{"id":18774,"date":"2019-08-27T05:05:51","date_gmt":"2019-08-27T05:05:51","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18774"},"modified":"2019-08-27T05:17:25","modified_gmt":"2019-08-27T05:17:25","slug":"gold-consolidates-as-the-yuan-plunge-continues","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/27\/gold-consolidates-as-the-yuan-plunge-continues\/","title":{"rendered":"Gold consolidates as the Yuan plunge continues"},"content":{"rendered":"<p>The Yuan&#8217;s plunge against the US Dollar is accelerating, with a short-term target of 0.1380. This is likely to elicit more tariff threats from the US &#8212; China has already been labeled a currency manipulator &#8212; as the trade war spirals out of control. There is no resolution in sight. Like a brush fire, trade wars are easy to start but difficult to extinguish as attitudes on both sides harden.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-27-cny.png?w=525&#038;ssl=1\" alt=\"CNYUSD\" \/><\/p>\n<p>A falling Yuan will increase capital flight, boosting demand for Gold. Spot Gold is consolidating above $1500\/ounce. A Trend Index trough above zero indicates strong buying pressure. Respect of support at $1500 is likely and would signal another advance. Our target is the 2012 high at $1800\/ounce.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-27-gold.png?w=525&#038;ssl=1\" alt=\"Spot Gold in USD\" \/><\/p>\n<p>The recent strong advance on Silver supports our bullish outlook for Gold. The two tend to move in tandem.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-27-silver.png?w=525&#038;ssl=1\" alt=\"Spot Silver in USD\" \/><\/p>\n<p>The All Ordinaries Gold Index is surprisingly weak, testing support at 7500 despite a falling Aussie Dollar. Breach of 7500 would warn of another decline, with a target of 6000\/6500, but the primary trend is expected to remain upward. The dip is likely to present a good buy opportunity.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-27-xgd.png?w=525&#038;ssl=1\" alt=\"All Ordinaries Gold Index\" \/><\/p>\n<p>The Australian Dollar decline is testing support at 0.68 against the greenback. Our long-term target is 60 cents (calculated by subtracting (80-70) from 70) which should support a stronger $XGD.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-08-27-aud.png?w=525&#038;ssl=1\" alt=\"Australian Dollar\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Yuan&#8217;s plunge against the US Dollar is accelerating, with a short-term target of 0.1380. This is likely to elicit more tariff threats from the US &#8212; China has already been labeled a currency manipulator &#8212; as the trade war spirals out of control. There is no resolution in sight. Like a brush fire, trade &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/27\/gold-consolidates-as-the-yuan-plunge-continues\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold consolidates as the Yuan plunge continues&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39,42,9,35],"tags":[292,678,1578,3124],"class_list":["post-18774","post","type-post","status-publish","format-standard","hentry","category-aussie-dollar","category-chinese-yuan","category-gold-precious-metals","category-us-dollar-index","tag-australian-dollar","tag-chinese-yuan","tag-gold-2","tag-silver-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold consolidates as the Yuan plunge continues - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold consolidates as the Yuan plunge continues - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Yuan&#8217;s plunge against the US Dollar is accelerating, with a short-term target of 0.1380. This is likely to elicit more tariff threats from the US &#8212; China has already been labeled a currency manipulator &#8212; as the trade war spirals out of control. There is no resolution in sight. Like a brush fire, trade &hellip; Continue reading &quot;Gold consolidates as the Yuan plunge continues&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/27\/gold-consolidates-as-the-yuan-plunge-continues\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-27T05:05:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-27T05:17:25+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-08-27-cny.png\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/27\\\/gold-consolidates-as-the-yuan-plunge-continues\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/27\\\/gold-consolidates-as-the-yuan-plunge-continues\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Gold consolidates as the Yuan plunge continues\",\"datePublished\":\"2019-08-27T05:05:51+00:00\",\"dateModified\":\"2019-08-27T05:17:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/27\\\/gold-consolidates-as-the-yuan-plunge-continues\\\/\"},\"wordCount\":213,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/08\\\/27\\\/gold-consolidates-as-the-yuan-plunge-continues\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-08-27-cny.png\",\"keywords\":[\"Australian Dollar\",\"Chinese Yuan\",\"Gold\",\"silver\"],\"articleSection\":[\"Aussie dollar\",\"Chinese Yuan\",\"Gold &amp; 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\\\/2009 and 2020 bear markets well ahead of actual events. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-4SO","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":56354,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/08\/05\/falling-dollar-bullish-for-gold\/","url_meta":{"origin":18774,"position":0},"title":"Falling Dollar bullish for gold","author":"Colin Twiggs","date":"August 5, 2024","format":false,"excerpt":"The Dollar plunge continued Monday, testing long-term support between 141 and 142 against the Yen. Joined by a sharp fall against the Chinese Yuan. The Euro jumped to 1.09 against the Dollar before now retracing to test its new support level. Gold is poised to take advantage of Dollar weakness,\u2026","rel":"","context":"In &quot;Chinese Yuan&quot;","block_context":{"text":"Chinese Yuan","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/chinese-yuan\/"},"img":{"alt_text":"Japanese Yen","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-05-jpy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-05-jpy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-08-05-jpy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":18746,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/24\/falling-yuan-bullish-for-gold\/","url_meta":{"origin":18774,"position":1},"title":"Falling Yuan bullish for Gold","author":"Colin Twiggs","date":"August 24, 2019","format":false,"excerpt":"China's Yuan continued its plunge against the US Dollar after the latest Trump tariff tantrum. The trade war is hotting up and we can expect further Yuan weakness, fueling demand for Gold. Spot Gold consolidation above $1500\/ounce is a bullish sign, while a Trend Index trough above zero indicates strong\u2026","rel":"","context":"In &quot;Chinese Yuan&quot;","block_context":{"text":"Chinese Yuan","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/chinese-yuan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18849,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","url_meta":{"origin":18774,"position":2},"title":"Gold: Correction likely as Yuan finds support","author":"Colin Twiggs","date":"September 10, 2019","format":false,"excerpt":"The Yuan found short-term support at 0.1395\/0.1400 against the US Dollar. Expect a rally over the next month, with \"talks about talks\" between US and Chinese trade representatives. The Yuan is in a long-term down-trend against the Dollar that shows no signs of easing. Our view is that resolution of\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23057,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/05\/gold-rallies-as-dollar-weakens\/","url_meta":{"origin":18774,"position":3},"title":"Gold rallies as Dollar weakens","author":"Colin Twiggs","date":"December 5, 2020","format":false,"excerpt":"The Dollar Index followed through below primary support at 92, warning of a decline with an immediate target of 89 (the high of 95 extended below base of 92). Trend Index peaks at zero indicate selling pressure. The Chinese Yuan continues its strong up-trend, confirming Dollar weakness. Gold & Silver\u2026","rel":"","context":"In &quot;Chinese Yuan&quot;","block_context":{"text":"Chinese Yuan","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/chinese-yuan\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19036,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/10\/gold-low-interest-rates-and-volatile-currencies\/","url_meta":{"origin":18774,"position":4},"title":"Gold, low interest rates and volatile currencies","author":"Colin Twiggs","date":"October 10, 2019","format":false,"excerpt":"Gold is in a primary up-trend, after ranging sideways for several years, fueled by low interest rates and volatile currency markets. The chart below highlights the inverse relationship between gold and 10-year Treasury yields. When LT interest rates fall, the gold price surges. At present, 10-year Treasury yields are close\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22502,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/07\/gold-thrives-on-turmoil\/","url_meta":{"origin":18774,"position":5},"title":"Gold thrives on turmoil","author":"Colin Twiggs","date":"November 7, 2020","format":false,"excerpt":"Current uncertainty over the 2020 election result is driving investors towards the safety of Treasuries and Gold. 10-Year Treasury Yields respected resistance at 0.90%. Follow-through below 0.70% would warn of another test of primary support at 0.50%. Breakout is now less likely but would complete a broad double-bottom, offering a\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=18774"}],"version-history":[{"count":3,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18774\/revisions"}],"predecessor-version":[{"id":18777,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18774\/revisions\/18777"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}