On the monthly continuous chart there is a cup with high handle pattern. Starts with the Sept 2011 bar. Finishing the cup Aug of 2020. From then till now a handle.
The handle is a quad top. (4 highs at nearly the same price. WD Gann said the more times a top is hit the more likely to push through.
We are now at that point (2072 ish) of a possible break out higher.
Could this be the fundamental reason for higher gold?
Iran is taking over the Strait of Hormuz islands – the only exit for US carrier Ike (msn.com)
With an incompetent at the helm, our servicemen and women are totally in jeopardy. My daughter and SIL, Naval Officers, will not speak a word against THE Commander in Chief, but...
Believe silver is a better long term buy/hold than gold, BUT do not dispute your breakout suggestion
Gold is breaking out to the upside. Currently up $35 at $2092 breaking the three old highs at $ 2072 ish.
Very nice breakouts gold and silver. This 'trader' believes silver out performs.
huge day in metals, albeit 'technically' after their close. Follow through tonight
Gold again appears to be making a breakout to the upside after 3 days up.
Thanks a ton, cutworm!
I'm still trying to catch up on things going on locally with another chess tournament in 2 weeks, the Scholastic Chess of Indiana Championships in Hammond IN.
I promise to post much more again in the next few days.
another new high in gold over night.
Thanks, cutworm!
https://www.cnbc.com/2024/04/01/gold-prices-hit-new-record-high-on-fed-cut-expectations.html
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https://tradingeconomics.com/commodity/gold
1. 1 year chart
2. 1 day(overnight chart)
One reason for this seemingly excessive move is not good for the USA! Actually, there are several potential bad reasons with regards to harbingers but this one is specific to the United States.
https://www.youtube.com/watch?v=vkvp6fr4J0E
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The insane US foreign policies in Ukraine and the Middle East are killing are credibility globally. We use the dollar politically to punish countries(help corrupt entities like NATO). We only read the propaganda but the rest of the non NATO world knows that truth. That's why this ladies scary speculation makes good sense.
China isn't dumb. They are positioning for a longer term strategy.
Biden and Trump are the worst/most divisive/unstable leaders in our history, using politics to get elected at the expense of stability. The rest of the non NATO world is seeing the next 4 years in the US, featuring extreme internal chaos and turmoil. ......no matter who is elected.
The NATO countries are seeing things with hopes of a permanent war with Russia, supported by the US.
Nothing could be worse than this for the future of the US dollar and credibility. We need peace with Russia ASAP!!!
We may not like this source but China, India, Brazil, Russia and the Middle East are not exactly nobody's when it comes to pushing their positions that differ from the POLITICAL positions the US uses as a financial compass which punishes countries that sometimes disagree with the USA.
This isn't 1950 even 2000. China and India have well over 2 billion very smart people with massive growth and global clout. It's almost impossible to conceive China NOT overtaking the US as the nation with the most powerful economy in the next decade. India gaining on us.
Neither of those nations, along with Russia buy into the absurd CO2=pollution scam and they will never buy into it because its junk science that the West believes thru propaganda capturing our brains and telling us what to think.
We are being told that China/India building new coal plants and increasing CO2 emissions is destroying the planet, even as we cut emissions to save the planet.
How in the world can the average person in the US that believes that trust a country that is selfishly and knowingly destroying the planet????
It sabotages an effort to get along with China and greatly feeds the adversarial fuel between our countries, which is a huge part of why China and other countries are working to replace the US Dollar.
The US is collapsing into dysfunctional, divisive political chaos.
We don't see it because its become our new normal. As it deteriorates from day to day, the changes are very small. People all go to places that tell them what they want to hear (echo chambers) and let those places give them a false sense of understanding and security because they think those sources have a great plan. All we need to do is root for them and that plan and things will be ok.
Even as this contributes to the divisiveness and chaos which slowly increases day after day.
Where will it end?
We have 2 horrible choices for president in November.
Which one of them will unite our country and dampen the growing divisiveness, hate and chaos?
Keep in mind that the one that is hated the most...........will get the other one elected because they are greatly hated too but hated LESS.
Under that environment its 100% impossible to unite the country. Once you hate somebody, your mind is made up about that person.
Back when I was on television and they used focus groups and surveys to get peoples opinions on us tv anchors(from all 3 local networks), I learned several things. The one I remember the most is that once people have a great dislike for a person, you can NEVER rehabilitate that person's opinion.
You can change people on the fence or even leaning one way to go the other way with the right adjustments that give those people what they want To hear. However, when a person greatly dislikes somebody or something...........their mind is almost always totally made up forever.
With that being the case, almost half the country is going to be greatly disappointed in November and tens of millions extremely upset that the person they have been taught to hate is their president for the next 4 years.
In 2024, that's the absolute recipe for those half to OPPOSE that person for the next 4 years. Regardless of who is elected, Trump or Biden, half the country will be working much harder to DIScredit them and oppose them than to work with them and cause them to get credit for positive things.
The MAIN objective for tens of millions will be to destroy that person so that they can be replaced with THEIR person in 2028. This will sabotage efforts to move forward and have good progress.
You know this is true!!!
The reason that this is true is based on the scientific method. The scientific method compels the scientist to assume that they are wrong and try to prove they are wrong. In the absence of being unable to do that..........they can have confidence that their theory/position must be right.
I have racked my brain to try to see how another 4 years under Biden or another 4 years under Trump could possibly result in both sides coming together instead of the fighting escalating. I have yet to see anything, no matter how creative my imagination and positive my assumptions.
That causes confidence of the opposite scenario being most likely by an extremely wide margin. In confidence. Big traders in the gold market understand human psychology(which drives gold prices much more than fundamentals at times like this). They know what I just explained above is coming.
Thanks Mike ! Our country is in big trouble. Most people think our biggest enemy is the other political party. We must look so stupid to China, Russia etc. . They have to be laughing at our obsession of ending use of fossil fuels . You can bet they can not care less about green energy. I've been buying physical gold and silver for when our currency is worthless. Our country is clueless
bowyer,
7 months to go until the election.
I don't buy into conspiracy theories or speculate about things without rock solid evidence to support it.
You mentioned several key elements and there are close to a dozen issues. This looks like a potentially very bad ending no matter who wins.
Maybe coincidentally, maybe not the biggest run up for gold was the year prior to the 2020 election.
Joe Biden as president featured sideways trading for 2.5+ years but clearly, immediately after the Oct 7 attacks on Israel, gold took off and soon after broke to new highs and hasn't looked back.
The war in Gaza may have been the straw that broke the sideways trading gold camels back.
https://tradingeconomics.com/commodity/gold
https://en.wikipedia.org/wiki/BRIC
BRIC is a term describing the foreign investment strategies grouping acronym that stands for Brazil, Russia, India, and China. The separate BRICS organisation would go on to become a political and economic organization largely based on such grouping.
metmike: The graph below should be a reality check for every American. It's not a matter of IF China will pass up the USA but WHEN it will happen.
Who realistically thinks that the US dollar will still be the global currency in 2050 when China's economy is double the size of the US???
This is just 1 estimate below but no credible estimate shows the US maintaining the economic dominance which has allowed it to act with impunity, using the US Dollar for political punishment to countries is doesn't like or to enjoy many tremendous other benefits.
Abusing those privileges like we are right now with Russia, will with 100% certainty cause the demise of the dollar to come SOONER rather than LATER.
Projection of the ten largest economies in the world to 2050, measured in GDP (billions of 2006 USD), according to Goldman Sachs in 2007
https://www.visualcapitalist.com/top-economies-in-the-world-1980-2075/
There is no way that Asian countries will bow to the US Dollar when they become the dominant economic continent. The USA, with its retarded global political policies right now (ESPECIALLY in Ukraine and Israel/Gaza) is just accelerating the demise of the US dollar.
Another strong week for gold with new historic highs today!
https://tradingeconomics.com/commodity/gold
Gold continues on a rampage from global and US chaos, being amplified here from expectations of Iran attacking Israel in response to Israel's relentless atrocities against fellow Muslims.
1. 1 week chart
2. 45+ year chart
https://tradingeconomics.com/commodity/gold
Today, Friday 4-12, June gold made a daily reversal pattern. I have found that Friday daily reversal patterns are NOT always reliable. Could be just risk off for a long weekend. But needs to be watched Monday. There is a possibility of a pull back at some time. I do not expect a pullback more than the 20-day moving average.\
Just my 2 cents
Thanks, cutworm!
I noticed the liquid energies also plunged during the same time frame.
Maybe advance knowledge/speculation about weekend news?
Mike I am really bad about short term fundamentals. By the time I know something it has long been in the market .
to me it seems unusual that the $ index should be going up at the same time as gold. Is a dark swan event near at hand? I have absolutely no idea.
Good point, cutworm!
Clearly, with the dollar this week we've seen save haven buying ahead of a potential Middle East conflict:
1. 1 week
2. 1 year
3. 5 years
4. 10 years
5. 50 years
https://tradingeconomics.com/united-states/currency
Gold is dropping, probably for the same reason crude is dropping (risk off news):
Gold, however has an incredibly bullish chart pattern that is feeding off of several factors, only one of which is the Middle East!
https://tradingeconomics.com/commodity/gold
Not much of a pull back. The 4 days after the high all closed inside the high bar. I said to watch out for those reversal days that are on Friday. Wait for conformation of trend change. Looks like it might make new highs tonight.
Gold and crude are spiking higher this evening from the Israel attack on Iran.
https://tradingeconomics.com/commodity/gold
1. 1 day
2. 1 week
3. 1 month
Sunday evening: Gold is showing weakness early on
