Trading range
I have more or less given up looking at gold and silver prices. It’s some kind of trading range. There are no longer markets, just central bank manipulations.
I see gold as going decently above 960 GBP again, which is the line in the sand for me. It has been oscillating around this level since 2011.
I no longer really care where it goes so I have give up TA. I will still read this site with interest if the impulse comes to me, since it is a great resource.
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In answer to the comment below, since the post is closed for comments now I will post it here – that song from David Soul I remember it well. I was a kid when that was a massive hit here in the UK and he diversified into another area of income besides playing the street smart cop on TV with the 70s retro car!
Dave, I think I know where you are coming from. Its the pit of despair which seems to have no end at the moment!
BUT it is Darkest before Dawn. 🙂
Or darkest before the deep abyss?
In the words of David Soul:
Don’t give up on us, baby
Lord knows we’ve come this far
Can’t we stay the way we are?
The angel and the dreamer
Who sometimes plays a fool
Don’t give up on us, I know
We can still come through
I think the greatest potential is with the volatility ETFs…It’s going up…
It’s precisely because price has gone nowhere for years that the odds of that continuing diminish with every passing day.
As of now, ~$1130 then up.
Looking at one chart in the PM space, across all timescales, in an effort to determine the future price of that asset doesn’t work *at all* IMHO. For example,
looking at daily, weekly, monthly, etc., gold charts to determine the future price of gold. Agree entirely in that respect. Gold is a “geopolitically sensitive”
asset so it’s *always* going to be prone to whipsawing, all other things being equal.
I understand the frustration. Maybe you’ll find something you like better.
I work at trading but have shifted to be a real estate investor. Most of money goes there.
I really wonder if bitcoin is the new gold.
I hate the idea of that for many reasons.
I’m thinking of buying into this tulip bulb mania… tiny amounts.
The markets hate capital intensive businesses these days. They like “fang” and bitcoin and “ip”.
Anyway
Good luck