What's next for gold?

[modofantasma]

What's next for gold?

 

[flyingveepixie]

Could go either way, as always..😂   but I don't see it going down much further than this because..... 

1.  of the ongoing developments and hoarding of gold within the BRICS

2.  there is so much (and ever increasing) trouble and uncertainty in the world and gold remains the safe haven.

Edited July 10, 2023 by flyingveepixie

[harrygill111]

Down d d d down 🎵

... Interest rates arent going down anytime soon 

[monkey]

Hard to tell,

I have a rising wedge pattern saying it could brake down much lower. I don't think it will brake down as low as the pattern draw as its a long way to go (£1160).

However there is some very strong support on a 0.7 fib level and its only just past the lower line of the rising wedge pattern. I'm leaning more to a brake on the upside.

[JamesH]

I’ve absolutely no idea but like the idea of a steady rise so have gone for £1601. I’d guess it’s likely to come down further but not sure it’ll go as low as £1399 so hedging my bets with a dip but then back to £1600 at some point

[MBTPSilver]

I think down across the next 3 months or so. Bouncing back towards the end of the year and into 2024. Would not be surprised by new all-time highs though in 2024.

[modofantasma]

Interesting after 16 votes we're 50/50

[daca]

16 minutes ago, modofantasma said:

Interesting after 16 votes we're 50/50

Just made a new order, I expect it will drop around 100 euro any moment now 🤣

Edited July 10, 2023 by daca

[Bratnia]

1 hour ago, modofantasma said:

Interesting after 16 votes we're 50/50

Which precisely aligns with the broader/general market (current price reflects the balance of equal opinions of a rise/fall).

[JohnA1]

I'm 50/50 but voted for downwards.

The manipulation has been going on for decades, chances are it will have a few more days in the sun.

As for these new-fangled Chinese/Indian/whaterver Bric layers everyone is harping about, all talk and no show. Roll on Aug 22nd 😄

[HonestMoneyGoldSilver]

I'll vote £1399 but I think we stop circa £1450/$1850 and that will be the bottom. If gold dips below that I believe the low it sets could be a low never revisited in nominal USD terms. In GBP there is the possibility of a 10% dip in gold due to the strength of GBP, i.e. GBP could go back to historical £1=$1.40+ range, which would put a GBP low in the £1350 range. That seems like a tail probability (<1%) at this time, then again it was very unlikely for GBP to drop to £1=$1.07, but we saw it happen in Sept '22. Momentum and irrationality can do crazy things to markets

Edited July 10, 2023 by HonestMoneyGoldSilver

[n1k0s]

With all the monetary debasement it is only going up. Manipulations can only last that long. I vote up. In usd terms 2200 by eoy

[ZRPMs]

I'm really not sure. Although not as bad as silver the price of gold to me seems too easily manipulated. As gold is now a tier 1 asset I see a steady increase as time moves on with the odd fluctuations up and down as we trend to the up side. 

[Bratnia]

2 hours ago, HonestMoneyGoldSilver said:

GBP could go back to historical £1=$1.40+ range

Could return to £1=$4+ range as it was in years prior to 1948, but somehow I don't think that's likely. Historically there's been a broad tendency for the US dollar to decline relative to gold, Pound declines relative to US dollar

But note potentially long periods of plateaus. Fiat currencies strive to peg to gold and can achieve that across decades, but then economic stresses occur and adjustments are made to reset the fiat current to a new lower plateau level.

A problem for many with gold is that they'll lack the required patience. More so for the younger gen who are more inclined to require near instant gratification or otherwise lose interest. I suspect that there's quite a bit of young-gen money in gold in reflection of more recent history (of relatively fast gains) that could quickly/easily vanish, once some other distraction (asset) becomes in vogue.  When many bought-high, end up selling low, those losses can long-term-mindset, have gold being widely considered as a losers-asset. For those that stay the course, add more gold as prices decline funded by selling some stocks as they make good gains, so individuals collections can see their gold stack increased multiples, perhaps 10 times more ounces of gold being held without having added a single penny, and where at some point another economic stress comes along when that mountain of accumulated gold yields great rewards, typically at a time when stock prices are stressed. And when once again there are those that will buy into the high gold prices as gold once again becomes vogue.

Pretty much a certainty that at some point the Pound will hit parity with the dollar, and that the dollar will have declined relative to gold. The main question is when. Could be weeks away, could be decades away.