Jump to content

Gold Heading For 1276.61


Recommended Posts

yeh @TrendFollower,  that's the most obvious support level on the chart and so that's where buyers can be expected to band together and try to rally. Though the news re; trade talks continues to be good though guarded I think the big news last week was the 2.6% US GDP beating the forecast 2.2%. Match that with US PMIs consistently in the 55s-60s shows the US economy is stronger than thought.

Link to post
  • 3 weeks later...
  • 3 weeks later...

Gold bears continuing their attack today on this strong support level having been beaten off yesterday. This 1280 looks to be in serious trouble.

As the article below points out, the fact that retail are scrambling to take on longs is probably the kiss of death for gold.

https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/top_fx_headlines/2019/04/15/Gold-Prices-Approach-April-Low-Hold-at-Symmetrial-Triangle-Support.html

image.thumb.png.b52366d5976b1f2b1b57344232f777b9.png

Link to post

The big push through may well have been more of a big pull through as the 76.9% retail net longs had their stops taken out. (From the article linked above in this mornings post)

"Spot Gold: Retail trader data shows 76.9% of traders are net-long with the ratio of traders long to short at 3.33 to 1. The number of traders net-long is 4.3% higher than yesterday and 9.0% higher from last week, while the number of traders net-short is 0.4% higher than yesterday and 4.5% higher from last week."

Link to post

Gold slides back up through 1280.65 to 1286.30. A close above 1280 could lead to further gains next week.

Interesting 1:00 pm hourly candle where the US GDP beat sent price straight down to 1273 but was then bought back up again just as quick.

image.thumb.png.2c61c48baf31e0d0dc8bb23690eb5f94.png

Link to post
1 hour ago, elle said:

generally an upward trend 

Interesting point, always going to be very subjective as the description will always depend on what you are using to view the object with and how you are going to interpret what you are seeing. For instance the chart below is using a triangular moving average with atr bands and though looks similar to your BBands shows a very different picture, neither is right or wrong, just different. You pays your money and takes your choice, price is not obliged in any way to respect either of them.

To go a step further, having such a large selection of tools available and personal choice as to which to use at any particular time one of the most important but difficult lessons to learn is being able to discern when to completely ignore what any of them might be telling us. 

 

image.thumb.png.9ae78a55fe54e1ee18d44df002d52e7c.png

Link to post

Reuters article claims gold will be heading to 1322 this year and 1369 next.

https://uk.reuters.com/article/uk-metals-precious-gold-poll/gold-poised-for-gains-as-global-markets-brace-for-turmoil-reuters-poll-idUKKCN1S80UV

Why?

Does anyone actually think that if the international economic system collapses, they will be able to visit the gold vaults and cash in their bits of paper for real gold?  Not a chance.

Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • General Statistics

    • Total Topics
      15,005
    • Total Posts
      72,810
    • Total Members
      61,106
    • Most Online
      5,137
      14/01/21 09:51

    Newest Member
    husband1
    Joined 23/04/21 06:10
  • Posts

    • Econ Cal Time Cur. Imp. Event Actual Forecast Previous   Friday, April 23, 2021 00:30   JPY   National Core CPI (YoY) (Mar) -0.1% -0.1% -0.4%   00:30   JPY   National CPI (MoM) 0.2%   0.1%   01:30   JPY   Services PMI   48.3   48.3   06:00   SGD   CPI (YoY) (Mar) 1.3% 1.3% 0.7%   07:00   GBP   Core Retail Sales (YoY) (Mar)   4.5% -1.1%   07:00   GBP   Core Retail Sales (MoM) (Mar)   1.9% 2.4%   07:00   GBP   Retail Sales (MoM) (Mar)   1.5% 2.1%   07:00   GBP   Retail Sales (YoY) (Mar)   3.5% -3.7%   08:15   EUR   French Manufacturing PMI (Apr)     59.0 59.3   08:15   EUR   French Services PMI (Apr)     46.5 48.2   08:30   EUR   German Manufacturing PMI (Apr)     65.8 66.6   08:30   EUR   German Services PMI (Apr)     50.8 51.5   09:00   EUR   Manufacturing PMI (Apr)     62.0 62.5   09:00   EUR   Markit Composite PMI (Apr)     52.8 53.2   09:00   EUR   Services PMI (Apr)     49.1 49.6   09:30   GBP   Composite PMI       56.4   09:30   GBP   Manufacturing PMI       58.9   09:30   GBP   Services PMI       56.3   09:30   EUR   German Buba Wuermeling Speaks           11:30   RUB   Interest Rate Decision (Apr)   4.75% 4.50%   13:00   RUB   CBR Press Conference           14:45   USD   Manufacturing PMI (Apr)     60.5 59.1   14:45   USD   Markit Composite PMI (Apr)       59.7   14:45   USD   Services PMI (Apr)     61.9 60.4   15:00   USD   New Home Sales (MoM) (Mar)   12.0% -18.2%   15:00   USD   New Home Sales (Mar)   886K 775K   15:30   EUR   ECB President Lagarde Speaks           18:00   USD   U.S. Baker Hughes Oil Rig Count     337   18:00   USD   U.S. Baker Hughes Total Rig Count     432   20:30   GBP   CFTC GBP speculative net positions     25.6K   20:30   USD   CFTC Crude Oil speculative net positions     492.7K   20:30   USD   CFTC Gold speculative net positions     180.9K   20:30   USD   CFTC Nasdaq 100 speculative net positions     -6.1K   20:30   USD   CFTC S&P 500 speculative net positions     -40.1K   20:30   AUD   CFTC AUD speculative net positions     3.8K   20:30   JPY   CFTC JPY speculative net positions     -58.3K   20:30   RUB   CFTC RUB speculative positions     6.3K   20:30   EUR   CFTC EUR speculative net positions     66.9K      
    • Daily chart levels; Hi, @CharlotteIG  site not loading pics this morning, correction, site extremely slow, no problem other web sites, was bad yesterday as well.  
×
×
  • Create New...