G20 and Gold price

[Jason101]

Gold has not moved much lately, are traders and investors waiting to hear the results of the G20 discussions? If so will it really influence the price?

 

[TheBramble]

There can't not be some form or agreement out of the G20.

It wont please all (it can't) and it wont be immediately obvious where it's falling short, but enough caveats, provisos and assurances will be made to ensure a ‘formal’ declaration can be made that fulfils the need to ensure us all our governments are in broad agreement – if not in the finer detail.

Basically, we’ll be where we are right now, but the real victory will be all 20 of them met without making too much of a hash of it and without too many more cracks appearing in the quite unnatural edifice of G20 unity and purpose.

Gold will relax or at least, not take a flight of fury.

 

[laptop1]

Gold prices will fool most

Gold is trading at 927, everyone and their dog is buying Gold right now, you're even seeing jeweller shops asking to buy your Gold off you

People who bought it at 6,50 to 7,50 range feel proud of themselves right now, but I feel, Gold prices will trade the opposite of what the majorities are thinking, it's a market like the housing market and stock market, people who bought Gold over the last 3 years, holding for long term, these people will help Gold prices move down, when they see the Gold prices get closer to their entire price where they bought a few years ago.

Gold could easily go down to $5.50 to $6,50 range over the next 24 months, Look what happen to Oil prices, that fooled everyone,


just an opinion

 

[Jason101]

I am only a beginner with chart patterns, but I think the daily t.f looks like an upward wedge, which I believe is bearish? But it also looks like it is swinging between two s and r levels, and is on a stalled pullback (hence my thoughts on G20)?

 

[montmorencyt2w]

Gold prices will fool most

Gold is trading at 927, everyone and their dog is buying Gold right now, you're even seeing jeweller shops asking to buy your Gold off you

And trying to sell it. I was sent some junk mail trying to sell me the metal. Actually, I wouldn't mind having some of that stuff if I had wodges of spare cash, but not at that price. I may have got it wrong, but I think they were asking per ounce the dollar price but in pounds, i.e. 9hundred-odd pounds.

 

[snb93]

gold will always go up especially in these conditions. It is the only investment that gained last year by 5% when everything else went negative. The only reason why gold is going down at the moment is because of banks manipulating the price and bringing it down just like a bank intervening with a currenvy to devalue it.

 

[investcdn]

According to “a survey of the CEOs of emerging to mid-tier gold producers,” American stimulus will “spark the onset of hyperinflation as early as this fall. And that will swiftly and unequivocally establish the $1,000 mark as gold's next key support level.”

Market Data and Economic Research on Mining,Oil and Gas

 

[Jason101]

I have the figure of eighteen months plus for inflation, going around in my head, not quite sure why, though. I think due to lower demand for energy, raw materials, housing and cheaper labour. I also have a gut feeling though, that gold will swing trend up before inflation on anticipation of it.
Looking at the current price I am tempted to look for a buying opportunity at the moment, with the strategy of holding half to the resistance level (if it has the legs) and letting the other half run for as long as it will.

 

[snb93]

The turning point of the gold price will be when the dollar looses its strength and isnt seen as a safe haven. it will continue to devalue until the day the dollar hits its high and the inflation you talk about kicks in. from there, the dollar will probably be back at over 2 dollars per pound and gold will soar.

 

[Jason101]

Hi, Snb93
My take is that I agree with your long term outlook. But for my personal position if I swing trade some up ticks, this will give me more chart trading experience, at a low cost (I use IG index for gold which is a 1 tick to a £1 move ratio so I can practice without loosing my shirt) hopefully pick up some up movement and leave in a few positioned out trades to B.E point or run on to the long term price targets. At which time I may be more experienced to take advantage of the new highs. Also I am not convinced it will drop loads, in this current climate.

gold will always go up especially in these conditions. It is the only investment that gained last year by 5% when everything else went negative. The only reason why gold is going down at the moment is because of banks manipulating the price and bringing it down just like a bank intervening with a currenvy to devalue it.

Also I was interested to know what makes you think the banks are manipulating the gold price and why. I could see that dollar price would effect gold, but not gold effecting the dollar price, so what would they gain from manipulation.

Regards
Jason