Gold Monitoring Thread $ (USD) only

[HerefordBullyun]

Bank of America is saying 3k gold

[Kman]

I've been looking at the gold chart and I've drawn in something I really like

I've always had the blue lines but I zoomed out and looked at the bigger picture

[MancunianStacker]

Smash paper buy physical 👌 

[Martlet]

2 hours ago, Kman said:

I've been looking at the gold chart and I've drawn in something I really like

I've always had the blue lines but I zoomed out and looked at the bigger picture

 

Break of the support gives a target of ~1650.

[RedDragon77]

Gold to DXY inverse pattern has broken down these past few weeks.

[Martlet]

Flirting with weekly 50MA, this week will set a new tone if it goes below.  Nothing in the charts indicates support, only macro news wishing for stimulus.

[Frenchie]

On 25/11/2020 at 21:22, Martlet said:

Break of the support gives a target of ~1650.

Hello, 1775 was my target for the retracement from the august high 

For me, strong support in the 1750/1775 zone, (50% fibonacci around 1765,  short term resistances around May, now support (before the explosion to the historic highs),  very strong LT previous resistances, from (2011-2013), now support.

To be noted :

- the DXY (dollar index)on the verge of breaking support now (target : 88 - 2018 bottom). However, it needs to be confirmed because the DXY pattern could be a descending wedge (bullish). If the falling DXY is confirmed, it's very bullish for gold.

- Friday, interestingly, the miners (GDX, GDXJ) did not follow the trend  and they finished higher, despite the lower gold price. It was a low market volume, and we need to see if this trend continues today to confirm a divergence that could induce a bottom for gold.

- Gold RSI daily is now in oversold territory  

 

Gold could spike lower of course, but it would stay at these levels for a short time. 

LT Trend is definitely very bullish and the retracement from the highs, very healthy - next target 2400/2500 usd 

 

Edited November 30, 2020 by Frenchie

[Frenchie]

3 minutes ago, Frenchie said:

deleted

 

Edited November 30, 2020 by Frenchie

[Oldun]

On 29/08/2020 at 05:12, Oldun said:

I think this is where a drift down begins over the next couple of months. I cant see au being allowed to rise into an election imho. I could easily envisage a $200 drift lower to @ $1750 from here before the next assault upwards.

Are we nearly there yet ?

[DarkChameleon]

2 hours ago, Oldun said:

Are we nearly there yet ?

I wouldn't call it a drift down, slip more like...now to cast-off the newbys and it should stabalize.

[Oldun]

4 hours ago, DarkChameleon said:

I wouldn't call it a drift down, slip more like...now to cast-off the newbys and it should stabalize.

Look at the date. $200 down since the back end of August is a driftdown

[DarkChameleon]

14 hours ago, Oldun said:

Look at the date. $200 down since the back end of August is a driftdown

In gold that can be made up in a week, with elections, brexit, money flowing from everywhere, greedcame in and now its flowing out...I think by years end it will be back to $1850 and higher.

[Oldun]

16 hours ago, DarkChameleon said:

In gold that can be made up in a week, with elections, brexit, money flowing from everywhere, greedcame in and now its flowing out...I think by years end it will be back to $1850 and higher.

Things start to kick off from Spring 2021 imho. Barclays have just increased interest rates on 5 fixed interest residental mortgage types...does this signal the start of inflation ? 

Edited December 2, 2020 by Oldun

[DarkChameleon]

41 minutes ago, Oldun said:

Things start to kick off from Spring 2021 imho. Barclays have just increased interest rates on 5 fixed interest residental mortgage types...does this signal the start of inflation ? 

Signals their need to make profits increase from mortgages, if the stone rolls 9ntop of home owners this may be turned around with many rental and foreclosed hitting the market in the next three to six months.

[RedDragon77]

Probably in the minority here but I am enjoying the bounce backs, whatever the exact causes.

[Oldun]

For fun and giggles, I see $2700 and @$40 by the end of 2021.

Edited December 2, 2020 by Oldun

[DarkChameleon]

4 hours ago, Oldun said:

For fun and giggles, I see $2700 and @$40 by the end of 2021.

I'm putting everything in frozen concentrated orange juice.

[dicker]

@DarkChameleon Anything you say Mr Duke! 🙂

[MancunianStacker]

Pork bellies 🐖 

[Oldun]

Platinum

[HerefordBullyun]

900 billion fiscal stimulus vote going tonight. Watch the gold and pm miner markets price this week. 

[DarkChameleon]

Its going to go up but not much I think, they knew it was almost a done deal this week so its been mostly priced in.

[Bumble]

The gold price was driven down hard first thing. It may have been to get a low price on the London a.m. fix (at 10.30 GMT), or it may just have been to get a low start to the day. The low price didn't hold, but it didn't recover fully either.

[RedDragon77]

Slight rise in DXY up 0.08 0.08% to 90.09

Another day of divergence with Silver rising nicely today.

[DarkChameleon]

37 minutes ago, RedDragon77 said:

Slight rise in DXY up 0.08 0.08% to 90.09

Another day of divergence with Silver rising nicely today.

A dollar from its highest at 1am i think but if the Wallstreet low had continued it could have been a lot lower.