Showing results for 
Search instead for 
Do you mean 
Reply
Occasional Contributor
Posts: 37
Registered: ‎01-03-2016

Spot Gold

Any thoughts on the recent spot gold action?

Looks like 1290.5 was a key level to break out of overnight.
Frequent Contributor
Posts: 60
Registered: ‎24-07-2017

Re: Spot Gold

In my opinion, Gold, is not acting much like a 'save haven'. I know people will tell me that gold is the traditional store of value and has been a 'safe haven' over the past 5000 years. As investment disclaimers say, "Past performance is not an indication of future performance". Times are changing, younger investors risk appetite is changing and the dynamics of finance is changing.

 

If you look at Brexit, Trump being elected, Syria, North Korea, terrorist attacks around the world, and other things have not really moved the gold price in any significant way. I then look at the charts when gold went to around $1900.00 and the chart gives me the impression of a bubble.

 

I totally accept that others will not agree with me which is fine as this is only my personal opinion and I accept that I could be wrong.

Highlighted
Respected Contributor
Posts: 1,113
Registered: ‎10-03-2016

Re: Spot Gold

[ Edited ]

Hi @TrendFollower & @TheSurgeon  good to hear from you again. TF is right in that there is so much news and a lot of it so contradictory that gold has gone a bit muh.  1290 is an interesting level on a technical basis and barring major geopolitical turmoil the technical should rule.

A reversal here should see a retest of 1260 while a break through at 1290 and successful retest should see an attempt on 1357.

 

XAUUSD(£)Daily.png1210.png

*** Intraday Price Action Scalping on FX Majors ***
Occasional Contributor
Posts: 37
Registered: ‎01-03-2016

Re: Spot Gold

Cheers @TrendFollower and @Caseynotes, I'm not that worried about fundamentals. Gold's still being held by the central bank's (and rich people) in vaults and mining recovery rates are dropping globally so my long term bias is positive.

 

The break above the monthly downtrend seems to have bottomed at 1260 but will wait and see. 

Respected Contributor
Posts: 1,113
Registered: ‎10-03-2016

Re: Spot Gold

Interesting take on the differences between the gold and silver markets.

 

https://money.usnews.com/investing/funds/articles/2017-10-17/if-precious-metals-rally-then-pick-silv...

 

*** Intraday Price Action Scalping on FX Majors ***