GOLD

bax699

Well-known member
269 57
Looks like gold wont be going down to the desired area of interest. The 50% fib level held and looks like we could see a breakout soon enough. I will place a small positions in the breakout, but for a full position i will wait for the break and retest of the support level on the .382 fib. That way i can scale in more if the bull is real. Have a good weekend everyone GLIYF
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bax699

Well-known member
269 57
Markets open soon and its been a while since i looked at gold . For me i'm a liking this big wedge setup. We could get a sell in round about this area for 160 plus pips down to the magic retrace of fib 0.618 for the next bullish push? Takee a look to see where price settles after market opening and tomorrow morning then we could be on for a nice quickish intraday sell before a nice possible buy, let me know your thoughts below. GLIYF
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bax699

Well-known member
269 57
Last time on gold i sold from that small resistance level of 1900, projection was the .618 fib for the buy. TP was well and truly hit, if you held for more well done. As you can see we dropped through the wedge . But price soon came back and found support on the nice .618 level for the buy which im currently holding. All trades were given on the last post so should of been easy enough to take for you guys :) GLIYF
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postman

Legendary member
27,469 3,716
Last time on gold i sold from that small resistance level of 1900, projection was the .618 fib for the buy. TP was well and truly hit, if you held for more well done. As you can see we dropped through the wedge . But price soon came back and found support on the nice .618 level for the buy which im currently holding. All trades were given on the last post so should of been easy enough to take for you guys :) GLIYF View attachment 292480


:LOL: :LOL: :LOL: :LOL: :LOL: :LOL: :LOL: :LOL: :LOL: :LOL:

 

bax699

Well-known member
269 57
Checking back in on GOLD today. Nice to see we are over 500+ pips in profit on the trade still. Price seems to of rejected the 1900 price a couple of times. Im going to continue to hold for now. Ive got my SL set to bank 250 pips in profit so if it does turn then its no problem for me. Hope you all caught this on as there was a second chance for entry. GLIYF
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prajktapimpale

Newbie
6 0
When stocks drop, gold increases, just as when stocks rise, gold decreases. Stocks profit from economic growth. The safer investors feel their stocks are, the less likely they are to invest in gold. The reality is that when stocks crash, investors will run back to the safety of gold.
 
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postman

Legendary member
27,469 3,716
When stocks drop, gold increases, just as when stocks rise, gold decreases. Stocks profit from economic growth. The safer investors feel their stocks are, the less likely they are to invest in gold. The reality is that when stocks crash, investors will run back to the safety of gold.
That statement is demonstrably false.
Everything based on that assumption is clearly false as well.


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Atilla

Legendary member
19,587 2,957
That statement is demonstrably false.
Everything based on that assumption is clearly false as well.
Hi Postman,

The statement is correct imo.

When stocks drop, gold increases, just as when stocks rise, gold decreases. Stocks profit from economic growth. The safer investors feel their stocks are, the less likely they are to invest in gold. The reality is that when stocks crash, investors will run back to the safety of gold.

Simply that the price of Gold is not just determined by stock market moves alone. Gold is a speculative instrument and a safe haven. So in times of calamity, war, heightened risk or uncertainty its price rises.

When the stock market does well in returning dividend incomes or capital gains then people do switch out of holding gold and into stocks yes.

If the stock markets do well and gold also rises at the same time then it can be for some other reason.

Basically, you shouldn't throw the baby out with the bathwater so to speak.
 

postman

Legendary member
27,469 3,716
Hi Postman,

The statement is correct imo.

When stocks drop, gold increases, just as when stocks rise, gold decreases. Stocks profit from economic growth. The safer investors feel their stocks are, the less likely they are to invest in gold. The reality is that when stocks crash, investors will run back to the safety of gold.

Simply that the price of Gold is not just determined by stock market moves alone. Gold is a speculative instrument and a safe haven. So in times of calamity, war, heightened risk or uncertainty its price rises.

When the stock market does well in returning dividend incomes or capital gains then people do switch out of holding gold and into stocks yes.

If the stock markets do well and gold also rises at the same time then it can be for some other reason.

Basically, you shouldn't throw the baby out with the bathwater so to speak.

"If the stock markets do well and gold also rises at the same time then it can be for some other reason."

Yes and thats my point. I was hoping the person who posted "When stocks drop, gold increases, just as when stocks rise, gold decreases. " would realise that its not a single one to one relationship it is far more nuanced than that. So just typing that one sentence is false as I demonstrated.
I'm hoping @prajktapimpale will see his error and either investigate further or ask what other factors are involved. But its most likely he just read it online somewhere without understanding what it was he read and just regurgitated it parrot fashion and wont realise his mistake.

Gold is priced in dollars and the dollar is sinking in value so the price of commodities is rising in dollar terms.
In the last 3 years the price of Gold his increased 46% against the dollar but in that same time only 15% in relation to GBP.
Its narrow minded to the level of stupidity for @prajktapimpale and anyone else to base investment decisions on such tropes without considering deflation, interest rates and many other factors.
 

Atilla

Legendary member
19,587 2,957
"If the stock markets do well and gold also rises at the same time then it can be for some other reason."

Yes and thats my point. I was hoping the person who posted "When stocks drop, gold increases, just as when stocks rise, gold decreases. " would realise that its not a single one to one relationship it is far more nuanced than that. So just typing that one sentence is false as I demonstrated.
I'm hoping @prajktapimpale will see his error and either investigate further or ask what other factors are involved. But its most likely he just read it online somewhere without understanding what it was he read and just regurgitated it parrot fashion and wont realise his mistake.

Gold is priced in dollars and the dollar is sinking in value so the price of commodities is rising in dollar terms.
In the last 3 years the price of Gold his increased 46% against the dollar but in that same time only 15% in relation to GBP.
Its narrow minded to the level of stupidity for @prajktapimpale and anyone else to base investment decisions on such tropes without considering deflation, interest rates and many other factors.

Agree 100% yes we are of the same mind.

Oil and Gold relationship also existed but less so now. The long time held relationships between these different instruments are also changing.

Heard somewhere that the Chinese might link the Yuan to gold in the future??? That'll defo sink the dollar but who knows?

(y)
 

bax699

Well-known member
269 57
Looking back on the GOLD stuff today. Happy to report price is moving in the desired direction as planned. Last post we were over 500 pips in profit. We have since peaked at 1300+ pips in profit, currently sat at 900 ish . But the pattern looks to be a lovely break and re test of that big wedge so it looks like we could see full TP projection hit. Nice easy and rewarding one for us this trade. There was a few times you could enter on that entry zone so hopefully alot of you caught it. Good start to the year so far. GLIYF
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bax699

Well-known member
269 57
Its been a while since i looked at GOLD . I was stopped out in profit on the last position i took but havent looked back at it since. There's a couple of idea's that i would like to take, one is near the current support zone we're almost at. If it finds support around there then i would be taking the buy, if it breaks i would look to the next zone where it totally reversed last time it visited. Naturally if these zones break then it could be a strong bearish trend and then i would look for the sell as shown on the chart. Remember dont just blindly enter .wait for the signs of support or resistance forming. GLIYF
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bax699

Well-known member
269 57
Last time i looked at gold i put out the trading ideas i was looking for. Well the 2nd idea came to fruition. Price hit that bottom support zone and rejected off nicely. So if you was following then you would of entered as expected. currently we are 563 pips in profit. But we are currently in an area of interest where price could possibly fall back. We have the longer term EMa's above price and we have just hit that secondary trend line . If we break above then keep holding. Make sure to move SL into profit to secure some pips. Lets keep watching for now. GLIYF

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Gold on February 19, 2021
Gold Research.jpg

In yesterday's session, the Gold price had a rally to 1789 in the Asia session but then the uptrend was not maintained and then turned down again to close the day again with a bearish candle. is the 6th consecutive day the world gold price has declined and in my opinion, with this weak recovery, it is very likely that the 176x price range will be broken in the near future.
Yesterday, after buying up to 1789, we were quite successful in selling back down from this price zone and the current price of Gold is still in a strong support zone around 1765. Here we should wait for the turn. price action. If the gold price has a rebound here, we will wait to sell down around 1780. The safe target will remain above the strong support zone of 1760.
And if the price of Gold does not recover to the 1780 price range but goes down, the next destination of Gold will be around 175x. Regardless of the plan, in general, we will wait to sell down with the precious metal Gold in good resistance areas as outlined above.
 
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bax699

Well-known member
269 57
Been a couple of weeks since we have looked at GOLD . Price still continues to drop in bearish price action with lower highs and lower lows on the daily TF. I think price might come down to this monthly demand zone with trend line and possible reverse from there. Remember always wait for price action to confirm support has been formed as we could drop through to the zone below. There is the small daily demand zone just below but it broke the previous demand so it could signal a move lower. Wait for now, better to get the best entry we can. GLIYF
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