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Gold Approaches Key Support

By Tim KnightCommoditiesJul 01, 2022 10:04AM ET
www.investing.com/analysis/gold-approaches-key-support-200626581
Gold Approaches Key Support
By Tim Knight   |  Jul 01, 2022 10:04AM ET
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Precious metals haven’t basked in glory days since 2011, over a full decade ago. Earlier this year, gold had a brief day in the sun due to the Ukraine war, but it has tumbled about 15% in the past four months.

Precious metals seem to be good for just one thing, and that is to disappoint investors. Our present days would seem to be made custom-created for gold’s prosperity, but the price action says otherwise.

Gold 4-Hour Chart
Gold 4-Hour Chart

As the circled areas of the above the chart suggest, the price does seem to have a meaningful relationship to the price. I think gold still stinks, but at least it has a chance for a brief reprieve.

Gold Weekly Chart
Gold Weekly Chart

The long-term continuous contract shows the same thing; if that supporting trendline gets broken, things could go from bad to worse. I know folks with so much faith in gold that they’ve put a meaningful portion of their net worth in the stuff, and they’ve got to be hopping mad that in this madcap world of countless tens of trillions of dollars being printed out of thin air, that gold just flops around like a dying fish.

Gold Price 2 Year
Gold Price 2 Year

Here is the much longer term view; if gold is going to bounce, it sure better do so quickly, or else even this long-term pattern breaks down.

Gold Long-Term Chart
Gold Long-Term Chart

Anyway, welcome to the second half of the year. I think this quarter is going to be tremendous, with July having particularly good prospects for trading action, since this earnings season is bound to be epic.

Gold Approaches Key Support
 

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Gold Approaches Key Support

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Comments (9)
King Agamemnon
King_Agamemnon Jul 02, 2022 4:45PM ET
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1800 has been hit way too many times and bounces are getting weaker and weaker. I think it breaks. I see S1 at 1756 and S2 at 1690.
King Agamemnon
King_Agamemnon Jul 02, 2022 4:45PM ET
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The Scenario behind a move lower in my opinion is that the Japanese are going to go all in on yield curve control. In the choice between blowing up their currency and letting their interest rates rise, they will pick the former over the later. So I'm thinking Dollar Yen shots past 135, 145, and on the way to 160. This will move the DX past 110 towards 120. This will be bad for gold. Further the Japanese will be forced to flip and do some intervention on their yen when inflation gets too bad domestically, and will probably have to dump some treasuries in order to do so. MAybe the sell 20% of their trillion plus in treasuries which spikes the yields.
Larry Glickman
Larry Glickman Jul 02, 2022 3:51PM ET
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Gold is mined constantly because there is major demand. The price is secondary as it is kept low by the largest Banks, especially in the USA which is always afraid that the USA would be hurt if the US dollar would no longer be the reserve currency. While this scheme continues exchanges between countries use gold for secret deals. This has been going on since 1971 when Nixon dumped gold due to bills from the Vietnam War. The proof is clear or the USA would not hoard so much gold. Soon this will change as the world no longer wants the USD under Biden's chaotic term.
Jeff Page
Jeff Page Jul 02, 2022 3:23PM ET
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I hate gold and the commercials. I'll trade it via options on GLD. Never recommended for my old clients. Can you scratch those crypto/gold whatever advertisers for Ferk Jer Berden, the guru trader?
roland leutwiler
roland leutwiler Jul 02, 2022 12:10PM ET
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If gold didnt go up after covid, inflation jump and a war in europe… good luck with expecting a jump now
Abdelraziq Abuaisha
Abdelraziq Abuaisha Jul 02, 2022 12:10PM ET
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Recession the secret word ;)
Murali Krishna
Murali Krishna Jul 02, 2022 7:49AM ET
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Support and Resistance exist at every level.
Tom Sc
Tom Sc Jul 02, 2022 6:51AM ET
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dirty little secret is that gold's returns over long periods of time are similar to that of the stock market and in some cases majorly exceed the stock market for decades at a time. so if someone doesn't like gold they really shouldn't like the equity mkts.
Bonginkosi Coach
Bonginkosi Coach Jul 02, 2022 1:31AM ET
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Buy gold to 1945.00 after that sell gold hard to 🚽830.80 and that your million for 2022
Tom Sc
Tom Sc Jul 02, 2022 1:31AM ET
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ya sure, hey donk noone can produce gold for less than $1000 so how long could prices go to $830 for? if gold goes to $830 than oil is $30 and the S&P is 1500
Bonginkosi Coach
Bonginkosi Coach Jul 02, 2022 1:31AM ET
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trade & profit you will see, we going down there 830.80
Doug Wildman
Doug Wildman Jul 01, 2022 2:55PM ET
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Gold is not as big a loser as the stock market or cryptocurrency this year. So pick your poison.
peter neal
peter neal Jul 01, 2022 1:55PM ET
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You must be new to this. Thanks
 
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