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Gold Is About To Make A Big Move

Scorpio

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by @Goldfinger on 27 Jul 2021, 11:02
Gold Is About To Make A Big Move

Gold has spent much of the month of July oscillating around the $1800 level. In fact, in the last week gold's trading range has narrowed to the point that it is moving less than 1% per day:
Gold (Daily)
1gg05re-Gold%20%241800.png

This is an unprecedented level of tension around a big psychological round number level. The oscillation is bound to give way to a big directional resolution, however, the questions are obviously "when?" and in "which direction?"
The Federal Open Market Committee (FOMC) will make its latest policy announcement tomorrow afternoon at 2pm EST, followed by Fed Chair Powell's press conference at 2:30pm EST - it's a reasonable bet to assume that the Fed announcement could generate significant volatility in markets, including gold.
Predicting the direction that gold will move next is always challenging; one can make the case that August is typically a bullish month for the yellow metal (gold has risen roughly 2/3rds of the time during August in the last twenty years for an average monthly gain of 2%). However, one could also argue that seasonality is much less important this year considering the number of unknowns including the future course of the pandemic and Fed monetary policy.
What I do know is that it is unlikely that gold will remain pinned to $1800 for much longer, and with each passing day it becomes increasingly likely that we will get a strong directional move, either above $1850 OR below $1750 (POLL: Which way do you think gold will move next?).
This morning, I put on an options trade that only makes money if gold makes a big directional move in the next nine trading days. To find out how I am trading gold, gold stocks, options and many other stocks/ETFs you can subscribe to the Trading Lab.

DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.

 

Scorpio

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they always state, no one gives you a heads up at a bottom or a top,

just a couple or few days ago, told you if you wanted to play, make it happen,

metal stocks have been kicking it ever since, and physical is doing some stuff also,

we should be into the next favorable seasonal until about Sept, then a break, and a run to year end

so we see
 

HistoryStudent

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$1,850 is the IMMEDIATE BIGGEST hurdle...

After that YOU are 100% right...

Get in early...

Good call I agree with you...
 

Au-myn

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Yea, I'm just waiting for the reversal on this 3 x 35 Point & Figure chart.

A Bearish Signal pattern formed when Gold peaked at 2065 followed by a Triple Bottom sell signal that found support
from the ST bearish support line and the LT bullish support line. A three square reversal will set up a Bullish Signal formation with
the buy signal occurring at 1925.
g35.png
 

Goldhedge

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I'm not holding my breath.... but I'll eat some chips...
 

TAEZZAR

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Get in early...
We have been given a big, long, window. With the Bidet pissing trillions out the helicopter, creating inflation & therefore destruction of what's left of the dollar, gold can only cost more fiat. :gold::finished:
 

Casey Jones

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Normally I don't pay attention to gold's dollar move. Nothing is real, anymore.

But I took a risk, a few months ago. I went out on a limb and bought a new (new-to-me) truck.

It wasn't cheap. Four years old and $25k. My credit being sweeter than honey, I got a ridiculously-low loan interest rate.

Now I could have bought it cash, once I sold some stacks, but that opens up all kinds of issues. I, too, have been expecting gold to move up in dollar-conversion.

And at four-percent interest...price increases, in the real world, are running at over ten percent, right now. So in real terms I'm getting PAID to borrow money.

The plan was to pay it monthly, while I can (payments are well within my budget, for now) and if there's trouble, sell a coin or two when I have to. My own target is $3k. Gold hits that, I sell enough to buy out the loan...I just cut the price of that truck by one-third.

But it has to hit that figure. By rights, it should be close to it, NOW. But I've never seen so much pfukery going on in our economy...our society.
 

the_shootist

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Gold to the Moon!

:tired:
 

TAEZZAR

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Irons

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Down for a while would be cool.




.
 

nickndfl

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I had 2oz. of gold and 5oz. of platinum in my shopping cart at the bottom this week and did not pull the trigger because I was on the road without a checkbook. I hope to get another buying opportunity soon.
 

Ensoniq

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I’m with Irons. Would rather get more time to accumulate before rooting for any big moves

I
 

789

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Well, it did make a move[ment of bowel], all the way back to 1760. Apparently, @Goldfinger knew the future.
 

the_shootist

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A buying opportunity today as gold is on sale!
 

789

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A buying opportunity today as gold is on sale!
Yes; but the gold middle finger did not know (and did not warn us) about this buying opportunity.

b) if someone lost a bunch on gold since January how does he have anymore good money to throw after bad ?

c) none of these goldfingers told ye in January to hold onto your paper, it will buy more in August.
When I wrote in March that paper will do better than silver, I was treated as usual.
 

the_shootist

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Yes; but the gold middle finger did not know (and did not warn us) about this buying opportunity.

b) if someone lost a bunch on gold since January how does he have anymore good money to throw after bad ?

c) none of these goldfingers told ye in January to hold onto your paper, it will buy more in August.
When I wrote in March that paper will do better than silver, I was treated as usual.
I use my gut feelings I don't pay attention to those idiots with their graphs and charts. I use my gut feelings and buy on the way up as well as on the way down. I'm not playing the market so much as just moving wealth out of the system a few dollars at a time
 

Au-myn

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I use my gut feelings I don't pay attention to those idiots with their graphs and charts. I use my gut feelings and buy on the way up as well as on the way down. I'm not playing the market so much as just moving wealth out of the system a few dollars at a time
So, were ALL idiots? And your "gut" tells you what to do.

So, tell me about my chart for example. Are there any new updates?
 

the_shootist

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So, were ALL idiots? And your "gut" tells you what to do.

So, tell me about my chart for example. Are there any new updates?
Like I said, I don't pay attention to charts. My apologies if I offended, I was thinking more of the professional gold peddlers and their endless articles and videos pushing their predictions on where prices are going to go according to their calculations. I'm not one of those people. I'm just a guy looking to save a few bucks and keep them away from the tyrants.
 
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Casey Jones

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Like I said, I don't pay attention to charts. My apologies if I offended, I was thinking more of the professional gold peddlers and their endless articles and videos pushing their predictions on where prices are going to go according to their calculations. I'm not one of those people. I'm just a guy looking to save a few bucks and keep them away from the tyrants.
And I'm just someone who doesn't do stupid.

And stupid is all we're doing, right now. The insanity coming from media. The boot on the face coming from these dull-normals and their agents, out of Washington and some state capitols.

And stonks, EXPLODING in price - obvious, visible manipulation. Bitcoin exploding in price - driven by the same people who're afraid that they, having been vaccinated, will get sick from healthy unvaccinated. Because a political swamp-rat in a white coat told them that.

And gold. Dropping like a lead balloon. In a situation of over 10-percent price increases.

NO sense. INSANITY. Like 57 Genders, and ugly doods in dresses.

Like that re-tard fruit Lemon on the television. HOW THE HELL DID HE LAND THAT JOB?!

NOTHING is making SENSE!
 

the_shootist

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And I'm just someone who doesn't do stupid.

And stupid is all we're doing, right now. The insanity coming from media. The boot on the face coming from these dull-normals and their agents, out of Washington and some state capitols.

And stonks, EXPLODING in price - obvious, visible manipulation. Bitcoin exploding in price - driven by the same people who're afraid that they, having been vaccinated, will get sick from healthy unvaccinated. Because a political swamp-rat in a white coat told them that.

And gold. Dropping like a lead balloon. In a situation of over 10-percent price increases.

NO sense. INSANITY. Like 57 Genders, and ugly doods in dresses.

Like that re-tard fruit Lemon on the television. HOW THE HELL DID HE LAND THAT JOB?!

NOTHING is making SENSE!
Just to be clear, I have a lot of respect for Au-myn, my comment didn't take into account folks like him and I meant him no disrespect.

My comment was solely focused on and aimed at the internet peddlers
 

Casey Jones

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I didn't read it as any insult, but it's always best to be clear, on a medium like this one.

I'm just tearing my hair out. Not because I want to see a goal, so much, but because this is absolute madness.

And STUPID. The insane are often intelligent, even sometimes charming. Not this circus full of low-rent clowns...

(Meaning the whole scheisse-show that is our political-economic-media triumverate. Not the fine folks here...)
 

Zed

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TAEZZAR

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Ensoniq

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How many years before $10k/oz at 10% FRN inflation?

I think 5-7
 

Irons

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Wait till Monday? Still gonna dip or do the round mound of rebound?

Sittin on a dock in the bay, watchin the tide roll away
Sittin on a dock in the bay, wastin time....Otis, The dock in the bay circa1967ish
I'll give it a couple weeks, nothing is on fire 'round here.

:meditation:
 

Zed

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~169x is quite possible here if we break further south next week. We are on support and it really needs to hold or its near $70 to decent looking support.

JMO etc.
 

nickndfl

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$1690 would be Christmas in August, but whatvabout the premiums?

Platinum just went belowx$1k in a great buying opp.
 

the_shootist

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Wait till Monday? Still gonna dip or do the round mound of rebound?

Sittin on a dock in the bay, watchin the tide roll away
Sittin on a dock in the bay, wastin time....Otis, The dock in the bay circa1967ish
If it drops again I'll buy more :2 thumbs up:
 

dacrunch

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Who's gonna need PMs when the population is reduced by 95% by the jabs?
 

Casey Jones

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Who's gonna need PMs when the population is reduced by 95% by the jabs?
Who's gonna want dollars?

If there's trade and a need for money...you'll want actual money, not fiat issued by a dead government.

If there's not...then, you're gonna have to do your own crop-raising, your own sheltering, your own doctoring...and life is gonna be solitary, nasty, brutish and short.
 

dacrunch

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Who's gonna want dollars?

If there's trade and a need for money...you'll want actual money, not fiat issued by a dead government.

If there's not...then, you're gonna have to do your own crop-raising, your own sheltering, your own doctoring...and life is gonna be solitary, nasty, brutish and short.

hmmm... what if it coincides with a solar flare - EMP - erasing ALL "data"... "power grids".. "vehicle / plane electronics"... "nuke plant safety backups"...
 

Goldbrix

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The timing may be really good for me too.


.View attachment 220390
My quandary is: should buy some gold as Investment or buy more silver for Barter ?
:reading: :computer: :don't    know2:
I know either is a good move now. Just what will be advantageous in the future. :don't know:
 

Goldbrix

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The timing may be really good for me too.


.View attachment 220390
My quandary is: should buy some gold as Investment or buy more silver for Barter ?
:reading: :computer: :don't    know2:
I know either is a good move now. Just what will be advantageous in the future. :don't know: