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The gold is still above Us$2300, far away from the support of US...

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Hope333

2,339 Posts.

1383

10/06/24

15:39

Post #: 74245322
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The gold is still above Us$2300, far away from the support of US $2000. it is still too early to call the selling mood.

I see the retreat is a healthy sign for gold to consolidate at this price level before challenging $2500 later this year.

Originally posted by MIStragic: ↑

Well that "moon shooting" has been put on hold - the extraordinary 3.5% drop in the US$ POG, and the sharp sell off in the GDX and GDXJ may sober a few ... especially if the trend continues next week and beyond.
Yes, the selloff was less in the A$POG because of the drop in A$, secondary to a big selloff of major resource stocks.
The continued decline in oil prices may help ease AISC, but for the time being thats as good as it gets.
As for those predicting the "inevitable disappearance of fiat currencies" - we'll all be long dead before the major fiat currencies expire.
It remains to be seen if Big RED can hold while all around are falling .... it never pays to get too far ahead of oneself, nor too cocky (self included).

It's uncanny how these chart patterns reveal market intentions .... the descending triangle in the A$POG has been forming since the massive reversal of the uptrend in April ..... big traders act on "over bought" regularly and the euphoria in the gold space was a bubble asking to be pricked.
Next week we'lll see SLR disappear and Big RED begin trading, and some index rebalances are due at the end of the week .... ?

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RED Price at posting: 44.0¢ Sentiment: Buy Disclosure: Held
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The gold is still above Us$2300, far away from the support of US...

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