Gold Monitoring Thread £ GBP only

[Upsidedown]

2 minutes ago, HonestMoneyGoldSilver said:

We're in a nice consolidation range at the moment

A super basic analysis says the longer we stay in this range, the lower the RSI for gold (It was >70 in the past couple of weeks, now it's dropped to 56.4, the bottom squiggle in the chart below). A rating above 70 means overbought, i.e. possibly in line for a downwards correction, so being at 56 is much better than being at 76

If you check the cheat sheet you'll see the 50% RSI is rising in USD terms along with the 70% RSI. A few days ago the 70% RSI was at $2385 and now it's been pushed to $2432

XAUUSD - Gold Forex Trader's Cheat Sheet - Barchart.com

So the longer we stay in this range the more attractive it becomes to buy gold, which provides the foundation for the next 15% jump in prices. If we go too soon it's like leaving base camp to climb the peak with insufficient oxygen. Staying here and recharging the tank gives us a better chance of reaching the peak. Of course there are hardcore MFs who can do it without oxygen but plenty have tried in the past and their frozen corpses are still there on the side of the mountain 

 

[Shuaib121]

7 minutes ago, HonestMoneyGoldSilver said:

We're in a nice consolidation range at the moment

A super basic analysis says the longer we stay in this range, the lower the RSI for gold (It was >70 in the past couple of weeks, now it's dropped to 56.4, the bottom squiggle in the chart below). A rating above 70 means overbought, i.e. possibly in line for a downwards correction, so being at 56 is much better than being at 76

If you check the cheat sheet you'll see the 50% RSI is rising in USD terms along with the 70% RSI. A few days ago the 70% RSI was at $2385 and now it's been pushed to $2432

XAUUSD - Gold Forex Trader's Cheat Sheet - Barchart.com

So the longer we stay in this range the more attractive it becomes to buy gold, which provides the foundation for the next 15% jump in prices. If we go too soon it's like leaving base camp to climb the peak with insufficient oxygen. Staying here and recharging the tank gives us a better chance of reaching the peak. Of course there are hardcore MFs who can do it without oxygen but plenty have tried in the past and their frozen corpses are still there on the side of the mountain 

Speak in peasant terms ples. Happy face gold up 😊? Sad face gold down? 😔

[stefffana]

8 minutes ago, HonestMoneyGoldSilver said:

We're in a nice consolidation range at the moment

A super basic analysis says the longer we stay in this range, the lower the RSI for gold (It was >70 in the past couple of weeks, now it's dropped to 56.4, the bottom squiggle in the chart below). A rating above 70 means overbought, i.e. possibly in line for a downwards correction, so being at 56 is much better than being at 76

If you check the cheat sheet you'll see the 50% RSI is rising in USD terms along with the 70% RSI. A few days ago the 70% RSI was at $2385 and now it's been pushed to $2432

XAUUSD - Gold Forex Trader's Cheat Sheet - Barchart.com

So the longer we stay in this range the more attractive it becomes to buy gold, which provides the foundation for the next 15% jump in prices. If we go too soon it's like leaving base camp to climb the peak with insufficient oxygen. Staying here and recharging the tank gives us a better chance of reaching the peak. Of course there are hardcore MFs who can do it without oxygen but plenty have tried in the past and their frozen corpses are still there on the side of the mountain 

Very good analysis, thank you!

If I've understood well, the spot definitely will go up or down, up and down, upsidedown....

[Gruff]

4 minutes ago, Shuaib121 said:

Speak in peasant terms ples. Happy face gold up 😊? Sad face gold down? 😔

 

2 minutes ago, stefffana said:

Very good analysis, thank you!

If I've understood well, the spot definitely will go up or down, up and down, upsidedown....

The longer the support range is traded in the less over bought the RSI indicators become and the more support is put under the price, therefore allowing for more upside price movement

[James32]

6 minutes ago, Gruff said:

 

The longer the support range is traded in the less over bought the RSI indicators become and the more support is put under the price, therefore allowing for more upside price movement

Can we simplify this a little more, please!

[Shuaib121]

7 minutes ago, Gruff said:

 

The longer the support range is traded in the less over bought the RSI indicators become and the more support is put under the price, therefore allowing for more upside price movement

@treetop1280 crack open a cold one, the 1/20th are going up by a penny. WINNER!???

1 minute ago, James32 said:

Can we simplify this a little more, please!

The moon is a celestial body that orbits earth, and we may very well be approaching it.

[James32]

@Thelonerangershorse fell asleep 

[Shuaib121]

Just now, James32 said:

@Thelonerangershorse fell asleep 

Give him a sec, he’s just rubbing one out after reading @HonestMoneyGoldSilver analysis.

[Thelonerangershorse]

@Thelonerangershorse had to get up at 8am and wait for the postie with an SD parcel.

Said postie turned up with 34 second to spare.

[James32]

1 minute ago, Thelonerangershorse said:

@Thelonerangershorse had to get up at 8am and wait for the postie with an SD parcel.

Said postie turned up with 34 second to spare.

Mine have all been coming at 4:30 pm the past month

[stefffana]

1 minute ago, James32 said:

Mine have all been coming at 4:30 pm the past month

Yep. Your postman is a clever guy, he understood that your waking up and pad changing is after 2pm, so a delivery by 1pm is futile.

[Gruff]

17 minutes ago, James32 said:

Can we simplify this a little more, please!

Longtime support, put cottonwool under bottom. Ski blue and shiny

[HonestMoneyGoldSilver]

22 minutes ago, James32 said:

Can we simplify this a little more, please!

The price staying in the current range for a few weeks is more bullish long-term for gold than if the price were to skyrocket. Let me think of another analogy:

The price staying in this range is like pre-going out drinks. The price skyrocketing is like paying for all your drinks at the bar

Who can afford to drink more over the long term? The folks drinking before they go out and when they are out, or the folks who only drink when they are out?

[stefffana]

1 minute ago, HonestMoneyGoldSilver said:

The price staying in the current range for a few weeks is more bullish long-term for gold than if the price were to skyrocket. Let me think of another analogy:

The price staying in this range is like pre-going out drinks. The price skyrocketing is like paying for all your drinks at the bar

Who can afford to drink more over the long term? The folks drinking before they go out and when they are out, or the folks who only drink when they are out?

Another analogy:

Work roads on highways. One line in use, three lines blocked. Long queue, low speed, many queue jumpers in Audi and BMW making the life of everyone even harder.

After 10 miles of restrictions, everyone will speed up over 70mph for the next 20 miles to recover the lost time.

Capisce?

Have a nice afternoon!

[KRO]

7 minutes ago, HonestMoneyGoldSilver said:

The price staying in the current range for a few weeks is more bullish long-term for gold than if the price were to skyrocket. Let me think of another analogy:

The price staying in this range is like pre-going out drinks. The price skyrocketing is like paying for all your drinks at the bar

Who can afford to drink more over the long term? The folks drinking before they go out and when they are out, or the folks who only drink when they are out?

 

Just now, stefffana said:

Another analogy:

Work roads on highways. One line in use, three lines blocked. Long queue, low speed, many queue jumpers in Audi and BMW making the life of everyone even harder.

After 10 miles of restrictions, everyone will speed up over 70mph for the next 20 miles to recover the lost time.

Capisce?

Have a nice afternoon!

@James32said can we simplify this a little more please ffs

[James32]

2 minutes ago, KRO said:

 

@James32said can we simplify this a little more please ffs

Not sure about gold price, but basically get pissed at home to avoid the traffic 

[CaptCaveMan]

5 minutes ago, KRO said:

@James32said can we simplify this a little more please ffs

[James32]

£1874

[Shuaib121]

6 minutes ago, CaptCaveMan said:

Can this be simplified please? 

[SidS]

49 minutes ago, James32 said:

Can we simplify this a little more, please!

The longer it stays here the better. It will become the new bottom. Then it's upward.

[Shuaib121]

40 minutes ago, Thelonerangershorse said:

@Thelonerangershorse had to get up at 8am and wait for the postie with an SD parcel.

Said postie turned up with 34 second to spare.

Ahhh, don’t you just love missing your nans funeral to catch a RM delivery.

[Thelonerangershorse]

38 minutes ago, stefffana said:

Work roads on highways. One line in use, three lines blocked. Long queue, low speed, many queue jumpers in Audi and BMW making the life of everyone even harder.

After 10 miles of restrictions, everyone will speed up over 70mph for the next 20 miles to recover the lost time.

If the onanists in their nissan jukes would stay out of the BMW lane we wouldn't have this problem.

£1874.38 BTW.

[Gruff]

29 minutes ago, SidS said:

The longer it stays here the better. It will become the new bottom. Then it's upward.

It sure is looking like a nice ass bottom 

[Dankanugget]

Time for takeaway

[stefffana]

55 minutes ago, Thelonerangershorse said:

If the onanists in their nissan jukes would stay out of the BMW lane we wouldn't have this problem.

Where is that special lane for BMW, mate? Here maybe?🤔