I'll change my mind on "Where Gold is Heading" in light of the destruction of value in Crypto.Where is Gold going to next?. A refrain from all posters.
I have absolutely no idea to be honest what with the $USD, Ukraine, Fed, Russian Oil, China, Taiwan, US House and Senate elections, MAGA, The Democrats, De Santis, Old Boy Biden ( the Democrats really don't deserve to win a toad race at the old Airlie Beach hotel for picking him), Trump, Putin and all the other F-wits leading major nations in very troubled times.
The 3 month chart looks hopeful for a breakthrough $USD1735 which will put $USD1800 within reach and then all the experts will be looking for $USD100 jumps through $USD2000.
I doubt if it will collapse down to or below $USD1600.
So, my guess is UP or RANGE.
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Then there is so much "money" out there after the easing outside of markets, bonds, crypto, RE and Gold that Gold may be the only "safe" haven after interest rates peak early next year.Agreed, money should flow from crypto back to gold. That is, if they can get their money out of the "exchanges".
I hope this is the case though who knows with my interests (NVA). The current board's strategic priorities having me lacking confidence they can capitalise on this movement.Looks like the current trend for Gold is the real deal, up 2.5% in overnight trade. USD starting to fall, Bonds falling as well. Gold miners should rocket higher today
To follow up on my previous post on GLD, at this point I'm still bullish. As shown on the chart below I indicated that an aggressive trader could enter on Monday Nov 7th. I think that this move will probably go on to the resistance zone overhead between the 165-168 levels.
A new uptrend has not formed yet so it makes sense to continue to trade this in a tactical manner, so I'll be looking for a place to exit and then wait for a pullback to re-enter long if the market holds true to a long bias.
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I think if you wait until you get ultimate proof that Gold prices are heading north that it slaps you in the face, you will miss out on profits.Well, colour me surprised, but the reaction to 2680 was not a nice one, so maybe a bit less surprised.
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We spent less than one minute above 2680, in the very illiquid moments of the CPI print and supplied non-stop since then.
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I am still skeptical.
I think if you wait until you get ultimate proof that Gold prices are heading north that it slaps you in the face, you will miss out on profits.
In the end it’s your money.
Currently GLD is moving up, priced in $US, but the $US is moving down in value thus helping GLD move up. The $AUS-$US pair is moving up so this will work against your long position in a GLD trade. Does anyone have a chart of Gold in Australian dollars to show us.
I'd agree @DaveTrade