Price of Gold Looking Weak

[falwic]

first post from a verry long time so....

My first question is....

can i post here my charts with some ideas ?
Charts are avaible on my priv. site so dont wanna be a spamer or something... kicked...

My opinion is gold in 3 days hits new record.... today (5.11.2007) 821$ then gonna see

 

[The Baptist]

Guga gone to ground trying to shore up the dollar, me thinks.The big set up through most of this year and thread was an upside BO as suspected given size of pattern, there could be plenty move to still come....

...Its a long term buy & hold since then, quiet far moved already though for late entrants to get in with too big a scale tho'.

Just had an enjoyable last few days. was stopped in at $805 for the Break out.

We had a daily Baptist Flag set up that started with the $845 highs of 8th Nov...

Chart attached..It is a Daily pattern very similarly to the massive Weekly One I posted long time back.

When Gugaplex's naysaying was at its peak. I have attached the Weekly one that was also prevalent for a large part of the year.

Thes patterns are classic continuation set ups for the primary trend.

So while I have ridden a $35 Break out so far in a very short time frame, it will slow down in its ascent and even suffer minor pullbacks but the underlying trend is reinforced, keep long!!!

Keep bullish on gold which implies worry on the 'Staggflation front'... rel high Inflation with low/slow growth..

 

[zambuck]

...If one takes Nominal price of Gold then this year it has just gone above a mark of approx 850 a Troy Ounce in Jan 1980....!

...However when one views this in light of adjustment for inflation (in 2007 prices deflated by US CPI) then in real terms bullion would need to be above $2000/- mark today to match the price achieved on 1980....!

I was quite amazed by this finding on FT today.....see link below for video by the article author javier Blas of FT

FT.com / UK Daily View

 

[TWI]

Buy any dips, previous $850 target attained. Now we target $1000
Less about the dollar now more about pure demand which is offsetting increased central bank sales and reduced producer dehedging.
I would really like to see some liquidation in order to load up. I was out by NY and was on a plane on Jan 2nd so need to see a dip to get any size on.

 

[Hook Shot]

Liquidation may not be far away.............

Buy any dips, previous $850 target attained. Now we target $1000
Less about the dollar now more about pure demand which is offsetting increased central bank sales and reduced producer dehedging.
I would really like to see some liquidation in order to load up. I was out by NY and was on a plane on Jan 2nd so need to see a dip to get any size on.

This time of the month/year often produces something and with price firm here perhaps the timings will get back to "normal"... ? Marc Faber is looking for some easing... soonish :cheesy:

 

[TWI]

I think opening of Shanghai gold futures is enough to send this higher. They are a bit enthusastic these Chinese and if their appetite for stocks gets transferred to their new gold market..well..

Actually, my favourite precious remains Platinum. Lot of it comes out of South Africa and the whole infrastructure there appears to be pretty screwed up. I lived in Africa for years and so I can imagine this will only get worse, not better. In addition the Plat ETF in London is now seeing some good flows and will take physical off the market. Platinum is a small market and the ETF could really squeeze it.
Keep an eye on this.

As for Mark Faber, I do enjoy listening to his gloomy reports, makes me feel optimistic but he is inline with most of the market in waiting for a dip..this may be why we do not see one.

 

[rols]

I think opening of Shanghai gold futures is enough to send this higher. They are a bit enthusastic these Chinese and if their appetite for stocks gets transferred to their new gold market..well..

Actually, my favourite precious remains Platinum. Lot of it comes out of South Africa and the whole infrastructure there appears to be pretty screwed up. I lived in Africa for years and so I can imagine this will only get worse, not better. In addition the Plat ETF in London is now seeing some good flows and will take physical off the market. Platinum is a small market and the ETF could really squeeze it.
Keep an eye on this.

As for Mark Faber, I do enjoy listening to his gloomy reports, makes me feel optimistic but he is inline with most of the market in waiting for a dip..this may be why we do not see one.

I took a short position on gold spot this a.m. at 75.00 as technically and fundamentally I'm sensing a correction is imminent.

Also a guy in a nice suit on the telly last night said he was selling....

 

[Hook Shot]

Nice one ...........

I think opening of Shanghai gold futures is enough to send this higher. They are a bit enthusastic these Chinese and if their appetite for stocks gets transferred to their new gold market..well..

Actually, my favourite precious remains Platinum. Lot of it comes out of South Africa and the whole infrastructure there appears to be pretty screwed up. I lived in Africa for years and so I can imagine this will only get worse, not better. In addition the Plat ETF in London is now seeing some good flows and will take physical off the market. Platinum is a small market and the ETF could really squeeze it.
Keep an eye on this.

As for Mark Faber, I do enjoy listening to his gloomy reports, makes me feel optimistic but he is inline with most of the market in waiting for a dip..this may be why we do not see one.

...........Hopefully this pbk is just the beginning ?

 

[Quixgofar]

Gold Correction - Target

I took a short position on gold spot this a.m. at 75.00 as technically and fundamentally I'm sensing a correction is imminent.

Also a guy in a nice suit on the telly last night said he was selling....

Rols,

So you're saying to that Gold will correct towards $750.00?? I was thinking more towards the low 800s.

Please respond.


Quix - NYC

 

[trader_dante]

If you're considering going short now might be the time based on the look of that pin bar on the daily chart...

 

[TWI]

I quote GS:
As suspected yesterday the appetite for the new Shanghai gold futures contract has been nothing short of voracious trading $1.8bn notional and the June 8 contract trading the equivalent of $990, due to deliverability constraints (you cant deliver non-domestic gold into this futures contract). Yesterday's 880.50 spot high was taken out on a low volume rampage on Comex before Shanghai kicked off but new spot highs of 891.70 have been registered as London comes in and voluem is better. From here it's blue sky, and depending on how bearish you are the world economy or how strung out you are about the strife in financial markets, you can easily get to $1000/oz gold. Yes positioning-wise the market is about as long as many of us has ever seen, however bear in mind that the amount of money invested in this market barely touches the sides of the market cap of a large cap investment bank. If you believe that this asset will be the default safe haven port of call for a banking system in crisis, then at $890 it's a snip, especially when in inflation adjusted terms it would need to hit $2000/oz to match the highs of the 1980s.

 

[The Baptist]

Just had an enjoyable last few days. was stopped in at $805 for the Break out.

We had a daily Baptist Flag set up that started with the $845 highs of 8th Nov...

Chart attached..It is a Daily pattern very similarly to the massive Weekly One I posted long time back.

When Gugaplex's naysaying was at its peak. I have attached the Weekly one that was also prevalent for a large part of the year.

Thes patterns are classic continuation set ups for the primary trend.

So while I have ridden a $35 Break out so far in a very short time frame, it will slow down in its ascent and even suffer minor pullbacks but the underlying trend is reinforced, keep long!!!

Keep bullish on gold which implies worry on the 'Staggflation front'... rel high Inflation with low/slow growth..

Given the devalaution of the bankrupt dollar and hefty rates cut there, combined with Europes concern on inflation and Golds run away climb to $1000 and beyond. Withj Chinese inflation high.

My statement above on Stagflation may hold true... further gold and commodity hikes and inflation in western economies.. any other Stag callers?