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Today feels like a near term top for gold

<SLV>

Platinum Bling
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#1
Just a feeling... I mean, it did sort of break above recent highs, but my gut says it is going back down under 1725 in the next few days.

Anyone got a feeling based on better data?
 

the_shootist

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#3
 

the_shootist

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#4
Just a feeling... I mean, it did sort of break above recent highs, but my gut says it is going back down under 1725 in the next few days.

Anyone got a feeling based on better data?
If gold does go down after today I'm blaming you!:dduck:
 
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Ebie

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#6
If so, buying opportunity.
Paper price seems to correlate with actual price--sort of.
 

Casey Jones

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#7
Unknown. We don't know what the monkey-hammerers will do, or when, or how much.

We also don't know how much investment is in Paper Gold, and how much of THAT is on margins.

One thing I think most of us know: Gold lasts. Fiat funny-money, not-so-much.
 

the_shootist

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#8
If so, buying opportunity.
That ship has sailed for me. The buying opportunities were @ $1100/$1200/$1300 oz
 

Casey Jones

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#9
That ship has sailed for me. The buying opportunities were @ $1100/$1200/$1300 oz
It's not going to get better.

Gold isn't overpriced. It's that the dollar's been debased - and we had a sudden-ish realization of that, the last two years.

If you have dollars, get gold. Or silver...nothing else is safe.
 

FlaGman

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#10
Whether it goes up or goes down I won’t be buying any or selling any in the next few years. I think I will be fine.
 

ZZZZZ

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#11
Just a feeling... I mean, it did sort of break above recent highs, but my gut says it is going back down under 1725 in the next few days.

Anyone got a feeling based on better data?
The metals have had a nice run since the March low. Trading does feel "heavy" to me, but as the saying goes: "The trend is your friend. Until it ends."

What has me more concerned is that the metals and the metals stocks have been trading in sync with the overall stock market, which is waaaaay overbought and vulnerable to a sharp selloff.
.
.
 
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Lancers32

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#12
Unknown. We don't know what the monkey-hammerers will do, or when, or how much.

We also don't know how much investment is in Paper Gold, and how much of THAT is on margins.

One thing I think most of us know: Gold lasts. Fiat funny-money, not-so-much.

No doubt Gold lasts but it can also go from 2k to 1k so there's that. I think we need to see the metals and the miners breakout convincingly here or we will get another buying opp.
 

ZZZZZ

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#13
gold062320.jpg


FWIW, If anybody follows Elliott Wave technical analysis, this is about as clear as it ever gets. Gold is starting Wave 5 up which should run to at least $1,825, probably much higher, towards $1,900.

After that, a correction or consolidation would be due, After that, who knows.

JMHO DYODD
.
.
 
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Lancers32

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#14
View attachment 170251

FWIW, If anybody follows Elliott Wave technical analysis, this is about as clear as it ever gets. Gold is starting Wave 5 up which should run to at least $1,825, probably much higher, towards $1,900.

After that, a correction or consolidation would be due, After that, who knows.

JMHO DYODD
.
.

Seen negative counts too.
 

the_shootist

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#15
Gold could go up or it could go down....but don't quote me
 

<SLV>

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#18
It does feel different this time though, doesn’t it?
Actually it feels the same, but looks like it should be different. Under the old rules I expect to see it get hammered. But have the fundamentals achieved enough mass to overthrow the old rules?
 

smooth

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#20
The gold market has been twisted for the last dozen years at least. But it's still a safe haven no matter the price. I dont think there is any data that can hold our hands right now. Too many times in the last decade we have seen the flight of liquidity into the US dollar, or the markets when we thought that was the last place it would be safe. I'm staying in the market, have a little yeller, and a bit of cash. As always there will be opportunities....
 

<SLV>

Platinum Bling
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#22
Maybe over 1800 today?

Maybe this is the real breakout.
 

Lancers32

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#24
Maybe over 1800 today?

Maybe this is the real breakout.
The complex has been holding up reasonably well during a normal seasonal period of weakness so that is a positive. Might want to see Gold take Silver along for the ride.
 

Fatrat

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#25
Waiter for the beatdown...
 

Unca Walt

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#27
That ship has sailed for me. The buying opportunities were @ $1100/$1200/$1300 oz
Shootie: That ship has NOT sailed for you. The buying opportunity is the 100:1 s-t-r-e-t-c-h between gold and silver. Silver has to follow gold eventually.

So silver is the clear way to protect your wealth at this time. Dollars and wampum will not get you anything after some long weekend.
 

the_shootist

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#28
Shootie: That ship has NOT sailed for you. The buying opportunity is the 100:1 s-t-r-e-t-c-h between gold and silver. Silver has to follow gold eventually.

So silver is the clear way to protect your wealth at this time. Dollars and wampum will not get you anything after some long weekend.
I can only store so much of that stuff you know
 

Lancers32

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#29
Google Laura Iriarte on YouTube. While she allows for a new high possibly like to $1980 she sees a move lower into the 1980 high or lower.

I could never get my head around Elliot to begin with. Prechter wrote in his book that he did with Frost that Gold could make a new high over $850 and still be in a bear market. After I read that I dismissed Elliot. Maybe I'm too dumb to use it but it ain't for me. Too subjective.
Best of luck.
 

Curtman

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#30

Lancers32

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#31
View attachment 170251

FWIW, If anybody follows Elliott Wave technical analysis, this is about as clear as it ever gets. Gold is starting Wave 5 up which should run to at least $1,825, probably much higher, towards $1,900.

After that, a correction or consolidation would be due, After that, who knows.

JMHO DYODD
.
.
BTW it's bullish/bearish count not up and down. Anyway here's your bearish Elliot Wave count FWIW.
 

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