Gold Price - Where is it heading?

[Sean K]

@Sdajii @DrBourse @Garpal Gumnut @qldfrog @peter2 @mullokintyre @divs4ever I've sent Wykoff an email to ask why he's using Dec Gold in his charting with a link to this thread. Will be interesting to see if he responds.

 

[qldfrog]

@Sdajii @DrBourse @Garpal Gumnut @qldfrog @peter2 I've sent Wykoff an email to ask why he's using Dec Gold in his charting with a link to this thread. Will be interesting to see if he responds.

If anyone goes up a couple of messages ago, last week from memory, i gave the link to a non future price..but is not the first result when you google...

So in a way, is maybe not as relevant....
On many instances, the story trounces the facts , for the market at least!

 

[DrBourse]

While enjoying Jim Wyckoff's coulumns in Kitco I believe his support resistance lines in the above to be wrong.

There is too little distance here between the s and r prices, in this case just 4%, too little time looked at for the trading environment hoped for and it is December Gold not spot.

There are also not enough prices touched for it to be true support or resistance imo.

Jim is no relation to Richard Wyckoff btw. who developed a TA system with rules over 100 years ago which is still relevant today and is worth a look at for those new to charting.

I believe @Sean K that you are reasonable in looking at a 10% jump in the POG i.e. $USD 250 and believe that to be a conservative estimate. The funds in the US are looking at appreciations on the NASDAQ of 10% weekly sometimes and money is getting cheaper there.

gg

I agree with you GG....
Jim is on the wrong horse....
Should be using the XAUUSD (or one of those)....

Then he needs to revisit some basic TA educational stuff..

 

[eskys]

@Sdajii @DrBourse @Garpal Gumnut @qldfrog @peter2 @mullokintyre @divs4ever I've sent Wykoff an email to ask why he's using Dec Gold in his charting with a link to this thread. Will be interesting to see if he responds.

We're all thinking and doing something wrong somewhere, what hope do we have? And what else have we been doing wrong that we know not of?

 

[Sdajii]

We're all thinking and doing something wrong somewhere, what hope do we have? And what else have we been doing wrong that we know not of?

Of course we all make mistakes, some we realise at some stage, some we don't.

That's no reason to avoid making as few as possible and do the best we can.

 

[eskys]

Of course we all make mistakes, some we realise at some stage, some we don't.

That's no reason to avoid making as few as possible and do the best we can.

We try our best, but sometimes the best isn't enough, then what?

 

[Sdajii]

We try our best, but sometimes the best isn't enough, then what?

What point are you trying to make? Do you advocate giving up and stop striving to do the best we can?

We can do our best and maximise our chances of success or amplitude of success. Or, we can say that we might fail, so why bother putting in any effort.

What are you trying to say? If you want to give up and not try, that's your choice.

 

[eskys]

I've got to the point where I'm despondent about energy and materials... one day they will turn around, but when? With the exception of gold, the others are down. Sure other sectors are up, but when we make poor choices, there are consequences.....trade the sectors?....stocks are cyclical. The best we can do is pick wisely.

What point are you trying to make? Do you advocate giving up and stop striving to do the best we can?

We can do our best and maximise our chances of success or amplitude of success. Or, we can say that we might fail, so why bother putting in any effort.

What are you trying to say? If you want to give up and not try, that's your choice.

 

[Sean K]

Gold thread rejoice!

Selling will be the hardest thing.

@Garpal Gumnut I'll come up with a pick and shovel to help you dig up your treasure.

 

[Sdajii]

Great action. This breaks the resistance line and more decisively breaks above the $2,500 natural resistance level. Hopefully this can turn the resistance line into an increasing support line, which seems entirely possible/comfortable since we have TA targets around $3,000 and at the rate of that line it would take around two years to get there - we may get there sooner, and the support line will only be temporary. I'm not holding my breath but at this point it even looks possible that today may be the last day ever we see gold below US$2,500.

Has anyone else noticed that gold has quite a habit of riming rallies to start between around 4-6PM Sydney time?

 

[Sean K]

I'm not counting gooses but this move looks a little different to several of the past breaks that ended up in a little bit of consolidation. I still wouldn't be surprised if there's some smart profit taking from longer term holders but at the same time maybe FOMO will eventually hit those losers backing the digital coin.

 

[DaveTrade]

Guys Guys Guys, I'm trying to keep a cool head here!

 

[Captain_Chaza]

I'm not counting gooses but this move looks a little different to several of the past breaks that ended up in a little bit of consolidation. I still wouldn't be surprised if there's some smart profit taking from longer term holders but at the same time maybe FOMO will eventually hit those losers backing the digital coin.

View attachment 182874View attachment 182875

Fear not Sean K
"GOLDBUGS NEVER SELL!"

 

[Garpal Gumnut]

$AUD 2522 atm

The AUD is running against us though and I'm still 15c per share of PMGOLD short on my buy before the rise 2 weeks ago.

Not that I'm whinging.

Onwards and upwards.

gg

 

[Sean K]

@Sdajii @DrBourse @Garpal Gumnut @qldfrog @peter2 @mullokintyre @divs4ever I've sent Wykoff an email to ask why he's using Dec Gold in his charting with a link to this thread. Will be interesting to see if he responds.

I'm not sure if this answers everyone's questions but a pretty good reply.

 

[rcw1]

Gold thread rejoice!

Selling will be the hardest thing.

@Garpal Gumnut I'll come up with a pick and shovel to help you dig up your treasure.

@Sean K you may just be underselling @Garpal Gumnut ... perhaps you may need an excavator of sorts ha ha ha ha ha ha ha

 

[DaveTrade]

Personally I'm not seeing any indication yet that the up move in gold will be pulling back but I thought that this 'market minute' (link below) was informative;

The “Smart Money” Has Turned Cautious on Gold | Jeff Clark Trader

Gold may have reached its peak but now you should tread carefully…

www.jeffclarktrader.com

 

[Garpal Gumnut]

I'm tuning in to NY soon, and then off to sleep. The way Gold is performing tonight $2550 is not out of the question nor a fall back to $2525.

Presently $2527.

gg

 

[greggles]

The US$ is weakening with the prospect of nothing but more debasement ahead and efforts by BRICS nations to de-dollarise. We may have already seen the peak of US dollar power.

Against a backdrop of a bloated equities market, a stagnant economy, wars raging around the world and widespread civil discontent, the move into precious metals by instos, government and retail punters seems entirely predictable. It's like cash, but better. The question is, how long will this bull cycle last?

 

[ducati916]

So Trump wants a weaker USD v CNY and Yen.

Which means that if Japan could not buy energy (oil) in Yen, they would sell UST and/or US stocks, which is an unwind of the carry trade.

To prevent this, the US would need to sterilise the long end of the curve through UST buybacks. To do so they would need to revalue gold (every $4000oz = $1 Trillion) to $10,000oz = $2.5 Trillion to fund the Treasury TGA and buyback the long end of the curve, thereby allowing Japan to sell the long end of the curve.

If t'other:



The unleashing of unbridled inflation will drive gold higher.

The fundamentals are inexorable, unleashed by the East. They saw decades ago that the 1971 Petrodollar that morphed into the Eurodollar was ultimately unsustainable and implemented the gold strategy.

This gold bull is only just starting.

The energy market is 15X the gold market. That is $30K gold. There will be many technical (chart) wiggles along the way. Ultimately there is no other way unless energy becomes free:

The carbon-free energy of the future: this fusion breakthrough changes everything | Arthur Turrell

A single reaction has proved that star power can be harnessed here on Earth, says author Arthur Turrell

www.theguardian.com

Probably a ways off yet.

jog on
duc