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Gold Technicals & Fundamental Bullish By: Adam Hamilton | July 7, 2023
Gold’s latest pullback has left traders really down on it, fueling mounting bearishness and apathy. But that healthy selloff accomplished its mission of rebalancing sentiment, eradicating early May’s greed and overboughtness. That has reset gold’s technicals, leaving them very bullish. Hammered back down near major support zones, the yellow metal is nicely set up to start rallying soon and resume its interrupted upleg.
The bottom line is gold technicals are very bullish after this upleg’s latest pullback. That has pounded gold back down near major support, eradicating early May’s serious overboughtness. Yet this strong gold upleg’s uptrend channel is intact, with the yellow metal still well above its lower support and 200-day moving average. That healthy mid-upleg pullback also accomplished its mission of bleeding off excessive greed.
Mostly fueled by speculators dumping gold-futures long contracts, gold’s latest selloff is running out of steam. With Fed hawkishness soon giving way to dovishness as this rate-hike cycle peters out, spec long buying will soon return. That will push gold high enough for long enough to start enticing back investors to chase its upside momentum. Gold’s summer doldrums passing and lofty stock markets rolling over will help.
Federal Reserve Fails 2023 | Designed To Crash And Doing It Now
Fundamental Great Gold Standard - China boosts gold reserves for eighth month
By Sybilla Gross Bloomberg News Friday, July 7, 2023
China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the U.S. dollar driving the purchases.
People's Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released today. That's equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.
China has be en an enthusiastic buyer of gold, partly due to its desire to chip away at the dominance of the dollar in global market. It is also struggling with a disappointing recovery from the pandemic, and an increasingly strained relationship with the United States. ...
Gold inches higher ahead of today’s all-important unemployment, payrolls numbers Goehring & Rozencwajg sets long-term price target for gold at $12,000 to $15,000 (!!)
(7/7/2023) – Gold inched higher in early trading ahead of today’s all-important unemployment and payrolls numbers. It is up $6 at $1919.50. Silver is up 4¢ at $22.79. The bond market continued its plunge, with yields surpassing critical upside levels – 4% on the 10- year and 5% on the two-year. Goehring & Rozencwajg, the natural resource investment firm, caught our attention recently with a long-term gold price target of $12,000 to $15,000 an ounce. It’s been out of the gold market over the last two years, it says, but now it is getting back in.
“We think that gold has entered into a new phase of this bull market,” says Adam Rozencwajg in a recent interview. “It probably started in the third and fourth quarter of last year, and it really revolves around central banks’ behavior as much as anything else. I think it’s going to propel gold much much higher in this leg of the bull market.” As for the ultra-high price target, Rozencwajg says, “That’s always been our long-term price forecast on gold.”
Monument Mining Limited (MMY : MMTMF) is a Canada-based gold producer and mining asset developer. The Company owns and operates the Selinsing Gold Portfolio in Malaysia and the Murchison Gold Portfolio in Western Australia. The Selinsing Gold Mine is located in Pahang State, within the Central Gold Belt of Western Malaysia, comprising the Selinsing, Buffalo Reef, Felda Land, Peranggih and Famehub projects . The mine has about one million ton per annum gold processing CIL plant, which is situated approximately 158 kilometers (km) north of Kuala Lumpur. Murchison is located in the Murchison region in Western Australia and comprises the Burnakura, Tuckanarra, and Gabanintha projects, which are located in the Murchison goldfield of Western Australia, approximately 40 km southeast of Meekatharra and 765 km northeast of Perth. The Company owns a producing mine, a producing site with a gold plant and all infrastructure, and a large prospective land position, covering approximately 382.9 square kilometers. Monument Mining Ltd: https://monumentmining.com mmy; normaly next week new video and also new presentation. if goldprice more 1900 i think we got a good cash flow
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