Gold Price - Where is it heading?

[greggles]

First stop is US$2,500 and I'm convinced we will get there this week. I think it will go below that but if it goes lower than US$2,450 then US$2,300 is possible. But I don't see any scenario where it goes lower than that, other than some kind of black swan event.

I think gold will bottom out somewhere between US$2,450 and US$2,500.

 

[DaveTrade]

Hum i am optimistic on a rebound, but got tight SL on that one for as i reentered some positions on friday based on some chart crystal ball readings

Hope I'm wrong about it going lower but the big trend is still intact.

 

[Garpal Gumnut]

Physical gold can be can be confiscated by the Government which has happened before in America and our country

Part IV Banking Act 1959 Australia
Gave the authority to seize gold from private citizens in exchange for paper money. The act was abolished in 1976

Executive order 6102
President Roosevelt orders gold to be surrendered to the Federal Reserve in exchange for $20.67 an ounce
May 1, 1933

Interesting that you say that. I assumed that our gold bars were in my good wife's knicker drawer and after I sold all the SMSF's PMGOLD I went looking for it. As I searched she came in to the bedroom and said in "that" voice, "What are you doing? " I replied that I wanted to count rhe Gold Bar. She said she had moved it as she read an article that the knicker drawer is one of the first places thieves search for valuables.

I said to her, "So what would happen if they tortured me and couldn't find the bar?"

She just shrugged her shoulders. She still hasn't told me as she says I am unreliable !! So the government won't find mine as I don't know where it is.

gg

 

[Garpal Gumnut]

While it would be nice to see some consolidation at $2500 it is more likely to occur at $2300-$2400 or thereabouts on the chart. There is still considerable volume in the retracement from all time highs and Gold is no longer the commodity of risk and mania it was just a few weeks ago. Lower lows and lower highs are visible on this 4 hourly chart from kitco via trading view.

It won't frop as much in $AUD as gold is denominated in $USD and the latter has gained strength since Trump's win.The new POTUS has certainly had some interesting picks for his cabinet so I see no reason why gold should not increase in price once it stabilises. Who knows what fundamental reason there will be for a reversal. Iran is a bit of a worry. If there is a change of leadership to a more Western friendly one the losers won't just get a nice retirement in a mosque of their choice, they'll feel themselves lucky to be quickly shot.





gg

 

[Sean K]

Second slightly unconscious cat.

Let's see what it does at it's first floor challenge across 2600 ish.