Gold Gold Daily Video, July 23, 2020

[Sive Morten]

Good morning,

Gold climbs higher but now it has reached not only weekly but almost monthly overbought. Thus, odds suggest to wait for healthy pullback to consider long entry.

 

[ward133]

What’s going on with gold Mr Sive !!

I remember once in Near past it happened same unexpected move. And I remember that you comment on that with your Vedic that sometimes some of powerful people knows about something will happen before it appears on ground. That’s why they buy gold like crazy “ I don’t know if I got you right “ but is it seems so !??!! !Could it be that something big is about to happen or it’s just a normal technical move ?!

 

[Sive Morten]

What’s going on with gold Mr Sive !!

I remember once in Near past it happened same unexpected move. And I remember that you comment on that with your Vedic that sometimes some of powerful people knows about something will happen before it appears on ground. That’s why they buy gold like crazy “ I don’t know if I got you right “ but is it seems so !??!! !Could it be that something big is about to happen or it’s just a normal technical move ?!

Hi Ward,
Well, indeed, maybe something important yet to happen, we could gamble around a lot but we never know what it will be definitely. And currently this is also could be the case - it could be multiple reasons for that, say, - stock market collapse, or election turmoil, or unrest will be out control, just to name some.
At the same time, the rally on gold is not surprise to us as we've talked about it that it is coming in recent few months. Even now we already have a lot of financial and political reasons to explain why it is happening. Besides, overall it is not too large yet, just around 100$ per oz. It should be more...

 

[Tryingtrader]

In my opinion... the US $ is the leading currency in the world and is used for 'International Settlements'.
When huge record amounts of 'new' $ are created out of thin air( trillions at a time) this WILL devalue the currency. Previously (in 2008) the new money went into the markets with huge effect but was largely unnoticed and had little effect on Main St.. But this time it is being sent directly to the public and into Main St.. This will cause considerable inflation and the traditional place to put your money under these circumstances is into Gold. Those that understand what is actually happening are hedging by buying Gold - a traditional store of wealth. This will maintain the value of their wealth unlike currency which will loose value. There is also a great deal of talk about a currency "Reset", which has happened several times in the past, where the currency is revalued, causing a considerable loss of value. Buy physical Gold to hedge your wealth. ;-)

 

[Sive Morten]

Greetings everybody,

Today we take a look at GBP as on Gold we need to wait reaction on technical barriers. Anyway, now it is not good background for taking long position immediately.

On GBP market feels resistance on weekly K-area. Upward action slows:

On 4H chart our initial B&B has worked perfect. After first touch GBP has shown accurate retracement and jumped up. Now it is obvious that some bearish pressure exists here. On top we have the grabber and bearish MACD divergence is growing. Maybe GBP will be able to climb and hit 1.618 butterfly extension but some retracement supposedly should happen:

In this case, to not harm bullish context GBP has to stay above 1.2570 support area. We do not want to get deep pullback, something equals to previous retracement will be OK. Thus these two levels are suitable to consider long entry there: