Gold Price - Where is it heading?

[Garpal Gumnut]

I'll buy some more on a pullback, but generally happy with what I've got.

Have bought chunks in Aug 22, Feb 23, Jan 24, Mar 24. With a couple of crappy DRPs.

Good on you @Sean K

I’ve made some bad calls over the years with Gold stocks and incurred losses. I guess that has made me wary of investing in that space. I’ve considered getting back in at times such as you mentioned and received good info from various posters here on ASF. I’ll stick with the yellow metal though and leave the stocks to guys with a better hang of them.

It looks at last that there are some clear skies for them now. I wish you guys all the best.

gg

 

[greggles]

And there we are at last. A$4,000 gold.

 

[Sean K]

And there we are at last. A$4,000 gold.

View attachment 185984

A couple of parabolic moves after significant breakouts.

Been a good trade since 2019.

 

[Garpal Gumnut]

The highest PMGOLD got to today was $39.74 , the ASX must have closed before the final push over $4000 this afternoon. I do wish you guys wouldn't change your clocks so much, it's doing my head in and it's bad for your sex life. Dr. Who I am not. I believe New York changes clocks in early November which is another discomfort I must look forward to.

gg

 

[ducati916]

Free book on history of gold:

https://academy.saifedean.com/wp-content/uploads/2023/03/Lips-Gold-Wars.pdf?utm_source=substack&utm_medium=email

jog on
duc

 

[win98]

I totally get what you're saying. With inflation creeping up, gold tends to shine as a safe haven. It’s always a good idea to keep an eye on gold prices during uncertain times, especially if you're looking to hedge against inflation. Overall I think you should invest in gold, anytime it will hold a price, even if its not the highest.

 

[DaveTrade]

I totally get what you're saying. With inflation creeping up, gold tends to shine as a safe haven. It’s always a good idea to keep an eye on gold prices during uncertain times, especially if you're looking to hedge against inflation. Overall I think you should invest in gold, anytime it will hold a price, even if its not the highest.

Hence the saying "this could be a golden opportunity".

 

[Sean K]

@Garpal Gumnut call of a $2600 support level has proved correct.

I was perversely hoping it would drop a bit deeper to other support levels to add a bit of coin, but it ran away from me, again.

I wonder if JMP and China will try and keep the price down a bit longer or if it's out of their control.

Looks like FOMO with the BTD at every opportunity now.

 

[Garpal Gumnut]

@Garpal Gumnut call of a $2600 support level has proved correct.

I was perversely hoping it would drop a bit deeper to other support levels to add a bit of coin, but it ran away from me, again.

I wonder if JMP and China will try and keep the price down a bit longer or if it's out of their control.

Looks like FOMO with the BTD at every opportunity now.

View attachment 186041

Thankfully !!

My first 5oz buy of Gold back in the late 1970's was for $600 an ounce when it fell from about $800.

It continued to fall and it took 7 or 8 years to get back to what I paid for it. So gold can go up and down. The USD and the AUD were at parity and for a while the AUD was actually stronger than the USD.

Interesting times now, as they have always been. Gold seems set above the $AUD 4000 mark now. ( touches head ).

gg

 

[ducati916]

Gold will make a run for the PP





Setting up nicely.

At work, more and more people are talking about gold. Gradually re-entering the mainstream.

jog on
duc

 

[Garpal Gumnut]

It will not be long before we see Gold and Silver ingots on sale at Bunnings or Harvey Norman.

That great group originally named by Paul Keating as the Mr. and Mrs Shopping-Trolley family have the bit between their teeth, credit cards out and are ready to purchase the shiny metal.

gg

 

[DaveTrade]

Gold is looking very strong but markets don't just go straight up. You can see on the chart below the steepness of this latest move and how far it is away from the 50MA now, gold is due for a consolidation or pullback. Traders entering the market now would be entering with increased risk unless you are trading very short-term. @Sean K has mentioned this earlier and now this market has entered into my look-for-pullback zone.

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