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Gold Discussion

Quoting Xaron
[i]While I'm talk about China, I was wondering if you all caught the interview on Fox (I didn't, of course, it was pointed out to me by a reader!) where U.S. Rep. Mark Kirk, was interviewed and asked questions about his accompanying U.S. Treasury Sec. Geithner on his Magical Currency Tour last month to China... In a private discussion with Chinese officials, Kirk was told that the Chinese were extremely concerned about the likely near term decline in the dollar because of the "explosion" of government debt. And... [b]As a reaction to this concern,...
sell when people wanna buy... haha
Thanks for the warm welcome Epilogue and Zuret9. Im based in London so I trade while im awake in general.I trade on chart analysis and news.Its always scary making one's 1st post.I agree this thread needs livening up so i will try to post some charts and thoughts soon.
I see this a positive upwards pressure. As dollar weakens a little against the EUR.

https://rt8.it-finance.com/secure/Fi...5552666436.gif
Here is a nice dependence between the PA and the 52 weekly sma, it was always a good support and a signal to buy gold, with the start of the crisis this dependence and the support were broken, but now it seems like a good buy method again. I will not rush in to buying gold yet, but if I see the price hitting the MA I will definitely consider about opening an order.
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Pirin - That's a nice chart of weekly gold. It supports my feeling that the $1000 USD mark is a formidable wall - both technically and psychologically. It will take a major world upheaval (e.g. Israel bombs Iranian nuclear facilities, North Korea launches missiles into South Korea, etc) to significantly break that barrier in the next year or two. For now through 2011 it looks range bound between $1000 and $850 USD.

Those looking for gold to go to $2000 - $5000 may have to wait a generation unless - as mentioned above - there arises a major world incident.

Good Investing to All
Quoting schpsyk
Pirin - That's a nice chart of weekly gold. It supports my feeling that the $1000 USD mark is a formidable wall - both technically and psychologically. It will take a major world upheaval (e.g. Israel bombs Iranian nuclear facilities, North Korea launches missiles into South Korea, etc) to significantly break that barrier in the next year or two. For now through 2011 it looks range bound between $1000 and $850 USD.

Those looking for gold to go to $2000 - $5000 may have to wait a generation unless - as mentioned above - there arises a major world...
I agree. The ranging channel is yet to be set up, it may be a bit wider than expected and we may even see the gold testing old pre-crisis support levels in the next year, it all depends on how fast the recovery will arrive. The faster the stock markets grow, the more the gold price is going to decline, because of the investments relocation and increased risk appetite. There should be no question about if gold is going to reach $2000 or not afterwards. The crucial point will be how fast are we going to get there - if the inflation is going to pick up speed rapidly in the big economies (China, USA, EU, Russia, Canada...) gold may go through $2000 like through butter, but if those states somehow succeed in keeping inflation under control (<3%) in each period we may end our rally at $2000. As you mentioned there are the two sides of the market -> the material (technical) and the psichological. For example if we have an economy with 5 tons of gold mined from the planet so far, and $5 million as monetary units in the first period, and in the second we have 6 tons of gold mined (+1 ton mined in this year) and $10 million (+$5 million printed from the central bank), even without any procentual change in supply and demand, the gold price will adjust on the new money supply volumes and we will have a higher price. So it's pretty much going to be all about bottom picking in the next year.
Quoting Smoley
...I trade while im awake in general.
Always a good thing to do.

Z
Ok, i think here is a short term buy opportunity 918.90 -> 939.50
Quoting Pirin
Here is a nice dependence between the PA and the 52 weekly sma, it was always a good support and a signal to buy gold, with the start of the crisis this dependence and the support were broken, but now it seems like a good buy method again. I will not rush in to buying gold yet, but if I see the price hitting the MA I will definitely consider about opening an order.
Notice how the highs are all lower on that weekly chart, making a 123. Trend may be changing.
Just Trade It
Quoting Big Wave Rider
Notice how the highs are all lower on that weekly chart, making a 123. Trend may be changing.
I saw that. Even now weekly is giving a strong sell signal, but I am going to try out a lower time frame buy trade. G8 is today and China and Russia raised the question about a new currency to take the place of the dollar. What better pair is there to reflect this matter than the XAU/USD
Quoting Pirin
Ok, i think here is a short term buy opportunity 918.90 -> 939.50
Pirin,

Attached is a chart with your buy zone and target. Out of interest, why would you be looking to buy at 918.90?

Z
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Gold is behaving in the weirdest way possible today. With the usd going downwards, gold is following as well!!! Now i dont understand it, even with oil worse than forecast, its going down as well!! completely baffled.
Quoting zuret9
Pirin,

Attached is a chart with your buy zone and target. Out of interest, why would you be looking to buy at 918.90?

Z
Well the original idea was that today is G8 Meeting, H1,H4 and Daily seem oversold and Weekly gives a sell signal, relying on experience there is always a strong bounce in this scenario, but now when the 914.30 is broken to the down side I will probably be proven wrong. A new bottom is always a bad sign.
Quoting Pirin
Well the original idea was that today is G8 Meeting, H1,H4 and Daily seem oversold and Weekly gives a sell signal, relying on experience there is always a strong bounce in this scenario, but now when the 914.30 is broken to the down side I will probably be proven wrong. A new bottom is always a bad sign.
I was just wondering why you were thinking of buying in the face of heavy selling! Minor retrace possibly but i don't see any encouraging sign(s) for bulls just now.

Z
Hhahaha.. this is getting funnier. Anyway Gold is very bearish this lately. I'm will go for bearish at the moment until I have my signal in bullish market.
Quoting wondercorn
Hhahaha.. this is getting funnier. Anyway Gold is very bearish this lately. I'm will go for bearish at the moment until I have my signal in bullish market.
Lol G8 meeting, European Central Bank and German government are all very optimistic about what the economic conditions in 2010 are going to be like. I have a very strong belief that these expectations aren't going to be backed up. I'm bullish on gold and will keep the position from yesterday that is currently -303 pips. All states are in debt and printing money, it is election year, so taxes aren't going to be increased, which means that the budget deficit will be filled with new loans and even more printing. There is no way that gold isn't going to go up in the near term, I was wondering if it is going to range or seek for a new bottom in the following months, but now I think it is time to get ready for take-off. New TP 958.50.
A picture says more than a thousand words
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Quoting Hell7
A picture says more than a thousand words
Jep i agree, i"ve entered the market at 922.x an unce and my target is 880. Hope reaching it soon.
I am back. Actually, I never left...
So it's me against the world again Weekly still looks bearish, I can only hope that I am right with my experience of PA and logic
I think in this 2 weeks will be the turning point.

Either it become God, or it become dog.
Just a monkey who love to dance and laugh. {Promotion Removed}
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