Yeah its not that much of a drop, I will likely pick up more as it moves. I do not have confidence in the dollar. The data doesn't support the surge we have. At some point, this will go in the other direction an extra few percentage points isn't going to be too bad.
Gold spot @1,269 USD/oz as of now; WOW. What a day. One thing to remind everybody, banksters are still sitting on sizeable amount of gold short positions. The most recent Commitment-Of-Trader report showed that commercial traders' short/long ratio on gold contracts, is still close to 4:1. Maybe that number will drop a lot after today, but do pay attention to Friday's COT report.
Ohhh the humanity! The world is doing so well! That or the banks need money or is it Shanghai Exchange?
Friday is the earliest that you could consider to buy. U.S. September Non-Farm-Payroll report, another smackdown very possible; THEN buy buy buy :lol: 200-day moving average will be tested successfully!
Gold slid more than 3 percent on Tuesday to its lowest since Britain's shock vote to leave the European Union in June, as a bounce in the dollar after upbeat U.S. data triggered a break of key support at $1,300 an ounce. "Just the better risk appetite in the market this week as Deutsche Bank seems to have stabilized for the moment," said Jim Wyckoff,senior analyst at Kitco Metals. "We've done some technical damage today near-term to suggest we're going to trade sideways to lower." Forecast-beating U.S. manufacturing data on Monday stoked expectations that the Federal Reserve will lift interest rates. A break of support at $1,300, which had arrested the metal's August decline, led to a flurry of selling that took prices to a three-month low of $1,288.26 an ounce, a level not seen since June 24 in the immediate aftermath of the U.K.'s Brexit vote. Cnbchttp://www.cnbc.com/2016/10/03/gold-holds-losses-on-firm-dollar-after-positive-us-data.html
Now given the gold price broke through major support levels without any real bearish news. what implications will that have on near term gold price from a technical perspective?
OK, I will wait for that buying signal from you. It is almost that level Leon: As at today it is on USD $ 1271 when I look at this page: https://www.dailyfx.com/gold-price
Nugget_Hunter, No mate, I'm not trying to become a traitor by asking some confirmation from Leon. My analysis still the same that GOld is bearish until the end of this year probably until 2017, but after that it will slowly going up again to the same level as this mid-year 2016 or even higher.
SO YOUR SAYING ITS GOING TO FALL FUTHER UNTILL 2017? AND RISE AGAIN SLOW BACK TO PRICES OF MID 2016.DOES THAT MEAN YOUR SAYING GOLD IS GOING TO KEEP FALLING . DOES THAT MEAN IN MID 2017 WE WILL BE BACK TO PRICES IN 2016
Hi 2nd_Hand_Gold_Man, Yes, it ill behave like the below graph: This is based on the Cycle of Market Momentum see page 19 from the below article written by the independent analyst. Source: http://www.incrementum.li/wp-content/uploads/2016/06/In_Gold_we_Trust_2016-Extended_Version.pdf So if you have different theory backed by strong reputable fact, you can share it here and if I'm wrong, you can correct me
Yes Peter, The graph above is the long term Gold price movement as provided by https://www.tradingview.com/chart/XAUUSD/ while the Cycle of Investing is the well known "The 14 Stages Of Investor Emotions And Trading Psychology". The report that I attached on the link is also comes from the market analyst report http://www.incrementum.li/en/research-analysis/in-gold-we-trust-2016/ Let us know here if you have some more reliable source or insider information
I've seen that Cycle of Investing graph posted many times every year since I joined. According to whoever posted it at the time, we've been at every stage before 'Greed' multiple times
