Thread: Discuss Commodities and Stock Market Indices

Hello Specutalor

I agree with you. My long term projections are for gold prices to hit 1,588.00 It will pause at 1270 in the short term and then proceed to 1330 and 1405 in the medium term.

Originally Posted by speculator84

It's alright....

We are building a concrete flood under 1250..that will be the price to buy at moving forward once the breakout happens.

I could see some horrific action in the distant future...run up to 1350s or 1450s and back down to 1250!

A new record..

What an amazing day for gold huh...another, "never seen before"...."all time high". Wow! Over $1,259...amazing!

Originally Posted by Clifton Davis

Hello Specutalor

I agree with you. My long term projections are for gold prices to hit 1,588.00 It will pause at 1270 in the short term and then proceed to 1330 and 1405 in the medium term.

I think we are working off the same pivots, not sure where you got 1588 though...

Most I can project gold going with current action is ~1460. Will have to wait and see how price action develops.

The shooting star on the weekly chart of GOLD failed to cause a down side reversal, and now up side momentum is building... I think GOLD is headed for some crazy new hieghts..!

Originally Posted by brad_1199

The shooting star on the weekly chart of GOLD failed to cause a down side reversal, and now up side momentum is building... I think GOLD is headed for some crazy new hieghts..!

yes...the supply was eaten up in short order! watch out! Where is the next level?? +100$.

Originally Posted by speculator84

yes...the supply was eaten up in short order! watch out! Where is the next level?? +100$.

It could sure happen.

Reports in China on Friday that it will be more aggressive and buy a lot more gold. India will have to up their gold bid if they wish to scoop up any more gold.

Oil is at a crucial point. See the chart below.

Originally Posted by Sean Hyman

Oil is at a crucial point. See the chart below.

My hunch would be this might become an opportunity to short. We'll see.

Does anyone know what the target price desired by the OPEC is? I mean, wouldn't it also affect the price or am I mistaken there?

Originally Posted by ArTerry

Does anyone know what the target price desired by the OPEC is? I mean, wouldn't it also affect the price or am I mistaken there?

Last I saw they wanted oil at about $80 a barrel...but I don't think that will have much to do with where it goes.

Originally Posted by speculator84

yes...the supply was eaten up in short order! watch out! Where is the next level?? +100$.

Well...options expiry comes in a couple days for gold, great buying opportunity ahead, looks like 1230 & 1250 will be capped until then.

Originally Posted by speculator84

Well...options expiry comes in a couple days for gold, great buying opportunity ahead, looks like 1230 & 1250 will be capped until then.

speculator...oil still looks weak and gold still stronger, even though it looks primed for a decent pull back.

What do you think?

Originally Posted by Sean Hyman

speculator...oil still looks weak and gold still stronger, even though it looks primed for a decent pull back.

What do you think?

Most options expire worthless around 1230-1240 from what I can tell.

I'm taking encouragement that we are still above 1228 on the day, the counter rally up to 1245 last night was pretty good as well.

How we close on the week will be a great tell for our immediate future.

Fundamentally...

Things are not okay...Gulf is still a big oil barrel, Euro is still under stress in the credit markets, EUR/CHF is still collapsing, meaning the europeans are still panicing out of the euro, in stark contrast to the eur/usd, which means they are not buying us dollars.

Round 3 or 4 of QE is going to come very shortly, I see no reason for gold to decline.

As for oil...if BP is allowed to bankrupt it will freeze the credit markets worse then lehmans did, oil sector investment will go poof, and who knows what that will do to the guys holding long positions in oil.

In short gold would still be at all times highs, and not 30$ off if it were not options expiry week and a coordinated assault on the price was not initiated 2 days ago...