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Gold Heading For 1276.61

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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. 

 

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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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Worth updating the daily chart and gold retested 1266 yesterday and got a bounce but the hourly inset doesn't look so convincing.

image.thumb.png.7f1e65ab44bc3277018ec7e16a71963c.png

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On ‎27‎/‎04‎/‎2019 at 16:08, elle said:

generally an upward trend 

Capture channel.PNG

hanging on to that channel ( just! )

Capture glddds.PNG

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Got a good bounce off the NFP mixed data batch while USD took a dive;

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If you like to trade gold its looking good to me right now. Take a look at this H4 chart showing a potential high to sell with a clear stop at 1289. a break above that could be a signal to reverse and go long.xauusd-h4-ig-group-limited.png

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13 minutes ago, Foxy said:

If you like to trade gold its looking good to me right now. Take a look at this H4 chart showing a potential high to sell with a clear stop at 1289. a break above that could be a signal to reverse and go long.xauusd-h4-ig-group-limited.png

It wouldn't be unreasonable to add the high from Feb to your trendline.

image.thumb.png.a531feac3689d6956824480597a0c0cf.png

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@Caseynotes

I know what you mean, but that would be horizontal resistance not trend. I am looking to sell the current trend as shown on my chart if that trend breaks maybe I could look to that high as a long term bull target.

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On ‎03‎/‎05‎/‎2019 at 20:05, elle said:

hanging on to that channel ( just! )

Capture glddds.PNG

currently,    a closer look

Capture gold ch.PNG

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IG  emphasing the double bottom on the daily just now.

 

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@Caseynotes

Just my opinion but not a reliable source. There was a big sell-off at the breakout so I think it may be a false break.

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@Foxy  interesting, you may well be right,  the sell off started before the US market open as well.

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IG seems to have a 'bullish bias' towards buying gold.  JN often has guests on talking about the 'inevitability' of gold rising.  🤣

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12 minutes ago, dmedin said:

IG seems to have a 'bullish bias' towards buying gold.  JN often has guests on talking about the 'inevitability' of gold rising.  🤣

@dmedin

Every time I've seen IG broadcasts they have got it wrong, so I no longer bother with it!!

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Gold seems to be the main mover this morning, heading down currently at 1283, has tendline support on H1 just below and key  support on the Daily at 1266.

image.thumb.png.53c30d409a76e5c1fc6f8598b70311ee.png

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On ‎27‎/‎04‎/‎2019 at 16:08, elle said:

generally an upward trend 

Capture channel.PNG

 

Capture andreas.PNG

Capture gold cvf.PNG

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Looks like a strong breakout today 😎

Need to wait a day or two to see if it has legs. 

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Very much back to risk on today, Dow up, dollar up, oil up, bonds down and gold heading back to 1280.

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Question is, will you 'put your money where your mouth is' and place a bet on it going to 1280? 

😁

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8 hours ago, dmedin said:

Question is, will you 'put your money where your mouth is' and place a bet on it going to 1280? 

😁

Can't trade everything @dmedin but no matter what you do trade you always need to know what gold is doing.

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On ‎27‎/‎04‎/‎2019 at 16:08, elle said:

generally an upward trend 

Capture channel.PNG

still hanging on in that channel !

Capture gold.PNG

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Posted (edited)

That's a nice thought but I doubt that the likes or you or I will ever really 'own' gold.  If the world descends into chaos, do you think the governments of the world will let you drive up to the fortified bunkers where the gold is stored and take your gold out?  I will try and read that report though it seems very naieve.  :D

Edited by dmedin

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Some big claims being made for gold right now.  These tend to crop up and reappear on the internet quite frequently.  Interesting, IG was originally called Investors Gold and came about after the international gold standard was abolished.  :)

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Gold starts red and looks to be checking Tuesday's low 1276, could provide relief for the indices.

image.thumb.png.bc095e5050432e0b00fceead13563c96.png

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Gold has rallied the last couple of hours, now at 1281 hence the indices reluctance to move forward.

image.thumb.png.9fcd14d448e9fdf2fdf7e51a8cbd70ff.png

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