Gold RIGHT NOW

I'm thinking it might be about time for gold to take a breather. Look at how far it has come since June:



Yields have gone lower and lower, it feels to me like this whole move has been overextended. I'm not calling an end to this bull run in gold, just that we might be entering a consolidation period in the near future.

Gold is taking a breather right now. The SHFE exchange is on their lunch break. At the SHFE, they sold gold until pretty much lunch time. It's not uncommon for that same sentiment to return after the lunch break. Especially if they didn't have a good lunch.

Here's a 15M chart of gold since the SHFE open. Heavy selling pressure.

Gold right now is trying to regroup after a $10 drop over the last few hours. Buy limit order in for 1535.5. Looking for the bulls to come out and push to upper 1540s today. Check out some good dialog on today's action over at 4+1 strategy thread.

Looks like you may get your wish

I'm talking about a higher timeframe. Maybe we get another week or two of upside, then a month where it consolidates.

Interesting. That timing would coincide with my view that a rate cut in September isn't followed up with one in October. If gold continues to move higher on lower rate expectations, it will be until at least the next FOMC meeting on Sept 18th. After that is when I think the markets get a wake up call and begin to face the reality that the Fed is not in an easing cycle.

Things could change. But the data that we have right now, tells me that two consecutive rate cuts (following a rate cut in order to 'continue the expansion') isn't warranted. The Fed cannot exhaust their ability to lower rates right now. The economy isn't there yet.

My prediction is that after the Sept meeting, the Oct meeting starts to get attention. Then, markets start to realize the Fed won't deliver another rate cut. As rate cut bets shift, gold will fall as the USD rises. However, I've been saying this in all my gold lower predictions. Any drop in gold prices due to USD strength is met with buying pressure. Gold will continue to have limited downside risk as long as the trade disputes continue, tariffs keep escalating, Brexit drama keeps coming, and everything else going on. Not to mention the slow down in global growth.

While I agree with you that it might consolidate, I wouldn't bet that it will remain at one level for a month. There are too many potential triggers ready to hit the headlines any and every day. All of which will probably send gold higher. Too much global uncertainty to not be bullish on gold.

Right now I see Gold/Silver ratio appears to have made a significant top pattern - The Engulfing bear candle on the monthly chart. It is headed much much lower possibly close to 65. One can initiate new positions here and also, go add to positions near 90 if a rally is seen.

Gold doesn't know which way to go right now. Initially at the SHFE open it ticked lower but now buying is coming in. Early on it looks like we could see gold prices move up during the first half of the SHFE session.

The ECB's Knot came out today saying he didn't think QE was needed. This brought up global yields and knocked about $20 off gold. Bonds were way over bought (which brought up gold) so Knot's commentary may have marked a short-term top for gold.

Imma get a quick short up in here.

tp1521.00
sl1526.50

gold can go 1450

Right now gold is dropping. Today's decline may not be over. We are at support right now. A break and we should see some more selling come into the market.

Man I shuda listened to you... panties off 1523 and fallin...

Heavy selling pressure since the SHFE open. Right now, gold is looking like a good short.

Gold right now is down after a gap up start this week. It is hovering around 1525. Feeling bearish, but hope to buy back in if we hit 1518 level. Looking for some short opportunities on the way down.

Gold right now is dropping on very light volume. I'd probably stay clear of opening any new positions in the absence of any significant volume.

Yesterday was challenging for gold vs MA (200) in TF H1, and it seems bulls gonna win the game for following days. So look after strong supports for long entry on 1520 or 1502.

Heads up ya'll RBA rate decision is due in like 3 mins... RBA is SUPPOSED to hold.....

False alarm... not muchofa reaction in metals. AUD popped doe! Fade that bitch LOL