ridethepig
Long

ridethepig | Gold Market Commentary 2020.05.26

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
It seems an appropriate choice of the moment to advance the discussion on Gold . As in the previous swings, seems to me more in accordance with the needs of protection from governments than anything else:


Once we cleared the initial swing, the attempt to mount another attack at all time highs has been challenging. The profit taking from buyers who look to cover losses via liquidations in equities and CB printers on full blast has denied the penetration of $1,800.


The opportunity for another round of buying is here, risk is threatening on all fronts. My impression is as follows..given the latest escalations from China and HK and with US Equities S&P taking 3,000 back it is an important ☑️ for the headlines ... means time to start paying attention. Unemployment soaring while equities rally...This leg higher should help us recognise the relationship between Gold and risk.

For the technical side, here tracking for the ending of wave (v) and a beginning of another 5 wave sequence to the topside towards an initial $1758 flow target. To the downside, $1712 support will keep moves lower limited.

Comments

thank you for sharing. nice updates.
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It has broken the 1711 support as of today. Perhaps it could retest 1675 ? I am waiting for a good entry on Gold Leaps
+1 Reply
@ridethepig It would be great if you could do an update on gold
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ridethepig Michail...Sideris
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@ridethepig I hate false breakdowns :( I missed this ship.
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Yes domestic and world Central Bank Interference, with currency swapping, mass industrial and market buying of bonds; etfs; stocks; criminal lending
practices; all contribute to markets being up while the populous suffers with low wages, layoffs, jobless world that the elite or creating for our future ???
This is all done by design, to get back on track here; is the CB's are also responsible for price manipulation of the world commodity's such as the suppression of Gold for one !!
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Good morning pigrider, i really appreciate all your charts, i believe your chart depicting gold rise is somewhat flawed? It is set on a hourly time frame one cannot prognosticate very far into the future with an hourly time frame. I do feel gold will go up but not quite yet, it will need to draw down to 1450 possibly 1330 area before going up with any real bite possible new highs should come by then. > Megalo :-)
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@MEGALO1, fundamentally there is no explanation for GOLD to reach these sort of lows anytime soon. With China US tensions, recent pandemic, and alot of the points you've mentioned above, i dont see GOLD needing to make such a deep retracement to head for 1800/1900
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MEGALO1 GlobalWealthGroup
@GlobalWealthGroup, Thanks for your input GWG, yes i see you are relying on the Fanatical Fundamental Flawed Fabricated outright Prevaricated News and Data the Ruling Elites feed us, and not so much on using sound proven technical disciplines ?? If i was to think harder on the fundamentals of Gold it should be a minimal of 5k an ounce, being what shape the world is in today.??
But in defense of Fabricated Flawed Fundamentals Fed From the Devils tongue its all about perception, if enough of the populous believe Gold will rise for whatever reason traders will buy and vice versa. So relying on fundamentals is not so outlandish at all, in today's time and day. >Megalo :-)
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