Gold Prices Today – Intraday, This Week, This Month, And Longer Term
Our Latest Gold Price News, Analysis, Commentaries
Gold has a scary habit of pulling out of its all-too-frequent kamikaze dives just before splattering on the deck, technically speaking. If, for one, yesterday’s selloff had exceeded 1187.20 to the downside, we might have expected it to continue to at least 1175.60. Instead, bulls showed up in a nick of time, turning the futures higher from 1188.30. The result was an impulsive rally on the hourly chart that has kept alive the large, bullish pattern shown. It projects to as high as 1227.50 over the near term.
Before diving into Gold’s technicals and recent trading patterns, I’d like to reiterate that I believe Gold is in the process of completing a wide, bear market bottoming process. I’ve mentioned before my belief that Gold double bottomed in December 2014, and it’s critical context to keep in mind as we examine Gold’s current action.
The first chart shows Spot Gold getting a bounce off the 1140 level in mid March and hitting resistance in the 1220 area twice now. I think the long-term trend for gold is down because of the 52-week low in November. Even though the surge to 1300 looked impressive, gold gave it all back with a decline back to the November lows and the current bounce only managed to retrace 50% of the prior decline. At this point, the immediate trend is up, but this is a counter-trend move. A break below support in the 1180 area would signal a resumption of the bigger downtrend and project a move to new lows.
The powers-that-be have done a great job levitating Group One markets and suppressing Group Two markets. They have considerable resources, massive quantities of fiat currency, considerable influence over the media and government statistics, and the power of the banking cartel and “printing press” behind them. They possess the motive, means and opportunity, so there should be no surprise at their success levitating Group One markets.
For the week commencing April 13th, there are quite some economic data and central bank announcements scheduled, as seen in the table below. Tuesday is a busy day with economic data out of the US and China, but they are not very likely to move metals and markets (unless some of the data would be shocking). On Wednesday, the European Central Bank will announce their interest rate decision during a press conference. It seems impossible that the ECB will hike interest rates; the most likely scenario is a status quo, there is a small probability that they will lower interest rates. However, President Draghi could have some drivers in his speech which could create short term volatility in markets and metals. On Friday, the latest CPI figures will be released both in the US and Europe. There is a small chance that the CPI will be significantly higher or lower than the previous months.
Our Selection of Longer Term Gold Price Charts
We spend quite some time and effort analyzing the gold price, both on the short term and on the long term. The result is a wealth of information and analysis in the form of articles (analysis, market views and commentaries). Below is a selection of the 5 most valuable long term gold price analysis, containing many gold price charts:
Mind that gold is primarily a monetary metal, although it has also characteristics of commodities. So when analyzing the gold price charts, please make sure to also look at the more fundamental aspects of gold. An economic assessment, as well as an in-depth analysis of the monetary environment, are key. By doing so, one could find for instance a huge disconnect in gold being an investable commodity versus gold being a hedge against monetary, particularly after the gold price drop in 2013.