Attached is the monthly and weekly chart of gold in us...

First 50 Last

Share
Profile

Follow
goodoh

784 Posts.

624

22/10/23

11:35

Post #: 70470056
Share

Originally posted by goodoh: ↑

Hi Bikemad
I don't look at who is trying to drive the market up or down because that cannot be known unless one have the resources and data..
In any case when it comes to gold usually it is the futures which drive the market but that is only for the short term. In the longer term the physical market takes over. The physical market consist of many gold lovers who adores gold as jewellery and they would almost never sell especially the Asians.
If you do have asian friends ask them if they have gold rings, bangles, chains etc that they have been holding for years. Then you have investors who mostly own gold bars either on their own or in trust with some gold trust. They are mostly wealthy people who want some diversification in their wealth. Then of course we have central banks holding. And lastly we have traders who usually trade gold etf. While conspiracy's theory like to suggest that large banks are driving the gold price down the facts are not supporting it. However they can and will drive gold price up or down in the short term to profit from it.
This is mostly done in the futures market which is short term and has expiry dates. Also a small amount of money can control a large contract in the futures market. This attracts speculators/gamblers which is not my game. Also the bankers have a large advantage over you in terms of fire power (money) and knowledge (you know stories they talk while in the gold course with other high power persons). So to me futures is like betting against the house where you lose most of the time.
Anyway enough rambling here are the charts.
gold in aud has finally breakout. It is unfortunate that it has to be another war that trigger this breakout. However that is expected as we are also going into an up trending war cycle.

And the xgd has just completed her right shoulder. Now we shall watch the next resistant level which is the neckline

Expand

Attached is the monthly and weekly chart of gold in us dollars..
The big picture monthly chart shows that gold has an impulse move from around Aug 2018 to Aug 2020 of about 900 dollars. since then it has been moving sideways for about 3 years. But there is a good possibility that is about to end. If this 3 years rectangle consolidation is a half way pattern and if the second impulse move has just started then and if this second impulse move has the same magnitude as the first move then we have an upside target of about $2700. But the second impulse move is not confirmed until it breakout of the rectangle consolidation pattern. However the weekly chart is suggesting the price will breakout of the rectangle consolidation soon.
11 Upvote

0 Great analysis

Reply

Top Stories

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

NTI

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

ACW

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

RCE

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

COD

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

CKA

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

SLS

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

BUX

Buxton projects new graphite province discovery at WA Narryer play

BCI

BCI reaches close of funding facility for salt-first part of Mardie project

WCN

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

There are more pages in this discussion • 113 more messages in this thread...

First 50 Last

Add GOLD (COMEX) to my watchlist

Attached is the monthly and weekly chart of gold in us...

Top Stories

Week 40 Wrap: China's nonsensical stimmy hype wanes (shocking!); HotCopper's picks; oil & inflation

Neurotech knocked back by FDA as agency declares target condition not rare enough for special status

Actinogen Medical ramps up Alzheimer’s treatment trials, targeting fast-track global approvals

Recce eyes Indonesia for novel anti-infective as Indo-Aus ties grow stronger

Coda Minerals (ASX:COD) enters rights issue to further exploration in South Australia

Cokal upgrades infrastructure for BBM ramp-up in Indonesia

Solstice Minerals to ramp up drilling campaign at Yarri Gold Project

Buxton projects new graphite province discovery at WA Narryer play

BCI reaches close of funding facility for salt-first part of Mardie project

White Cliff jumps 24% on 'bonanza grade' copper rock chips at Rae project, Canada

Featured News