GOLD NEARING $4000

Technical Analsyst noted we were 28% above the 200 DMA on Monday, highest in 20 years. We were WAY overbought as gold had been going up for months with hardly any down moves.

Sees PM bull markets intact.

 

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- 28% above the average
- highest in 20 years
- WAY overbought

......... still sees bull market intact? What evidence or reasoning do they provide? Besides this is a hype market (literally the definition of a bubble)

This is going to be a serious correction before the bull market resumes.

I'm still skeptical.

 

It was "nearing $4000" even more closely Wednesday morning, but it's backed away since.

 

$4,083 as of 9:30PM PST so putting up a fight to stay above the 4k threshold
if we can just maintain it we should be fine but theres been a big sell off as of late
so putting a ding on the bright shiny stuff.

 

I say roll the dice.

 

coming up snake eyes

 

Is that good? I'm not a gambler, much anyways.

 

The TA guy said that you can't be that far above the 200 DMA. A correction is normal.

Had we had corrections along the way the last few months, we wouldn't have been 28% over the 200 DMA and then wouldn't have needed to have such a vicious downswing.

We can have a sharp correction down about to the 200 DMA (down over 20% or $800 to about $3,600)...or...we can let the 200-day "catch up" by spending time above $4,000 which would be very bullish. We can correct the overbought condition either through a price drop.... or a pause involving time and/or a price decline.

Has anything changed fundamentally ? No, not that I can see. CBs are still buying....SWFs are still buying....BitCoin hasn't taken off.

In 1980, gold peaked when Volcker and the Fed targeted inflation. It was a HUGE change.

In 2011, the ECB President said he would do "whatever it takes" to save the Euro. The end of the EU/Euro experiement was off the table. Huge change.

I see nothing like that so far. We have barely corrected 10% intraday peak to trough. It's a wicked correction but basically on no/little news. We're back to the levels of 2 weeks ago, tops.

Plus, do you REALLY think the markets would help me out by letting me get my gold coin at FUN 2026 on the cheap ?

 

Its good

 

And we're back to $4000 looking further out of reach.

 

TA guy who is running $$$ earlier today on CNBC said we never got really close to $4,000.

That's bullish, as those buyers underneath won't let it drop. The opposite of the 1990's when CBs were sellers and they wouldn't let it rise.

The action got too hot. Silver said as much. Whenever gold makes a big run, the folks who resist paying up for gold because it's "expensive" and "costs too much to buy an ounce" chase silver.

 

There's allot of haters of BTC on this site, and thats unfortunate, I have made a killing getting in at just under 20k now were at 110 plus, so this month I am taking some foam right off the top

 

I wouldn't say people hate it, it's just not for everybody.

One of the reasons I collect gold coins instead of Bit coins is if the asset goes down by 50%, I can still enjoy my gold coins in my hand. Can't do that with a bit of Bit coins.

 

Cover page with summaries about SCB's gold report. They were very moderate in their price projections, none of the various methodologies took it above $4,400 even in a bullish scenario.

We were definitely overbought (and this was in Julyy !) relative to other peaks. So add in 3 more months of appreciation with no correction and you can see why we need either a nice drop OR a time pause (or a combination of both).

 

I'm not a hater, just not a buyer at these levels. If I had been an early adopter, I'd be all in.

 

I'm not making this up, but I was reading somewhere that there are gold bitcoins with a chip in the middle of it with the value loaded. I don't remember where I saw it but it made my head hurt reading it.

 

I'd like to say the same. Realistically, I hope I would not have dropped 10000 BTC on a pair of pizzas, even if it was only "worth" $40 at the time - but I also can't imagine I would've held onto them when BTC cracked $100. A million dollars for something I'd done on a lark probably would've gotten me to sell.