Gold

[elZorro]

He has posted on HC a few times recently, but been fairly quiet.
I think for gold to carry on its way north post Chinese NY it will require the fear from the fallout of oil or something similar.
We are now heading into a fairly reasonable channel of resistance $1280 -1320 and then resistance again at $1400.
I must admit I have been waiting for gold to take a breather but it really hasn't let up.

Hoop are you around? Are you able to give us your TA expertise?

Cheers Daytr

Will someone else from Hamilton do? I don't like TA much, it shows up my stupid decisions.

Instead, I'll post an article that I think suits the thread. Regards to Daytr.

http://marketoracle.ws/Article48953.html

Gold could go past 1300 overnight, TA prediction.

[Daytr]

Thanks el Zorro.
Not quite but $1295 is not far away!
Gold's consolidation didn't last long!

[elZorro]

Thanks el Zorro.
Not quite but $1295 is not far away!
Gold's consolidation didn't last long!

I was 12 hours out. Not that I have any gold producer shares, but OGC is looking interesting under this scenario.

[BFG]

$1300 busted before LME even open. QE being factored in as a certainty. Draghi better deliver on Thursday night!

[elZorro]

$1300 busted before LME even open. QE being factored in as a certainty. Draghi better deliver on Thursday night!

More about that from ino.com

http://www.ino.com/blog/2015/01/is-m.../#.VL_-m7kcS00

[Daytr]

Yeah it could be an interesting night ahead.
The market has a habit of having far reaching expectations only for Draghi to do nothing.
Is gold running on the EU expectation around QE or is it more about the global economy & what the likes of oil is doing & the implications?
I personally think its more the latter, throw in Chinese NY buying & Russian CB buying & you have a very good demand story for gold right now.
If a massive program of QE isn't delivered, I suppose the Euro would rally, but I think only short term.
I wouldn't be surprised to see gold fall either way, which I suggest would be a buying opportunity.

[elZorro]

I'm intrigued with the US$ chart seen here, have been for awhile.

http://quotes.ino.com/chart/index.ht...=&a=&w=&v=dmax

This looks quite a determined chart, and the rate of increase is still moving up. As some are pointing out, the old rule of US$ up and gold down, doesn't seem to apply this time. It's more a flight into safe-haven currencies, surely. Gold being a currency.

[Daytr]

Yeah quite incredible.
I would think the strong dollar is going to hurt corporate earnings for the US multi nationals in 4th quarter reporting.
Gold is doing incredibly well considering what the USD has been doing against the likes of the Euro & Aussie etc.
Last year POG ran hard to almost mid March before it went substantially lower, however it went substantially higher first but wasn't fighting the headwind of the USD then either.
There seems to be a reasonable sentiment shift from banks & the like so although gold I think is likely to pullback once seasonal demand pulls back, there may still be plenty of global financial uncertainty & the potential of debt blow ups relating to the energy sector that could keep gold elevated for longer.

[BFG]

I'm in on OGC today expecting a Greek election victory for Syriza and resulting panic. QE Euro-style is nothing but good for gold and it's upward trend even as the USD goes up as well was the clincher for me.

[Daytr]

Yeah I managed to get long gold overnight right on the lows after missing out the night before!
This feels like a healthy consolidation at this point.
I think we could see gold another $100 higher in this run matching last years seasonal push.
The question for me is does gold carry on this time or retreat sharply.
A lot will depend on the fallout from the poo imo.
There certainly seems to be a sentiment shift toward gold from banks & the like at least from extremely bearish to at least neutral if not bullish.
Where are all these idiotic ban economists & analysts who were saying thinks like.
Gold going to get thumped.
Gold to fall off a cliff etc !
How do they keep their jobs!