Anyone just see that move on gold?
Gold seems to follow Platinum, with Platinum breaking below the psychological support of $1000/ounce for the first time since 2008, with Gold also falling to 5 year lows.
It is stunning to see how round numbers effect people psychologically, the dip below $1000 for platinum did create a snowball effect of selling. Would you say Platinum always leads or it is variable? on my platform the dip started for both gold and platinum at 1.20 am GMT where Gold reached the bottom at 1.25 am whereas Platinum reached the bottom at 1.40 am GMT. Assuming you are right, this means we may witness further downward pressure on Gold. This was discussed earlier in another threat. Lets see what happens!
Gold: $1000 ahead? Looking at the technical charts, Gold breaking below $1150 support was a significant move which pushed the bearish impulse for the yellow metal. Perry maintains a bearish target at $1000 in the coming months, but expects the psychological level to support gold prices from dipping further
See more at: 3 reasons not to buy Gold, EUR/USD parity unlikely - Tip TV
I’ve seen a documentary about how money are not backed by Gold anymore and it claimed there might be a collapse. Could this be plausible? Well obviously for now Dollar is king.
Yes, i have seen many documentaries about that, accordingly the real value of gold in line with global money supply should be somewhere around $65.000 per troy ounce. (that is in case money supply was still connected to Gold - Before Bretten Woods).
Since the dollar did not collapse, and there s no global blackout, a third WW, or a mass extinction event, Gold remains in its place, in line with the global game of market mechanics, money printing and the power of finance through debts.
Lets face it, global finance is a big game, but its fun!
Gold downtrend to continue.Gold is 40% off its highs, and it is hard to see gold not falling below $1000.
I would only buy for speculative hit and run trades.
As for the Long term, indeed as you say: bearish with no bulls at sight!
Gold prices and stocks: Get ready for some quality buys Rastani feels that lower levels in Gold prices and Gold stocks seem to be a good opportunity to enter into a buy trade, but we are still moving towards that opportunity and aren’t there yet. Rastani believes that the markets will have a good opportunity ahead to buy both gold and quality gold stocks as long-term the precious metal will rise. He further advices to look for bottoming patterns by end of the year before jumping in to buy Gold. - See more at: Oil analysis: Short September rally to $50 in October, Look for bottoming signs before buying quality Gold stocks - Tip TV
Looks a bit like an accumulation base, not to mention the distance between trend line and price is unusually wide in addition to a short term bear trend with a huge angle. All signs of a potential pullback somewhere around 1.1130-1.1145. Lets see what happens.