Gold is hovering around the 200 day moving average $1131 and 50 week moving average $1142. These were the levels which it was rejected from in October last year. If gold can finish the week above $1142, it may well mean the gold price has bottomed. It will also mean that Friday's US non-farm payroll numbers may be the catalyst required to either propel gold above these levels or gold rejecting these levels again and rolling over. Of course a poor US jobs number would mean that the expected March rate hike would be less likely to go ahead. I'll be placing buy and sell pending orders on the EUR/USD and XAU/USD to take advantage of either direction and may buy a few gold stocks over the next couple of days.
Gold nearing important levels
- Thread starter Caput Lupinum
- Start date
Monsta
Member
No sorry, it has to break the longterm downtrend before you can call the bottom being in. It's approaching a hit on the trendline, so it needs to break above it decisively and hold.
My gut says it will fall back and gather steam for another break. There's no enough pressure from the downtrend for sideways movement to force a break above the trend as yet. It is starting to take shape - 2 months I think we will get there.
Silver is similar, we are in a bottoming funnel and it's likely to break to the upside but it is probably 4 months away. It's getting tighter though.
My gut says it will fall back and gather steam for another break. There's no enough pressure from the downtrend for sideways movement to force a break above the trend as yet. It is starting to take shape - 2 months I think we will get there.
Silver is similar, we are in a bottoming funnel and it's likely to break to the upside but it is probably 4 months away. It's getting tighter though.
Someone recommended not to buy above 200d avg, which leaves me on the fence?!? 
I have no experience analysing charts but it appears the gold spot price has only managed to stay above the 200d line for short periods of time in the past years.
Buy (physical) now even at a higher price or wait for the next drop?
I have no experience analysing charts but it appears the gold spot price has only managed to stay above the 200d line for short periods of time in the past years.
Buy (physical) now even at a higher price or wait for the next drop?
TreasureHunter
Well-Known Member
Silverpv said:all this technical jargon! Do I buy, sell, or HOLD?!
Hold and wait for opportunities to buy
If everyone is arguing the bottom, you'd have to be pretty bold to hang off buying, waiting for another big dip.
We seem to be hitting some interesting pressure points: low oil, poor US job growth, QE in Japan and Europe, China shifting to a domestic economy, USD volatile, Russia in Syria, US election leaving the country with a lame duck president; it can't hurt to have precious metals. The personal question is, do you have enough, at any price?sammysilver said:
mmissinglink
Active Member
Stack 'em high before you die! 
.
.
Happy to see gold hold both the 50 week MA and 200 daily MA and close at the high for the week. I'm hoping it consolidates next week and those two levels become support before moving back up. The 100 week MA would be the next target at $1201.
Monsta said:
mmissinglink
Active Member
....in other words,
2016 - Return of the Precious Metals Bull Market !
.
2016 - Return of the Precious Metals Bull Market !
.
Interesting to see that PMs have been able to maintain this strength for a while. Well done Caput if you were buying those lows Think I'm becoming more and more convinced Price action of this market has turned bullish, that or I've been watching too many Future Money Trends and SGTbull videos.
Think I'm becoming more and more convinced Price action of this market has turned bullish, that or I've been watching too many Future Money Trends and SGTbull videos.
