Gold Price - Where is it heading?

[Garpal Gumnut]

Concerns are being expressed within Argentina on the government's transfer of gold bullion held in reserve to either London or Basel. This extraordinary decision was exposed in parliamentary questions this month putting Milei, the President, in an awkward position. To my thinking it is extraordinary and foolhardy. The advantage is having bullion earning interest or income in international lending, but this is far outweighed by the risk of it being the subject of legal manoeuvres to recover monies in disputes going back decades. I had thought Milei was made of better cloth than the average politician. I now have my doubts.

The amount involved is $USD 4.5 billion and the article is from kitco.com. The move will not affect the Gold price but does add another dynamic to the multifactorial events affecting Gold.

Argentina’s Milei moves sovereign gold abroad, raising concerns about seizure – El Pais

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

kitco.com

gg

 

[Garpal Gumnut]

While I'm less bullish on Gold than last month there has been considerable support over the last 24hrs and it is holding above 2400. Should this be the beginning of a new move up I see no reason why $USD 2520 should not be the next target.



LAST 24 HOURS






LAST 4 MONTHS


gg

 

[Sean K]

While I'm less bullish on Gold than last month there has been considerable support over the last 24hrs and it is holding above 2400. Should this be the beginning of a new move up I see no reason why $USD 2520 should not be the next target.


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LAST 24 HOURS




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gg

Gary Wagner black magic EW is looking at $2650 ish after some zig zagging. But if Iran land a ballistic missile in Tel Aviv, it might not zig zag much to that level.

 

[Garpal Gumnut]

Gary Wagner black magic EW is looking at $2650 ish after some zig zagging. But if Iran land a ballistic missile in Tel Aviv, it might not zig zag much to that level.

Thanks @Sean K , I'll watch that after Border Security tonight, (what folk do to smuggle in Bird's Nest or Coke always calms me down for bed).

I must admit that EW seems to be one of the better TA tools for the POG in the past. I don't use it for entries or exits but it is nice confirmation when putting any SMSF money on the line for a large punt. For those interested the beginning of a Wave III, if you can predict it is the best entry

gg

 

[rcw1]

Good evening gold believers ...
Hmmm US $2502.80
Nice.

Retracing. but... how good was that!!!

Onwards and upwards

Kind regards
rcw1

 

[DaveTrade]

Got back in today, it's making a higher low and breaking out again.

 

[Sdajii]

Good evening gold believers ...
Hmmm US $2502.80
Nice.

Retracing. but... how good was that!!!

Onwards and upwards

Kind regards
rcw1

US$2502.80? Are you hallucinating, was that a typo or am I missing something?

Anyway, it does seem like it's likely to have a shot at a new all time high this week.

The fun thing about investing in gold is that even if it doesn't make a new all time high on any particular attempt, you know it will happen, it's just a matter of time before the next one, and that one won't be the last.

With inflation being so nasty these days, it's good to have some gold.

 

[eskys]

According to investing.com, gold reached 2500 at 0200hrs (2am US time) on the 2nd August (last night)

 

[Sdajii]

According to investing.com, gold reached 2500 at 0200hrs (2am US time) on the 2nd August (last night)

Amazing.

2AM on the 2nd of August on the East coast of the USA hasn't happened yet in the reality I'm in, and it'll be hours after that on the USA's West coast.

I hope your report from the future comes true.

 

[eskys]

Investing.com is very optimistic, they have a crystal ball...that gold reached that point. We only have to wait for another hour or so and we'll find out.

By the way, I am not interested in gold, not been for a long time now. Have enough trouble navigating other areas, I don' t need more to add to my confusion

Edit: just had a look, according to the same site, it's 2503 as I type

 

[eskys]

I'm getting really confused now...I have the US version, so thought it was US time. Is it possible that it happened last night at 2am our time???

 

[Sdajii]

Investing.com is very optimistic, they have a crystal ball...that gold reached that point. We only have to wait for another hour or so and we'll find out.

By the way, I am not interested in gold, not been for a long time now. Have enough trouble navigating other areas, I don' t need more to add to my confusion

Edit: just had a look, according to the same site, it's 2503 as I type

Not sure about all the sources you're using, but as I said, in the timeline I exist in, 2AM on the 2nd of August in the USA has not yet occurred, and I'm not seeing that gold price.

Enter "Gold price all time high" into your favourite internet search engine and I think you'll be given a figure of around US$2483 which occurred around two weeks ago.

 

[eskys]

Gold
2,504.05
+23.25
+0.94%

The above flashes, it's got to be live, shouldn't it?

 

[eskys]

Not sure about all the sources you're using, but as I said, in the timeline I exist in, 2AM on the 2nd of August in the USA has not yet occurred, and I'm not seeing that gold price.

Enter "Gold price all time high" into your favourite internet search engine and I think you'll be given a figure of around US$2483 which occurred around two weeks ago.

Investing.com is the site. We have a choice of US version or the Australian version. I chose US, but appears to me now, that the prices must be in Australian time?

Tried copying and pasting the graph, but won't let me.

 

[Sdajii]

Gold
2,504.05
+23.25
+0.94%

The above flashes, it's got to be live, shouldn't it?

I see you're using investing.com as a reference. They're pretty unreliable and give some weird figures.

Try using a search engine (any one you like) as I suggested - search "gold price all time high" and you'll see it doesn't match investing.com's figures.

No idea how you're reading the times, but obviously not correctly if you're quoting market prices from the future. But hey, if we do see the exact price you quoted at that time in the future, I'll be begging you for some assistance in my future, which would be your present.

I mostly watch prices on Trading View, which seems to be pretty decent, I sometimes look at other sites which basically match up.

investing.com is sometimes handy to look at if you just want a quick, easy, dirty rough reference price, but I wouldn't take their figures too seriously (I've seen various errors in multiple commodities, but they're usually in the ball park).

 

[Garpal Gumnut]

Amazing.

2AM on the 2nd of August on the East coast of the USA hasn't happened yet in the reality I'm in, and it'll be hours after that on the USA's West coast.

I hope your report from the future comes true.

According to investing.com, gold reached 2500 at 0200hrs (2am US time) on the 2nd August (last night)

That is the Dec 24 Gold Futures price, not the Spot Gold price.



gg

 

[eskys]

I see you're using investing.com as a reference. They're pretty unreliable and give some weird figures.

Try using a search engine (any one you like) as I suggested - search "gold price all time high" and you'll see it doesn't match investing.com's figures.

No idea how you're reading the times, but obviously not correctly if you're quoting market prices from the future. But hey, if we do see the exact price you quoted at that time in the future, I'll be begging you for some assistance in my future, which would be your present.

I mostly watch prices on Trading View, which seems to be pretty decent, I sometimes look at other sites which basically match up.

investing.com is sometimes handy to look at if you just want a quick, easy, dirty rough reference price, but I wouldn't take their figures too seriously (I've seen various errors in multiple commodities, but they're usually in the ball park).

Don't ask me for assistance, mate, lol. I have enough trouble navigating the minefields.

Thank you for your suggestion, will have a look at Trading View at the weekend.

What do you think of Market Index? That's another one I look at, but not for gold.

 

[eskys]

Found it on market index:

Gold​

Commodity·USD/oz
2,504

22.30
(0.90%)

Delayed
·
2:52pm 02/08 (AEST)
DAY HIGH
2,503.80
DAY LOW
2,479.50
PREV CLOSE
2,503.10
52 WEEK RANGE
1,823.50
-
2,494.90








1 YR RETURN
+26.99%

 

[eskys]

PREV CLOSE
2,503.10
52 WEEK RANGE
1,823.50

 

[eskys]

That is the Dec 24 Gold Futures price, not the Spot Gold price.



gg

GG, You've added to my confusion....thought I found it, now I'm lost again