Will gold hit $1,900 today?

fivecents

I say yes it will.

guitarwes

I'm gonna say no. It'll take a sideways the rest of this afternoon precluding the long weekend. It'll come out swinging on Tuesday.

My conclusion has no technical basis, just what I feel will happen. Hey, we all got feelings you know.......

OPA

Likewise..No...If it was going to hit that level today, It would have already done so. Long weekend coming up and early departure by the traders.

percyb

There's an outside chance that it will be bid up going into the close. Guess we'll see. Starting to run toward the highs made
earlier in the day....

jmski52

I think most of the players are already gone for the day. But I'm still wondering when the bottom is going to drop out of stocks at the end of a Friday afternoon. Probably in October, as usual.

percyb

Good try but not quite.

fivecents

It's not over yet.

MsMorrisine

flatlining now.

I guess it'll be no.

but it was a great run.


Silver had a great day too. Even after backing off its day high, it's still up over 4%.

OPA

The question should have been...will Gold close above Platinum today.... So far, it's leading by a nose...

fivecents

What really amazes me is gold surpassing rhodium's price per ounce. Rhodium was $10,000 an ounce in 2008.

pmcollectour

<< <i>What really amazes me is gold surpassing rhodium's price per ounce. Rhodium was $10,000 an ounce in 2008. >>



It's a whole new world with both metals. I always felt that Rhodium would become the JDSU of the metals market.
It's run to 10k was a joke to say the least.

pmcollectour

<< <i>The question should have been...will Gold close above Platinum today.... So far, it's leading by a nose... >>



I believe it did finish slightly above platinum. I'm in the "gold will outdistance platinum camp", but not too many others are.

fivecents

<< <i>I'm in the "gold will outdistance platinum camp", but not too many others are. >>



Silver may finally be back in the race. Hope it keeps going up next week.

Justacommeman

Gold closed @ the HOD. Not bad at all. MJ

roadrunner

The volume on GLD has been steadily declining during this bounce from $1702. Today it did manage a slightly higher volume than the previous
8 days. SLV's overall volume has been generally declining since August 3rd. I think there's some more consolidation ahead in the $1750-$1875 range
because gold got such an early start in July. One can't expect it to enter the Sept seasonal period with the strength it usually does. Just 9 trading days
since the $1900+ peak seems a little light on time to work off a move that basically added $400 to the gold price. GLD's money flow index has been
dropping since the first week in August and now stands at the same level as when gold first hit $1560.

The gap up on GLD today with meager volume smells more like a trap than anything else. We'll see when the NY markets resume trading on Tuesday which
gives the PTB Sunday and Monday to do some mischief.

roadrunner

Spooly

The gap up on GLD today with meager volume smells more like a trap than anything else. We'll see when the NY markets resume trading on Tuesday which gives the PTB Sunday and Monday to do some mischief.



I agree

NumbersUsacom

RoadRunner,

I read that as an inside breakaway gap with more upside to come. Are you suggesting that its an inside exhaustion gap that
will need to be filled along with some additional down side to boot?

The slope of the Ema's 20/50 look very promising both on the weekly and the daily.

I was looking at Moore Research's seasonal trend for silver and it appears that silver is usually down in the August-mid of october time frame,
however this market so far seems to be ignoring the seasonal pattern. Seems to suggest the bulls are in relative control.

pmcollectour

I don't know charts very well, but what I do know is that in August gold retraced more then 150.00 off it's high, something
that it hadn't done all year.

Over the past four years or so, gold has not had a drop of more then 200.00, give or take a few, so I see this
recent 150.00 pullback as enough to keep the move going higher.

News, central banks, China, and the failure of fiat is driving this bull, and there's nothing on the horizon that can impede it, unless
they raise Ronald Reagan from the dead.

roadrunner

<< <i>RoadRunner,

I read that as an inside breakaway gap with more upside to come. Are you suggesting that its an inside exhaustion gap that
will need to be filled along with some additional down side to boot?

The slope of the Ema's 20/50 look very promising both on the weekly and the daily.

I was looking at Moore Research's seasonal trend for silver and it appears that silver is usually down in the August-mid of october time frame,
however this market so far seems to be ignoring the seasonal pattern. Seems to suggest the bulls are in relative control. >>



Gold could certainly continue to surprise. It's been doing that most of this year. Gold's daily and weekly ema's are certainly in a strong position. But
I get a little concerned when volumes are not there, especially when gold is known for putting in ABC zig-zag corrections. So far all we seem to have is the
AB part. Even a C leg falling well above the recent low of $1702 would be typical of gold's corrective patterns. It's possible that GLD could becoming less and less
of a bell weather for trading clues as investors seek out safer means to acquire the physical metal. The weekly candle for gold was a bullish "body" engulfing, but it also
did it on the lowest weekly volume of the past 5 weeks. Friday's daily gap up on smallish volume is concerning as well especially since half of that move was due to the jobs
report which really had little to do with gold's July-August run. Seems to me that was more an emotional response than a thoughtful one, which could easily wear off by
next week.

Gold could run further, but it has pushed the ROC and Bollinger Bands to 3 yr extremes

There aren't any 1 week gold corrections on this 3 yr chart other than the one we just had. Even if it was a $200 drop, it was more of a option's expiration stop-sweeping event
than a real reduction in the bullish sentiment in gold. Most weren't able to buy cheap physical gold on that dip as it lasted only several hours. The chart action since the $1702 low
doesn't seem 5 wave impulsive at all, but more of the choppy 3 wave patterns seen in corrections.

Silver at least has brought the BB's down to earth and has more room to manuever again

NumbersUsacom

RoadRunner,

I agree with your assesment of the volume in the overall classical sense (it warrants caution), however the Gold and Silver markets seem to move up quite often
on small to lightly medium volume, with the large volume comming at peaks or bottoms. The past 4 months or so I have enjoyed to see
the disconnect or lock step action between the Dollar, S&P and Oil in relation to Gold/Silver moves.
They appear to have finally asserted their own trading Identity.

fivecents

On the ups. Maybe 1,900 + today.

ricko

Hit $1900 already once today..... could go above and stay there if not too much profit taking. Cheers, RickO

fivecents

<< <i>Hit $1900 already once today..... could go above and stay there if not too much profit taking. Cheers, RickO >>

Today's POG high so far is $1,898.90 according to Kitco.

AUandAG

Yep it just did at 11:25


bob

pmcollectour

1900 is going to look like such a small number a few years from now.

MilesWaits

<< <i>1900 is going to look like such a small number a few years from now. >>



I hear you. $1650 used to seem impossible, unimaginable, unfathomable, unrealistic, undoable, and now, unavoidable and gone.........-------

Miles

jmski52

The first visit to $850 was 2 1/2 years ago. The last touch at $850 was 2 years ago. Until then, everybody kept saying that $850 was soooooooo far away from reality.

At the time, $850 in 1980 dollars was equivalent to $2,300 or so. The implication was that $2,300 would be blow-off territory.

I know, I know.................it's different this time.