Preliminary open interest figures just came out in gold. Holly Cow. They just keep going up by a lot each day. (Many Thousands) Following the minute by minute action, it seems that Goldman Sacks is buying and the Chinese are selling. I wonder who is going to win? I wish I was not trading gold and in the middle of this. An enormous move is about to happen. I can only remember once when Goldman was on the wrong side of a trade. It was September 26, 1999, a Sunday night. Goldman was very short at the close Friday with the intent that Gold would go down on Monday. Then that Sunday night the ECB, without telling the US Fed first, stated that they would NOT sell any more Gold. Gold jumped from $267.8 to $336.4 in 7 trading days.
USD closed below the 13 day ema and is set to decline. If gold is going to go up, it should be tomorrow.
http://stockcharts.com/h-sc/ui?s=%24USD&p=D&b=5&g=0&id=p68546698352
Richard,
We will just have to see what happens.
A lot of whip-sawing going on with this dollar influenced currencies. I almost have to reverse position each day-just wish I was savvy enough to profit. Trade wars and the algo traders are making things "touch and go".
Prolly just my sour grapes showing here and things are like they always are.
Has anyone found that the programmed traders are hurting their "style".
Im not sure what to think about that.
Maybe the volume actually helps us.
John
The volume will only start to help if we close above $1248.0. Until then it is negative.
Hi Richard
Perhaps you know this but I read an article that opined that china actually controls the price of gold
They use gold price to keep their currency in a narrow trading value
They don't want to see big fluctuations in gold as that would have negative affects on their currency and export prices
Thus if you see their currency going up they sell gold and the opposite if the yaun goes down
For some reason they [china] seem to have control of gold price and comex has become more paper then actual physical gold to back up the paper
Even London has faded in favour of china and their gold holdings
So:
If you see the yaun moving it might be an idea to watch and see if you can find anything about the direction of gold price
This may be nothing as I do not trade gold
I would imagine the Yaun might move in step with gold price thus would happen to quickly to do anything
But there might be a lag in movement
I really don't know
Yes, I just learned everything you said, the past few days. I saw the Yuan moving lower, but the price of gold was already lower and did not know if there was a lag. I got stopped out of gold today and I am glad to be out. I am not trading gold again for the next few weeks. I have not traded gold in the past few years and the Chinese were only minor players back then. Times are different this time.
great. I am out and now with Gold down BIG, the XAU is actually up on the day. I sure hope that today was not THE LOW. I hate when that happens.
I am glad I got out. Goldman Sacks is in Trouble. I can not believe I am saying this, but the Chinese beat Goldman Sacks in the Gold Market. Preliminary figures show Volume yesterday was huge and open interest was up slightly which to me means, we are really headed lower. $1200 even? $1195? Oh my. . . Gold stocks were up most of yesterday because Goldman can still control the gold stocks and if they were down big, that would have helped push more small investors to pail and Goldman needs to bail before them. I have a feeling the XAU will be down hard today..
I think gold goes down to $800.
Golly
If gold goes to 800 I am a buyer
Physical
The stuff I can feel and store
Perhaps silver if price stays relevant to gold price
I do not trust paper any more
I want the real stuff
As of now
Considering how much real gold and silver coins or bars I can afford
A really good rain would do me more good
enormous volume around todays lows. I do not see us going to much lower. Daily RSI in the low 20's
august close above $1220 would be a small positive