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#1 2017-04-04 20:38:59

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Gold Resistance @ 1260

Gold has hit the widely commentated resistance level of $1260 USD 3 times in the last 5 weeks.  On Feb 28, Mar 27 and Apr 4 (yesterday)

Each time the bounce backs have been weaker than the previous and the time between testing of this level is also reducing.  These are technical indicators that gold is building momentum for a break through this resistance level which may very well be imminent.  A break of this level could project gold through to a new medium term rally that might see $1300 retested in the next month or two.

Our old mate Leon has been conspicuously absent, but if he were here he'd also be telling us that the COT report shows his Swap Dealer (bankster) indicator is less bearish than at ANY time over the last 12 months.

Add to that yesterdays Reserve Bank comments which have dented the AUD and further improved the gold price for Aussie miners.

Anyways, I'm loading up on some gold stocks today in anticipation of a decent move.  Keep those trailing stops tight! wink

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#2 2017-04-04 21:15:39

Nugget_Hunter
Silver Stacker
From: Southern Sydney
Registered: 2017-01-11
Posts: 1,327
Trades :   17 

Re: Gold Resistance @ 1260

I hope you are 'gambling' on Gold dropping then ....

Let's hear it for 'the bulls' !!

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#3 2017-04-04 22:04:38

Skyrocket
Silver Stacker
From: Melbourne
Registered: 2014-07-20
Posts: 4,901
Trades :   36 

Re: Gold Resistance @ 1260

BuggedOut wrote:

Our old mate Leon has been conspicuously absent....


He must have a good reason.....:D

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#4 2017-04-04 23:58:35

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Re: Gold Resistance @ 1260

Skyrocket wrote:
BuggedOut wrote:

Our old mate Leon has been conspicuously absent....


He must have a good reason.....:D

I suspect he is embarrassed....and possibly broke after making some terrible calls.  Maybe he can't afford internets anymore? roll

Hopefully I don't follow suit! lol

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#5 2017-04-05 00:35:50

billybob888
Silver Stacker
From: Australia
Registered: 2014-01-08
Posts: 1,518
Trades :   154 

Re: Gold Resistance @ 1260

Skyrocket wrote:
BuggedOut wrote:

Our old mate Leon has been conspicuously absent....


He must have a good reason.....:D


Hes always absent, he only logs on to make a hit and run post

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#6 2017-04-06 22:07:10

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Re: Gold Resistance @ 1260

I wasn't expecting war to be the catalyst, but this is happening now.  Resistance is broken. 1267 and counting.

How high does it go?  I reckon 1300 is definitely in range....

I've never been so sad to see the gold price spiking.

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#7 2017-04-06 22:52:19

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,965
Trades :   32 

Re: Gold Resistance @ 1260

BuggedOut wrote:

How high does it go?  I reckon 1300 is definitely in range....

I've never been so sad to see the gold price spiking.

I strongly suspect this gold spot spike will not last until this week's closing (current US Eastern Time, Thursday 22:50).

Crude oil price may hold, even though Syria is not a major producer/exporter.


The Roswell Crash Survivor

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#8 2017-04-07 00:01:42

Silver_Dealar
Member
From: Sydney
Registered: 2016-04-16
Posts: 475
Trades :   21 

Re: Gold Resistance @ 1260

Past $1260 we go


Not silver dealer, it's Silver_Dealar with an A!!!

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#9 2017-04-07 02:40:14

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Re: Gold Resistance @ 1260

I am absolutely stunned that the gold price has not followed through on breaking 1260.

Not only was it a firm line of resistance from a technical perspective, but the uncertainty and threat of escalating war in the middle east is a huge factor.

Makes me wonder if the non farm payrolls coming out tonite might be a big kick in the other direction.  I'm unwinding a tad. hmm

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#10 2017-04-07 02:54:27

sammysilver
Silver Stacker
From: Sydney
Registered: 2011-04-07
Posts: 5,488
Trades :   189 
Website

Re: Gold Resistance @ 1260

Bear in mind the time in the US. The debate has yet to start. A full day's trade still to come.


The price we pay for the good life is public servitude.

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#11 2017-04-07 02:57:38

Silver_Dealar
Member
From: Sydney
Registered: 2016-04-16
Posts: 475
Trades :   21 

Re: Gold Resistance @ 1260

sammysilver wrote:

Bear in mind the time in the US. The debate has yet to start. A full day's trade still to come.

True. It might also be due to the fact that silver and gold have already had pretty good returns this year, it's about time for a small pullback. It'll be interesting to see how the market closes.


Not silver dealer, it's Silver_Dealar with an A!!!

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#12 2017-04-07 19:36:12

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Re: Gold Resistance @ 1260

Very good call SD.

The NFP was a miss.  Quite a low number surprising on the downside, would normally suggest less pressure on raising interest rates and therefore be bad for USD good for gold....

....BUT market responded mildly to this number and profit taking kicked in late in the Friday afternoon session.  All this suggests that the recent rally in gold might be a bit exhausted so a pullback looks likely next week barring any unforeseen escalation of conflict in Syria.

Very glad that I unwound my position a bit late Friday but I am still a gold bull in the long term.  I will keep an eye out for the next technical indicators to set up for another buy in opportunity. smile

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#13 2017-04-07 19:38:39

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,965
Trades :   32 

Re: Gold Resistance @ 1260

C82D6zZW0AEi48t.jpg:large

Brent Crude already back down to ~US$54.8 like it was a non-event.


The Roswell Crash Survivor

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#14 2017-04-07 23:34:14

BuggedOut
Member
From: New South Wales
Registered: 2015-07-21
Posts: 1,797
Trades :   39 

Re: Gold Resistance @ 1260

Markets seem to be quite comfortable with the "measured" military strike in Syria.  I guess they are used to it over the last few decades!

I suspect that the lack of Russian or civilian casualties from the strike may have reduced the risk of escalation.  I for one was quite relieved to find out the relatively low death toll and the fact the Russians were advised pre-strike, plus the Syrians have indicated they won't retaliate without Russian backing (paraphrased)

Lets hope some cool heads prevail over the next few days and the UN gets in there to investigate and do its bloody job!

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