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  • #14,381
  • Aug 15, 2014 8:11am Aug 15, 2014 8:11am
I am probably bull biased but imo this could be a correction. If you look to left of the chart at about half way through June there is much resistance and a very strong level to break. I am watching the fib 50 level for a potential turn (though it is a very hard drop). If it does turn around this level then there may be enough momentum for further upside with a H&S (thick while TL). Even with a further drop I am still bullish for a while yet.

(made some nice pips on the way down though )
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As the lights go by so too do the shadows move
  • #14,382
  • Aug 15, 2014 8:12am Aug 15, 2014 8:12am
why disaster, not really sure why so many were bullish after 4 rejection candles on the daily chart, some of us are actually bearish and have been saying, what a nice way to finish my friday
  • #14,383
  • Aug 15, 2014 8:12am Aug 15, 2014 8:12am
I'm in a daze! Why exactly has gold moved this much? It looks like we are headed to the 1,280 area. Anyone with ideas why this metal has broken all it's supports today?
  • #14,384
  • Aug 15, 2014 8:12am Aug 15, 2014 8:12am
Quoting Karpa
{quote} Gold is now roughly at production price, it has to go up imho
quote"According to Bank of America Merrill Lynch, the division produced gold at $765 per ounce, almost $100 an ounce less than AngloGold’s operations in Africa – which should be the cheapest mining destination."

http://www.miningglobal.com/operatio...ning-Companies


gotta see where u mine that gold.
  • #14,385
  • Aug 15, 2014 8:15am Aug 15, 2014 8:15am
Quoting Mike.Ngere
I'm in a daze! Why exactly has gold moved this much? It looks like we are headed to the 1,280 area. Anyone with ideas why this metal has broken all it's supports today?
nothing to be worry about, this is normal for gold. u havent see the hay day of gold when it move 100 dollars daily.

russia/ukranie cool down, iraq having UK and british support and the new government finally formed.

normaly usa data today which is good, means growth.

the old fixing system got replaced, noone to artificially pushing the price up.

relax and watch the show. i arent going in till gold break 1200 or go up 1400. all this is just range trading. nothing much to get excited about.
  • #14,386
  • Aug 15, 2014 8:16am Aug 15, 2014 8:16am
Quoting Mike.Ngere
I'm in a daze! Why exactly has gold moved this much? It looks like we are headed to the 1,280 area. Anyone with ideas why this metal has broken all it's supports today?

as long as we close above 1291-93 level the impulse waves are still in tact... 1279-80 is the start of the new impulse wave cycle
  • #14,387
  • Aug 15, 2014 8:17am Aug 15, 2014 8:17am
Should retrace to 1301
  • #14,388
  • Aug 15, 2014 8:17am Aug 15, 2014 8:17am
Quoting wafiqsalameh
{quote} clear break of this number is a disaster south,having my stop and sell stop @1291
I think golds hard line to break is still 1287.

I think for those bulls out there patience is key, yes after days of rejections it became clear the gold needed a drop. 1320 will return with a vengeance.

The mystery on hand is how strangely silver has acted. This could be because of the end of the london silver fix?
  • #14,389
  • Aug 15, 2014 8:19am Aug 15, 2014 8:19am
Quoting Karpa
{quote} Gold is now roughly at production price, it has to go up imho
I was reading something a while back that stated the production costs of gold are approximately $1000 an ounce.

Also the other thing is there have been quite a few new discoveries of gold over the past few years, South America, Australia, China, Russia, Africa, etc etc

Maybe this is having an effect on the gold price and there is just more of it about???

The way it is going at the moment, pretty soon they'll be giving it away with cornflakes

Anyone any idea what or who caused the sudden dive which started before the US news came up???

Maybe it was my dentist selling off all his scrap gold teeth)
'Life' only really begins just over the edge of our comfort zones
  • #14,390
  • Aug 15, 2014 8:21am Aug 15, 2014 8:21am
Quoting KiwiOz
Gold & Silver heading down. {image}
Should get a pullback to around 1300.
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Money Makes Money
  • #14,391
  • Aug 15, 2014 8:21am Aug 15, 2014 8:21am
Quoting weti
{quote} I think golds hard line to break is still 1287. I think for those bulls out there patience is key, yes after days of rejections it became clear the gold needed a drop. 1320 will return with a vengeance. The mystery on hand is how strangely silver has acted. This could be because of the end of the london silver fix?
the end of london fix was my assumption. although my bets were long and now are way under water.
  • #14,392
  • Aug 15, 2014 8:22am Aug 15, 2014 8:22am
Its the cash out day baby yeahhhhh
hhhhhh (",)
Senior Trader Multi-Account Manager
  • #14,393
  • Aug 15, 2014 8:23am Aug 15, 2014 8:23am
Quoting ohguowei
{quote} quote"According to Bank of America Merrill Lynch, the division produced gold at $765 per ounce, almost $100 an ounce less than AngloGold’s operations in Africa – which should be the cheapest mining destination." http://www.miningglobal.com/operatio...ning-Companies gotta see where u mine that gold.
Thanks ohguowei, I'll check that later.
Many green pips 2U
  • #14,394
  • Aug 15, 2014 8:24am Aug 15, 2014 8:24am
congrats lorix, willing a pair to go long does not work, I am still bearish too 1272 44 supply demand and fibs
  • #14,395
  • Aug 15, 2014 8:25am Aug 15, 2014 8:25am
Could this drop have something to do with so called improvement in geopolitical situation regarding Ukraine?
"The market can remain irrational longer than you can remain solvent"
  • #14,396
  • Aug 15, 2014 8:26am Aug 15, 2014 8:26am
Quoting Yudi1354
shorted @1317.5xx TP1 1290 TP2 1265
USD
Dropping it like, its hot
  • #14,397
  • Aug 15, 2014 8:27am Aug 15, 2014 8:27am
Quoting iaveight
congrats lorix, willing a pair to go long does not work, I am still bearish too 1272 44 supply demand and fibs
Thx mate
ill wait now and stand a side i wont risk a long trade if it back up ill start to short again
ill keep it like that till 1040 (",)
Senior Trader Multi-Account Manager
  • #14,398
  • Aug 15, 2014 8:28am Aug 15, 2014 8:28am
Now it can rebound upto 1304.xx, then i will add some more shorts
  • #14,399
  • Aug 15, 2014 8:28am Aug 15, 2014 8:28am
Wall Street ended Thursday up after some conciliatory remarks of the president of Russia helped allay concerns about an escalation in the conflict in Ukraine and behind the corporate reporting Walmart.
  • #14,400
  • Aug 15, 2014 8:28am Aug 15, 2014 8:28am
Quoting weti
{quote} I think golds hard line to break is still 1287. I think for those bulls out there patience is key, yes after days of rejections it became clear the gold needed a drop. 1320 will return with a vengeance. The mystery on hand is how strangely silver has acted. This could be because of the end of the london silver fix?
Imo silver needs to retrace to the lower 4hr channel TL which corresponds to the daily/weekly BO TL (from 28.8.13) at around 19.19 before continuing with the weekly BO.
As the lights go by so too do the shadows move
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