Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
`Gold Options close on 25 April. China Shanghai Gold market has put restrictions in place on gold trading contract size effective on Asian market open tonight 2 am UK time.
2281-2285
2257-2267
2238-2249
2187-2193
2170-2175
I believe in gap filling and appreciate not all readers care about it. The rally closed on the monthly resistance line going back to 1980. Again I look at charts and others do not. Gold now in a consolidation phase for the coming weeks imop. Bottom target I have for gold is possibly around $2120 per ounce. Long term channel support has moved beyond $1800 per ounce and is increasing with time.
Https://www.metalsdaily.com/archive/archive/ross-norman-where-the-buying-is-coming-from-/352537
Https://www.metalsdaily.com/archive/archive/ross-norman-where-the-buying-is-coming-from-/352537
Steve I give up. Commodity input prices such as oil and silver are way up this month so they rally on older data when they were lower and drive commodity prices higher.
Mr Tibbs,
I could not agree more with the reforms that are needed in that article. We have politicians and bankers effectively writing their own contracts on how they serve themselves rather than the populations which they should be privileged to serve.
Tony
Daily at 83 and weekly at 75. Centamin is heavily overbought.
For this month gold has put in a peak imop. The problem is that the physical gold market in jewellery and the coin and bar buyers has practically halted as jewellery makers look for lower prices as a buffer on future sales and private investors buy in dips instead of a top of a rally. On top of that major factors holding USD down has just given way.Central banks buying of gold is closing out for the time being. Paper gold does not help miners in the real physical market some one has to take delivery. Finally when you get pie in sky media prices on gold it is a big red flag that the top is usually in.
Interesting to see how things pan out today. USD continues to break out versus yen. First interest rate cut by FED is now Q4 with a tiny chance given for September. Two planks helping gold rally are now out (they are likely to return a few months from now). If geo-political is the only thing holding it up then it would need to reprice to a degree to match that level of risk which is probably lower than $2350 an ounce.
It is extremely difficult calling a top and bottom. So much goes on in the market it favours the strategy of top slicing as it gets extremely overbought and averaging down entries when a bottom looks likely. The SBUL short got knocked back as well. A powerful buyer is calling the shots and they used daily moving average support lines on the gold channel support line as their entry point.
Shorts starting to go into gold. This could be at a peak.
Steve
SBUL short on gold is now rising.
Lets see what unfolds. Steve, I said a peak forms around this time and then a retreat starts. The retreat can last for days, weeks or months.
As expected inflation running hot across the board in the CPI. Earlier news on Bloomberg was that central buying of gold is slowing right down so not just CPI bad for gold. No chance of interest rates dropping in H1 State side. USD rising and yen for the time being has lost the 151 handle as they fight to support the currency. Expecting things to hit the fan on US open.
All the major gold rallies after 2000 in previous.
Steve
If the USA economy was during great we would not have such a gold rally at over 18%. All the major gold rallies were associated with serious banking problems in USA. A few people will question the FED. Will it be a case of instead of just Houston we have a problem it is Washington DC and New York we have a really big problem. Tony
The rally since 12 February is 18.8%.
The 2003 dot com crash initial rally was 20% in 2003. 10 months later in 2003 another 12% rally occurred.
In 2005 to 2006 Q4 into Q1 rally was 20%. A second rally in 2006 gave 25.6% but then gave it all back in a decline. It took quite a few months to slowly claw it all back again.
2007 the rally was 16%.
2008 the rally was 16.7%.
2009 the rally was 24% and later on followed by 21%.
2010 the rally was 9.3%
2011 gave a rally in 3 quarters. Q1 was 4.5% Q2 was 5.6% and then Q3 was 21%
2019 gave 16% rally
2020 gave two rallies both were 16% with a several week consolidation in between.
1980 rally is unlikely to be ever repeated as so much has changed in how the market works since then.
The current rally is joining the previous top 6 in the history of 2000-2024 rallies. 3 rallies were associated with a stock market crash and recovery phase.
Gold is not a stock.
Gaps in equity stocks may not get filled in the event of an RNS. So any gaps in the charts have to be rechecked that no RNS was issued. A gap can happen at the very beginning of a major move higher that is subsequently bullish move higher or at the very start of a significant down trend. Gaps in Centamin that can be between a buy and sell price of 0.10p would be ignored.
Gaps in ETFs that work across different time zones have to be ignored all the time as they arise so frequently.
Gaps on AIM stocks with precious little liquidity and trading volumes also have to be ignored.
Centamin has a gap chart of significance on 28 March at 112.9 to 113.6p. We shall see if it gets back filled.
Steve
I certainly believe a retreat is likely to happen and the gaps in the charts get back filled for gold and silver. I can not give you a firm date, but I would not be surprised if it happens in the coming weeks.
I took my profits for the last financial year on 2 April. I have chosen to stay out of this move. I think you have misquoted what I said before. I commented that prices often form peaks in early April and then fall off around the second week. It may have something to do with ISA investments or new investments from funds or whatever. Then quite often stocks retreat to lower prices afterwards. I am sitting mainly in cash and will wait for entry prices that are low enough for me to sell higher later.
Gold is now very expensive and what is going on in the physical market supports that view, whether it is recycling, miners finding more ounces to supply, western and Indian jewellery not selling, mint coin and bar sales not happening despite big cuts in premiums.
Tony
Steve
Charts are not all hindsight. Fibonacci levels do give useful data and like it or not RSI and stochastics, MACD and bollinger bands all have a use. What the all time chart currently reveals on gold is that the current upwards move is parabolic and it became that way after spot prices passed $2320 per ounce. Any way Steve you have a successful way of trading and my way is successful for me and other people have their own methods. The key is working a formulae that fits your own strengths and copes with own weakness. All the best Tony
PS It is handy that lots of people have different methods otherwise we would all buy and sell at the same time.
Now fully out and have a decent Capital gains tax off set. Hope you folks get some luck.