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GLD

Good Old Gold- The Fibonacci Extension from the previous bull run should continue to be the frame for Gold's price action moving forward. - OBV (On Balance Volume) on the macro level is trending upward indicating that the buying pressure outweighs selling pressure. - OBV on the 4hr chart shows the recent sell off has corrected back down to a level where buying pressure should start to pick up. - Between the 0.618 and 0.5 fib levels is a great place to accumulate a long position. Long MGC +1 @ $1,880.70
COMEX:GC1!Long
by ryan-snk
GOLD SUPPORT?Thanks for viewing, Short-term short view (not shorting), then long again. I can't see a very good reason for a gold correction other than; - Everything needs to correct - it's never a straight-line move, - It is possible that big banks (possibly even the Custodians for major gold ETFs) are being forced to sell-off reserve assets to cover losses or to put aside as contingencies for what look like to be a future MAJOR banking investigation and likely hefty fines, - The drop will get deeper due to short-term traders using excessive leverage (massive inflow in 2020 of inexperienced traders won't help). But, its not like US government debt, the US Federal Reserve balance sheet, massive money printing, global move away from the USD, or 10 year treasury yields (0.68%) suddenly got any better - so I see no reason for me or anyone else to sell physical gold. This is just a gift to people with the ability to add to their positions really. Yes big institutions and traders will do their thing buying and selling paper gold, but you and me can buy and hold - which negates many of the advantages that major trading houses and hedge funds have over the "small guy." But, even the small players want to know where the price drops are likely to end, so that they can add to their positions. BTFD and all that. So this is where I am targeting for my next buy, like always I don't know if I am right. So I got out my magic number 8 ball and gave it a shake. My TA is just about looking for areas that "line up", areas that people using various methods of determining support and resistance will target. The more that line up the better. So I looked at the 200MA (and extended it with great artistic skill and flair, RSI - which on the daily time-frame is right on the 30 level, support from previous recent price peaks, Fibonacci extensions - assuming a 1:1 extension of wave C, Fibonacci retracement, and I ended up with the blue box. The smaller sliver blue box between 1800 - 1807 is what I am thinking as both the 1;1 extension and a 1.618 extension of what may be the start of wave C down. I will buy here and buy again if it goes lower. Now that the gold/silver ratio is above 80 again, I will also be adding to silver positions in the expectation that silver will again out-perform gold when / if the bull market continues. If the $1800 doesn't hold then watch the 200MA / 0.5 Fib retracement and the recent price peaks to form the next area of strong support in the mid to high $1700s. I see USD2200 as a low estimate for gold by the end of 2020. If you hold positions in bullion ETFs, seriously consider moving to using non-bank bullion vaults (like Bullionstar in Singapore www.bullionstar.com) with secure allocated, low cost, storage. ETFs take what is essentially a riskless asset and add in layers of counter-party risk (Trustees, Custodians, and many Sub-Custodians (that the Custodian does not have the right to audit)). Expect more news of issues with the paper markets and also with the Custodian for the SPDR Gold Trust GLD in 2020.
TVC:GOLDLong
by flyinkiwi10
1
GLD LongGlD has started forming handle for a cup and handle pattern. Guys remember this is the last time GLD will be seen at that price. Bottom of the handle is what everyone needs to keep an eye on. When confirmed it is time to load and hedge against USD. Because as previously posted, today VIX has bounced heading up, USD is heading north and GLD and stocks are going down. Bonds slightly up too. Market is telling us something. Election debate will cause volatility but it is our only chance to let USD go and buy something else. Warren Buffett bought Barrick gold as a hedge against dollar. Because he believes in businesses and Barrick gold provides some dividends and price growth as gold rises so does the margin for miner. This is my opinion and not a financial advise. Please do not buy or sell any financial asset or any other asset reading this posts. These posts are for educational purposes.
AMEX:GLDLong
by Riainvestment
Descending Triangle or Bullish Flag for Gold?Gold is trading in a noticeable Bullish Flag or Descending Triangle, and the RSI is displaying a similar pattern as well as the KST. On the KST there's possibly a Triple Bottom and a Bullish cross happening on the third bottom, we'll have a better understanding of the third bottom if it remains a higher low in the upcoming trading days/weeks. If the KST gets doesn't create a higher high & gets rejected at the blue downward sloping line Gold will start looking worrisome "if" the trend continues as suggested with the green line I've drawn to represent "potential" future price action. If we see the KST develop like the blue line I've drawn Gold will look much healthier from a bullish perspective.
TVC:GOLD
by ScotianBot
Another fake-out to the downside for GOLD?Gold is trading in a multi month descending triangle that just broke to the downside, keep in mind this pattern has been moderately adjusted since my last because Gold broke out bullishly to the upside, but has since corrected rather drastically, that was a sneaky fake-out to the upside. If the green line of support doesn't hold the dark red line below is the next significant support area, and if that dark red line holds Gold will create a similar pattern just larger. The KST is looking worrisome, as I suggested in my previous post, we have seen the blue downward sloping resistance come into play, I guess the the next few weeks will determine the final outcome of this pattern if the upward baseline of support holds. The KST did cross bearishly recently, hence the reason for the green line sharply crossing over the red downward, coinciding with a decrease in price. The RSI is in a spot where we've seen previous bullish bounces, will history repeat itself? I've placed a green question mark icon to indicate where we will likely see a bounce.
TVC:GOLD
by ScotianBot
2
Gold test to $1875-$1900, then LIFT OFF!Pattern recognition in gold can be quite useful at times. Especially when gold is in a consolidation phase as it in right now. It would seem that gold wants to make a final test of the $1875-$1900 area before strong buyers step in to take the gold price higher into the final quarter of the year. Once this consolidation has completed, there is usually $300+ of upside to be had from the top price of the consolidation range. Should the same pattern repeat, we would see a gold price of about $2350-$2400+ by end of 2020...
FX_IDC:XAUUSDLong
by kaotic363
1
GDX just giving way...Tracking gold, one can buy GDX, the Gold Miners ETF, and the associated specific funds. Having tracked Gold closely for the past three years, the white arrow marks a rough but a real exit point. Today the perfect storm is set... and pre-opening shows a gap down type of breakdown. Previously explained why and how GDX would not be doing well and when it should be doing well. IMHO, This is probably a deep retracement. Fun times to come! Here it goes part II.
AMEX:GDXShort
by Auguraltrader
1
Time to sell silver for Goldi definitely believe this is the time we have to sell silver for more Gold. it is struggling to surpass the green pivot point . Meaning i do not think it is going to lower the silver price any time soon. . Also it has already broken out of the red pivot point. i was looking at the overall silver analysis and i believe another bull market is potentially on the way. This ratio is just proving it . silver is going to cost more resulting in a lower gold silver ratio. Im buying silver now before it makes another big move. Please leave some feedback! Are you buying or not ?
TVC:GOLDSILVERShort
by cortes5150
1
Gold has an early indication of potential breakout rallyThe week ended with Gold going nowhere, but early indications suggest a possible potential breakout rally. Compare the current setup with the previous setup and entry (white arrow), the technicals appear similar yet again, as well as candlestick pattern shows a bullish harami... just like a coiling pattern. Having said that, being very wary about this imminent (and yet to be confirmed breakout) as the higher time frame suggest a toppish area about 2100, and an expected handle pattern to form (faint yellow line). Meanwhile, the breakout range spans 1930 to 1980. Perhaps other aspects might be giving some insights, especially the USD? Watch for it.
COMEX:GC1!
by Auguraltrader
Gold Sitting at EquilibriumSince mid-August, sales in the physical precious metals market – red hot at the peak of the COVID outbreak – have begun to taper off slightly. This slowing of demand is directly correlated to price action. I will focus on gold specifically. A closeup of the gold chart shows a narrowing and tightly wound price coil of lower highs and higher lows. This narrowing trading range has formed a symmetrical triangle (pennant formation) that probabilistically favors a move in the direction of the underlying trend (60/40). At present, the equilibrium in the market is notable: price is sandwiched between the anchored VWAP (volume-weighted average price) from the August high to the August low, slightly above the 50-day moving average. Price remains in the center of a price channel formed by the March high/low. Relative Strength (RSI) is static at 50, right in the middle of its range. Periods of tightening price equilibrium and consolidation are healthy in uptrending markets as the market digests new prices. As we approach the apex of this coil, gold appears to be setting up for a very big move. The downside risk remains on a break of $1930 to $1880, and then possibly a full retest of the breakout at $1800. At present, this looks less likely to me. Meanwhile, a breakout would setup gold on a path to $2300. Resolution coming soon, likely late September/early October.
COMEX:GC1!
by FibLines
16