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Gold Heading For 1276.61


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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.

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  • 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

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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."

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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

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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.

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