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Topic: Gold 2020 (Read 3989 times) previous topic - next topic

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  • edthelorax
  • [*][*][*][*][*]
  • Administrator
Re: Gold 2020
Reply #75
Gold and silver, down roughly 3% and 4% respectively, have just been whacked by PFE news that they have 90% Wuhan flu  success with their vaccine. I do not believe there are any TA analysts that predicted this as TA cannot predict fundamental developments. On the other hand, this is noise in the monetary and fiscal malfeasance taking place, therefore probably an entry opportunity. I am going to add a little this morning.


Doesn't this kinda count as TA predicting some "unseen fundamental change?"  I admit it was a week off.
  • Last Edit: November 09, 2020, 11:40:55 AM by edthelorax
For Entertainment Purposes Only.

Re: Gold 2020
Reply #76
After reading a pile of articles analyzing and and forecasting gold and silver prices, not a single article predicted this morning's move nor did they even include the potential PM effects of a vaccine. Most of them were basically gold is going up because debts are going to continue to rise and no one is going to loan the money for negative real interest so the fed will indirectly backstop the debt increases. I think it is safe to say news overrode for today's move.

Like posted earlier, this is noise in the monetary and fiscal mess. that is probably creating a buying opportunity as mid and long term PM's are going up and from here, probably up short term. I added to my BNCHF and the purchase is up 4%. not so much for the other PM holdings.

Then there is the stock market, up ridiculously on this news. This may be the blow off top catalyst, but the market may still go up because the measuring tool is losing its value, as you stated DXY86. But that drop is measuring against other fiat currencies also being printed into oblivion. Purchasing power of the market is going down even if the indexes go up.

Re: Gold 2020
Reply #77
It's a little early to have confidence in this, but XAUUSD seems to have put in a double bottom, possibly triple bottom if one considers end of October, at $1860 support. Resistance near term is around $1930 and then around $1975. Above $1975 should usher in a large up move. Short term, MACD is bear oriented but improving with curves below the midline so there is room to run, Longer term 50 and 200 day moving averages are solidly bullish. I am optimistic the last 6 or 7 weeks of this year will be good for PM's and PM stocks. I have bought a few at the money options expiring early spring in several companies targeting doubles.


Re: Gold 2020
Reply #78
Spot gold has tagged $1850 support once again, time to move up? MACD is not supportive but MA's remain bull oriented albeit with less vigor. It seems to be a waiting game, but since August 1971 gold is up $1850/35 or up over 50 times. We are still off the gold standard.




  • edthelorax
  • [*][*][*][*][*]
  • Administrator
Re: Gold 2020
Reply #79
This is a short week, I believe non delivery month futures expire along with options. This is a perfect time to have the last shakeout before Dec, first day notices.
There is too much money in too few hands with very few choices where to park it safely.

  • Last Edit: November 23, 2020, 10:18:34 PM by edthelorax
For Entertainment Purposes Only.

Re: Gold 2020
Reply #80
That is such a good point about too much money in too few hands and it is enhanced by fed policies and fiscal mismanagement.  Gold futures are now at $1800 which coincides with the 200 day MA and is well into the bull channel commencing last August and well below the regression channel commencing with March lows. Tuesday more times than not is a down day for PM's, maybe we see the up market return tomorrow; if not it is coming soon.



Re: Gold 2020
Reply #81
On no news that I have seen, gold has taken a $15 plus swoon in a few minutes on this shortened holiday trading day. Nothing to see here, move along.


  • ken
  • [*][*][*][*][*]
  • Global Moderator
Re: Gold 2020
Reply #82
Drive it down to buy later. Same old shit as usual.