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Is Gold about to drop Hundreds of Dollars?

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Tadhg Gaelach

Tadhg Gaelach

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Gold dropped 30 dollars today on this news. Sitting on 1468 now. I'm holding out for 1400.

 

The Equaliser

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Gold dropped 30 dollars today on this news. Sitting on 1468 now. I'm holding out for 1400.

We will have to see if there is a sell off before the close today. I would go with 1400 rather than it going back up to 1500.
 

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Given the enormous uncertainty everywhere regarding the global economy.
The gulf could burn at any moment.
Deutsch bank ,(nuff said)
And the buying of gold by central banks worldwide.
The gold price drops are unusual.
 
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Tadhg Gaelach

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Given the enormous uncertainty everywhere regarding the global economy.
The gulf could burn at any moment.
Deutsch bank ,(nuff said)
And the buying of gold by central banks worldwide.
The gold price drops are unusual.

That's true, except that trade war uncertainty was priced in and that's being priced out now. The Dow and the S&P500 are at record highs today.
 
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Tadhg Gaelach

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Trump has just given the markets a fright by saying he hasn't agreed yet to remove tariffs.
 

The Equaliser

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Given the enormous uncertainty everywhere regarding the global economy.
The gulf could burn at any moment.
Deutsch bank ,(nuff said)
And the buying of gold by central banks worldwide.
The gold price drops are unusual.
The dollar is up this week on the EUR and GBP. This may account for some of the decline in GOLD.
 
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Tadhg Gaelach

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Another drop in gold today, as investors pick up the risk on mood and move money from gold and bonds into riskier equities - financials and industrials in particular are getting a good boost as they look like value.
 
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Stocks at record highs today as markets expect good news on China trade - Trump to speak at 5pm.

 

The Equaliser

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The RSI on the D1 chart has been between 35 and 40 the last few trading days. By no means oversold. The daily highs are lower as each day passes. Sit tight and wait. It is always a pleasure when the market comes to you.
 
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Tadhg Gaelach

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The RSI on the D1 chart has been between 35 and 40 the last few trading days. By no means oversold. The daily highs are lower as each day passes. Sit tight and wait. It is always a pleasure when the market comes to you.

Good advice a chara. Trump didn't make any announcement, so gold is getting a bit of a bounce now, but as you say the best thing to do is sit tight.
 
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