Gold Monitoring Thread £ GBP only

[goldking]

6 hours ago, 5huggy said:

well the charts are looking good today! 😉 👌

I've only just realised that chart embed is interactive and actually changes as the price moves!  I thought I was losing the plot as I looked at it earlier and the price wasn't anywhere near as here as that.  Really shooting for the sky today, less than $2 from breaking through the $1600 mark, or £1226 in our money. 

[Agpanda]

over 1600$ now

 

[goldking]

8 minutes ago, Agpanda said:

over 1600$ now

 

Yep, and broken through the previous GBP high of £1228.53 back in early January.  £1229.31 as I write, new GBP high for this year.  https://uk.tradingview.com/symbols/XAUGBP/ .

Edited February 18, 2020 by goldking

[Kieran95]

wow 1234.17 where do we go from here 1300/1350 by the end of the year ???

[Paul]

Silvers broken £14oz to, were off to the moooooon!!!!!!!

 

[SilverPirate007]

Or does this imply a correction is imminent?

[sixgun]

There will be corrections, profit taking and the like - i was expecting a pull back to $1600 - price holding and consolidating here for a bit. That would be better.

[goldking]

Just shy of $1610 / £1240 now.  Could see this coming as it was only a matter of time until the major players in the USA started issuing profit warnings because of the China supply issues - Apple in yesterday's case.  There will be more to follow.  The increase yesterday would have been even more but the dollar strengthened a little.

[vand]

Let's have it again:

 

The secret to mastering the markets is very simple but also paradoxically hard: just find a bull market, get long, sit on it, and have the patience to ride out the corrections 

Gold is undoubted in a bull market. Get long, sit on your hands, and enjoy the ride. It's early days. We are still the the "Stealth" phase where it's basically overlooked by everyone except the people who follow it closely.  We still have to reach the institutional phase, never mind the public awareness or mania stage. You will know when its time to get out because by that time gold will be a very popular investment by the mainstream.

Edited February 19, 2020 by vand

[SilverPirate007]

19 minutes ago, vand said:

Let's have it again:

 

The secret to mastering the markets is very simple but also paradoxically hard: just find a bull market, get long, sit on it, and have the patience to ride out the corrections 

Gold is undoubted in a bull market. Get long, sit on your hands, and enjoy the ride. It's early days. We are still the the "Stealth" phase where it's basically overlooked by everyone except the people who follow it closely.  We still have to reach the institutional phase, never mind the public awareness or mania stage. You will know when its time to get out because by that time gold will be a very popular investment by the mainstream.

As will silver

[HawkHybrid]

19 minutes ago, vand said:

Gold is undoubted in a bull market.

 

Quote

IMO the biggest headwind that gold and PMs currently face is that the rest of the commodities complex are steadfastly refusing to show any sort of strength. This is very different to 2001-2008 in the first part of that bull market when oil and other commodities were staging a cyclical bull market.

IMO this can't continue.. either the rest of the commodities will begin to move higher also, or this nascent bull market in PMs will be over before it has a chance to do anything significant.

 

gold is not confirmed to be in a bull market.

this could just be a decade+ correction from

the 2011 highs.

 

HH

[goldking]

And.. $1610 is here.  https://uk.tradingview.com/symbols/XAUUSD/  

[vand]

21 minutes ago, HawkHybrid said:

 

 

gold is not confirmed to be in a bull market.

this could just be a decade+ correction from

the 2011 highs.

 

HH

Dunno what your definition of a bull market is.

 

Gold's current USD price:

- New 7 year high

- 52% advance off the last major low

- Above an upward sloping 233dma

 

Things only get more favourable if you measure in GBP or most other currencies.

You'd struggle to find another anything else fitting those parameters that people would say isn't in a bull market, and even factoring in inflation it doesn't really change anything over the timeframe.

 

Edited February 19, 2020 by vand

[5huggy]

Says enough for me for now! 😍

Edited February 19, 2020 by 5huggy

[HawkHybrid]

36 minutes ago, vand said:

Dunno what your definition of a bull market is.

 

for buy and hold it's the decisive making of all time

highs given time, without returning to test or break

it's current cycle low.

 

36 minutes ago, vand said:

- New 7 year high

I'm talking in the midst of maybe a 14 year correction

from the 2011 highs. like what happened from 1980

until 2002.

bigger waves create bigger up trends. no matter how big

they are these up trends are not bull markets.

 

2002-2011 was an actual bull market.

the rally from 1985-1987 was not despite going up almost 80%.

(it never broke the 1980 highs before making new cycle

lows in 2002.)

 

(just so people know if this is actually an up trend it can

still reach $1730(78.6% fib retracment) or higher before

turning around completing the last section of the wave)

 

HH

Edited February 19, 2020 by HawkHybrid

[vand]

42 minutes ago, HawkHybrid said:

 

for buy and hold it's the decisive making of all time

highs given time, without returning to test or break

it's current cycle low.

 

I'm talking in the midst of maybe a 14 year correction

from the 2011 highs. like what happened from 1980

until 2002.

bigger waves create bigger up trends. no matter how big

they are these up trends are not bull markets.

 

2002-2011 was an actual bull market.

the rally from 1985-1987 was not despite going up almost 80%.

(it never broke the 1980 highs before making new cycle

lows in 2002.)

 

(just so people know if this is actually an up trend it can

still reach $1730(78.6% fib retracment) or higher before

turning around completing the last section of the wave)

 

HH

A decent explanation, thank you.

I personally do not think that a market needs to take out all times highs before it can be considered a bull (you can't account for eg a past bubble), although I agree the size of the move matters in relation to the size of the previous major move.

But gold is up 52% off a 45% peak-trough bear market, and only 17% off its USD all time high. In GBP and most other currencies we have set new ATHs recently so there is little doubt we are in at least a cyclical bull. 

 

[HawkHybrid]

if it reaches $1730 in the coming months with no

additional signs from the the miners etc. I'll be

considering taking some more profits.

it's been 4 years and 60+% retracement that's plenty

of time and price action for other bullish signs to

show up.

 

HH

[Tattoedamat]

not sure about gold mining they've not changed a great deal but my platinum shares from mining are going through the roof today

---

Added 0 minutes later...

I'm beginning to think along the same lines Hawkhybrid

[Safestacker]

Im on a rollercoaster of emotions right now.... 

[Pipers]

3 hours ago, HawkHybrid said:

 

2002-2011 was an actual bull market.

the rally from 1985-1987 was not despite going up almost 80%.

(it never broke the 1980 highs before making new cycle

lows in 2002.)

 

(just so people know if this is actually an up trend it can

still reach $1730(78.6% fib retracment) or higher before

turning around completing the last section of the wave)

 

HH

Hi, HH

Can you explain this please. 

This rise in Gold from £950 caught me off guard because i was expecting a grind with small up and downs trends untill a bottom in 2024.  Can you explain why i was completely wrong.

[HawkHybrid]

we might be looking at 2011-2015 wave A

then 2015 until sometime 2020 wave B

(assuming wave A = wave B in timing, in reality

we don't know until wave C is clearly confirmed

to have started)

2020 until maybe 2024 will then be wave C.

 

this is all assuming it's a recognisable complex

combination and not some really complicated

wave.

 

many pullbacks are structured in 3 waves,

given the names A,B and C.

the middle wave B is a rally (up wave) within the

larger pullback. you can see how the 1985-1987

wave B was within the larger pullback from

1980-2002. it was an up trending wave within the

price confinement of the larger pullback wave.

so the pullback wave goes: down, up, down.

the most common fib ratio for a wave B is to

retrace 61.8% of the wave A that preceded it.

for gold this would be ~$1600.

now that we've hit $1600 it's a matter of waiting to

see what happens.

 

HH

[Paul]

Thoses were the days

Just keep buying little and often, you will catch the dips, buy the high.  in the long run you should keep moving up in value with time 

[Cornishfarmer]

11 minutes ago, Paul said:

Thoses were the days

Just keep buying little and often, you will catch the dips, buy the high.  in the long run you should keep moving up in value with time 

I’m not sure you’d call that little and often....... only often!!!😂😂

[Pipers]

16 minutes ago, Paul said:

Thoses were the days

Just keep buying little and often, you will catch the dips, buy the high.  in the long run you should keep moving up in value with time 

Thanks Paul

3 minutes ago, Cornishfarmer said:

I’m not sure you’d call that little and often....... only often!!!😂😂

Good buying and investing though!   Them were the days £175 for a sovereign! Do you remember there was only about 10 of us on the forum per day and it was a competition who could get the cheapest gold. 

[Paul]

15 minutes ago, Pipers said:

Thanks Paul

Good buying and investing though!   Them were the days £175 for a sovereign! Do you remember there was only about 10 of us on the forum per day and it was a competition who could get the cheapest gold. 

Yup - the HGM chrome-extension "ping" as your alert would go off for the 3% oddity small coin that would apear 

The £370 1/2 oz gold at the bottom was was from our own @arshimo2012 my cheapest gold coin per oz  - still doing the same good deals & prices five years on