Gold Resistance @ 1260

Discussion in 'Gold' started by BuggedOut, Apr 5, 2017.

  1. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    Gold has hit the widely commentated resistance level of $1260 USD 3 times in the last 5 weeks. On Feb 28, Mar 27 and Apr 4 (yesterday)

    Each time the bounce backs have been weaker than the previous and the time between testing of this level is also reducing. These are technical indicators that gold is building momentum for a break through this resistance level which may very well be imminent. A break of this level could project gold through to a new medium term rally that might see $1300 retested in the next month or two.

    Our old mate Leon has been conspicuously absent, but if he were here he'd also be telling us that the COT report shows his Swap Dealer (bankster) indicator is less bearish than at ANY time over the last 12 months.

    Add to that yesterdays Reserve Bank comments which have dented the AUD and further improved the gold price for Aussie miners.

    Anyways, I'm loading up on some gold stocks today in anticipation of a decent move. Keep those trailing stops tight! ;)
     
  2. The_Roll_ Man

    The_Roll_ Man Well-Known Member Silver Stacker

    Joined:
    Jan 11, 2017
    Messages:
    1,502
    Likes Received:
    43
    Trophy Points:
    48
    Location:
    Wollongong Region
    I hope you are 'gambling' on Gold dropping then ....

    Let's hear it for 'the bulls' !!
     
  3. Skyrocket

    Skyrocket Well-Known Member Silver Stacker

    Joined:
    Jul 20, 2014
    Messages:
    5,739
    Likes Received:
    1,036
    Trophy Points:
    113
    Location:
    Melbourne

    He must have a good reason.....:D
     
  4. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    I suspect he is embarrassed....and possibly broke after making some terrible calls. Maybe he can't afford internets anymore? :rolleyes:

    Hopefully I don't follow suit! :lol:
     
  5. billybob888

    billybob888 Well-Known Member Silver Stacker

    Joined:
    Jan 8, 2014
    Messages:
    1,662
    Likes Received:
    108
    Trophy Points:
    63
    Location:
    Australia

    Hes always absent, he only logs on to make a hit and run post
     
  6. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    I wasn't expecting war to be the catalyst, but this is happening now. Resistance is broken. 1267 and counting.

    How high does it go? I reckon 1300 is definitely in range....

    I've never been so sad to see the gold price spiking.
     
  7. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

    Joined:
    Apr 11, 2011
    Messages:
    2,619
    Likes Received:
    505
    Trophy Points:
    113
    Location:
    Nevada
    I strongly suspect this gold spot spike will not last until this week's closing (current US Eastern Time, Thursday 22:50).

    Crude oil price may hold, even though Syria is not a major producer/exporter.
     
  8. Silver_Dealar

    Silver_Dealar Member

    Joined:
    Apr 16, 2016
    Messages:
    529
    Likes Received:
    9
    Trophy Points:
    18
    Location:
    Sydney
    Past $1260 we go
     
  9. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    I am absolutely stunned that the gold price has not followed through on breaking 1260.

    Not only was it a firm line of resistance from a technical perspective, but the uncertainty and threat of escalating war in the middle east is a huge factor.

    Makes me wonder if the non farm payrolls coming out tonite might be a big kick in the other direction. I'm unwinding a tad. :/
     
  10. sammysilver

    sammysilver Well-Known Member Silver Stacker

    Joined:
    Apr 7, 2011
    Messages:
    7,928
    Likes Received:
    6,517
    Trophy Points:
    113
    Location:
    Sydney
    Bear in mind the time in the US. The debate has yet to start. A full day's trade still to come.
     
  11. Silver_Dealar

    Silver_Dealar Member

    Joined:
    Apr 16, 2016
    Messages:
    529
    Likes Received:
    9
    Trophy Points:
    18
    Location:
    Sydney
    True. It might also be due to the fact that silver and gold have already had pretty good returns this year, it's about time for a small pullback. It'll be interesting to see how the market closes.
     
  12. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    Very good call SD.

    The NFP was a miss. Quite a low number surprising on the downside, would normally suggest less pressure on raising interest rates and therefore be bad for USD good for gold....

    ....BUT market responded mildly to this number and profit taking kicked in late in the Friday afternoon session. All this suggests that the recent rally in gold might be a bit exhausted so a pullback looks likely next week barring any unforeseen escalation of conflict in Syria.

    Very glad that I unwound my position a bit late Friday but I am still a gold bull in the long term. I will keep an eye out for the next technical indicators to set up for another buy in opportunity. :)
     
  13. Roswell Crash Survivor

    Roswell Crash Survivor Well-Known Member Silver Stacker

    Joined:
    Apr 11, 2011
    Messages:
    2,619
    Likes Received:
    505
    Trophy Points:
    113
    Location:
    Nevada
    [​IMG]

    Brent Crude already back down to ~US$54.8 like it was a non-event.
     
  14. BuggedOut

    BuggedOut Well-Known Member Silver Stacker

    Joined:
    Jul 21, 2015
    Messages:
    2,552
    Likes Received:
    977
    Trophy Points:
    113
    Location:
    New South Wales
    Markets seem to be quite comfortable with the "measured" military strike in Syria. I guess they are used to it over the last few decades!

    I suspect that the lack of Russian or civilian casualties from the strike may have reduced the risk of escalation. I for one was quite relieved to find out the relatively low death toll and the fact the Russians were advised pre-strike, plus the Syrians have indicated they won't retaliate without Russian backing (paraphrased)

    Lets hope some cool heads prevail over the next few days and the UN gets in there to investigate and do its bloody job!
     
  15. bubblebobble2

    bubblebobble2 Administrator Staff Member Silver Stacker

    Joined:
    Feb 6, 2012
    Messages:
    5,343
    Likes Received:
    3,451
    Trophy Points:
    113
    Location:
    P!MP land-Seedeneey
    all aboard...toot...toot!
     

Share This Page