Gold Gold Daily Video, March 26, 2020

[Sive Morten]

Good morning,

Gold shows curious price action around 1600 area. Although it might sounds crazy but it looks like somebody holds the price. Thus we call not to go short and consider long entry at minor retracement around 1560-1580 area, if it will happen at all:

 

[kris82]

Hi Sive,
yes, you're totally right with holding price of gold and here is the answer on the pic. You can also find some info that some banks require clients to sell it's gold or they will do it for them... Paper gold is going it's own way from physical.
LBMA provides stolen from banks gold to .... USA, CME. Yes, that's right...

 

[minimax]

It is like Christmas time here: it was 25th, it is snowing, families are at home with full refrigerators and in front of TVs... but is also like twilight zone because of virus and trillions od US$ brought in with QE Infinity.

I think there was mostly the mess on gold market:
The mechanisms have not yet been specified," notes Rhona O'Connell at brokerage INTL FCStone, because "currently London Good Delivery bars [of 400 ounces each] are not deliverable against the CME contract" with its 100-ounce specification. (...) The CME said Wednesday it is launching new gold futures contracts settled with 400-ounce as well as 1-kilo bullion bars, the standard format agreed by LBMA and the Shanghai Gold Exchange for Asian wholesale trading.

I expect gold going higher soon..
"Aggressive interest rate cuts and unprecedented liquidity injections by key central banks will ensure the cost of carrying gold remains minimal. Meanwhile, a slowing global economy should also ultimately encourage a rotation from stock and bond markets to defensive assets such as gold."
Goldman Sachs tells clients it is time to buy gold