly ATH close. Blue sky ahead, perhaps.

GLD cracking that 190 level. No need to test it GLD just run!

I wonder when the GDX and GDXJ is going to catch up. GDXJ particularly hated. If gold runs, you'd expect a significant bounce there.

 

[DaveTrade]

I put a couple of pitchforks on the GLD chart, light blue showing the move up and pink showing the move down. This last week GLD has broken out the top of the down pitchfork supporting the continuation of the up move. Price is now back at the top resistance zone of the big pattern.


On the daily chart we can see that the last day of the week was the breakout day from the down pitchfork which happened on better than average volume. Considering the pattern of this last up-move from the 5th Oct low being a move up then sideways and now continuing in the direction of the up pitchfork, this all supports the chance for this up-move to be the one that can break out of the big pattern. March could be the month that it happens and the next two weeks should very interesting for gold.

 

[rcw1]

Good morning champions,
Gold is good . The more one tells oneself the same story over and over again, one believes ha ha ha belief .,,, how could one not??

Hoping to find more gold in the form of salutes in Cairns today. Slow track … gold gunna be hard to get.

Good fortune everyone.

Kind regards
rcw1

 

[farmerge]

Good morning champions,
Gold is good . The more one tells oneself the same story over and over again, one believes ha ha ha belief .,,, how could one not??

Hoping to find more gold in the form of salutes in Cairns today. Slow track … gold gunna be hard to get.

Good fortune everyone.

Kind regards
rcw1

@rcw1 Waiting with bated breath for the report card.

 

[rcw1]

@rcw1 Waiting with bated breath for the report card.

farmerge, rcw1 favourite former Commsec member …

Muggy as … hot and humid …
The hotter the better …
Each to our own.

Slight breeze helping dry out the track .. oh look heaven forbid it’s Beer oclock. Ha ha ha

Gold is good. Bring on a prosperous Monday bloke …. Need to discuss with the goog the flies STX prophecies rcw1 second favourite former COMMSEC Member.

Have a good day farmerge and don’t work to hard … it’s Sunday apparently

Kind regards
rcw1

 

[farmerge]

farmerge, rcw1 favourite former Commsec member …

Muggy as … hot and humid …
The hotter the better …
Each to our own.

Slight breeze helping dry out the track .. oh look heaven forbid it’s Beer oclock. Ha ha ha

Gold is good. Bring on a prosperous Monday bloke …. Need to discuss with the goog the flies STX prophecies rcw1 second favourite former COMMSEC Member.

Have a good day farmerge and don’t work to hard … it’s Sunday apparently

Kind regards
rcw1

Bovines to feed a joint fence the mongrel neighbour doesn't want to know about, so muggins here will finish it today. Hey its morning tea time.

 

[rcw1]

Good morning gold lovers,
Gold is good
Record highs US $2128.40 !!! where to now????

Holding physical and loving it.
Have a very nice day, today

Kind regards
rcw1

 

[Sean K]

Good morning gold lovers,
Gold is good
Record highs US $2128.40 !!! where to now????

Holding physical and loving it.
Have a very nice day, today

Kind regards
rcw1

Blue sky hopefully. Apply some fibonacci extensions from the breakout.

Longer term breakout on the monthly was probably Nov 23 at about $1986.

Hopefully we look back and say it's the breakout from the giant C&H.

 

[Sean K]

I put a couple of pitchforks on the GLD chart, light blue showing the move up and pink showing the move down. This last week GLD has broken out the top of the down pitchfork supporting the continuation of the up move. Price is now back at the top resistance zone of the big pattern.
View attachment 172000

On the daily chart we can see that the last day of the week was the breakout day from the down pitchfork which happened on better than average volume. Considering the pattern of this last up-move from the 5th Oct low being a move up then sideways and now continuing in the direction of the up pitchfork, this all supports the chance for this up-move to be the one that can break out of the big pattern. March could be the month that it happens and the next two weeks should very interesting for gold.
View attachment 172004

Would you put the range of the sideways move about here for the BO target?

 

[Garpal Gumnut]

I must admit I prefer physical.

To touch it, hold it, gently kiss it, to rub it against the tip of one's nose, or just ever so, ever so, gently rub it, to look at it lovingly, ah ... Gold.

Not that I am irrational over Gold.

Especially when it is on the up.

My Fib extension says $USD 3000.

Or maybe $USD 4000 ... lol

gg

 

[Sean K]

LOL. Is that an error?

 

[Bailxtrader]

LOL. Is that an error?

View attachment 172145

They happen," My chart looks fine!

 

[DrBourse]

LOL. Is that an error?

View attachment 172145

Nah - it's just another "Long Neck Chart" - bloody things are multiplying..