{"id":18849,"date":"2019-09-10T02:35:04","date_gmt":"2019-09-10T02:35:04","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18849"},"modified":"2019-09-10T02:35:33","modified_gmt":"2019-09-10T02:35:33","slug":"gold-correction-likely-as-yuan-finds-support","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","title":{"rendered":"Gold: Correction likely as Yuan finds support"},"content":{"rendered":"<p>The Yuan found short-term support at 0.1395\/0.1400 against the US Dollar. Expect a rally over the next month, with &#8220;talks about talks&#8221; between US and Chinese trade representatives.<\/p>\n<p>The Yuan is in a long-term down-trend against the Dollar that shows no signs of easing. Our view is that resolution of trade tensions is unlikely. Trade is merely the tip of the iceberg in a far wider clash between two global powers with conflicting ideologies, likely to continue for decades, if not longer.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png?w=525&#038;ssl=1\" alt=\"CNYUSD\" \/><\/p>\n<p>The Yuan rally has softened demand for Gold and breach of support at $1500, or penetration of the rising trendline, would warn of a correction. A correction may present a good entry point in an expected long-term up-trend. 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\/2019-09-10-gold.png?w=525&#038;ssl=1\" alt=\"Spot Gold in USD\" \/><\/p>\n<p>Last week&#8217;s <a href=\"https:\/\/www.incrediblecharts.com\/candlestick_patterns\/candlestick-patterns.php#candlestick_hammer\">gravestone<\/a> candlestick on Silver also warns of a correction. Gold and Silver 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\/2019-09-10-silver.png?w=525&#038;ssl=1\" alt=\"Spot Silver in USD\" \/><\/p>\n<p>The All Ordinaries Gold Index is testing support at 7500. Breach would warn of another decline, with a target of 6000\/6500. The primary trend is expected to remain upward, so again, this may present a good entry point.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-10-xgd.png?w=525&#038;ssl=1\" alt=\"All Ordinaries Gold Index\" \/><\/p>\n<p>A long-term chart of the Australian Dollar against the greenback illustrates our long-term target of 60 cents (subtract 10 cents (80-70) from 70 cents). A weaker Aussie Dollar would support stronger prices for local gold miners.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-09-10-aud.png?w=525&#038;ssl=1\" alt=\"Australian Dollar\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Yuan found short-term support at 0.1395\/0.1400 against the US Dollar. Expect a rally over the next month, with &#8220;talks about talks&#8221; 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 trade tensions is unlikely. Trade &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold: Correction likely as Yuan finds support&#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],"tags":[166,292,678,1578,3124],"class_list":["post-18849","post","type-post","status-publish","format-standard","hentry","category-aussie-dollar","category-chinese-yuan","category-gold-precious-metals","tag-all-ordinaries-gold-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: Correction likely as Yuan finds support - 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: Correction likely as Yuan finds support - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Yuan found short-term support at 0.1395\/0.1400 against the US Dollar. Expect a rally over the next month, with &#8220;talks about talks&#8221; 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 trade tensions is unlikely. Trade &hellip; Continue reading &quot;Gold: Correction likely as Yuan finds support&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/\" \/>\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=\"2019-09-10T02:35:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-10T02:35:33+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-09-10-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\\\/09\\\/10\\\/gold-correction-likely-as-yuan-finds-support\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/10\\\/gold-correction-likely-as-yuan-finds-support\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Gold: Correction likely as Yuan finds support\",\"datePublished\":\"2019-09-10T02:35:04+00:00\",\"dateModified\":\"2019-09-10T02:35:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/10\\\/gold-correction-likely-as-yuan-finds-support\\\/\"},\"wordCount\":220,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2019\\\/09\\\/10\\\/gold-correction-likely-as-yuan-finds-support\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.incrediblecharts.com\\\/images\\\/2018\\\/2019-09-10-cny.png\",\"keywords\":[\"All Ordinaries Gold Index\",\"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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The Yuan is in a long-term down-trend against the Dollar that shows no signs of easing. Our view is that resolution of trade tensions is unlikely. Trade &hellip; Continue reading \"Gold: Correction likely as Yuan finds support\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2019-09-10T02:35:04+00:00","article_modified_time":"2019-09-10T02:35:33+00:00","og_image":[{"url":"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png","type":"","width":"","height":""}],"author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Gold: Correction likely as Yuan finds support","datePublished":"2019-09-10T02:35:04+00:00","dateModified":"2019-09-10T02:35:33+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/"},"wordCount":220,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png","keywords":["All Ordinaries Gold Index","Australian Dollar","Chinese Yuan","Gold","silver"],"articleSection":["Aussie dollar","Chinese Yuan","Gold &amp; Precious Metals"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","name":"Gold: Correction likely as Yuan finds support - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png","datePublished":"2019-09-10T02:35:04+00:00","dateModified":"2019-09-10T02:35:33+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-09-10-cny.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Gold: Correction likely as Yuan finds support"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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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-4U1","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":17806,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/01\/29\/gold-and-the-dollar-direction\/","url_meta":{"origin":18849,"position":0},"title":"Gold and the Dollar direction","author":"Colin Twiggs","date":"January 29, 2019","format":false,"excerpt":"Crude Oil (WTI Light Crude) respected support at $45\/barrel, with turmoil in Venezuela raising concerns over supply. Breakout above $55 would signal another rally but declining peaks on the Trend Index warn of selling pressure. Expect another test of $45. Breach of support would signal a decline to test the\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":18966,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/23\/gold-finds-support-5\/","url_meta":{"origin":18849,"position":1},"title":"Gold finds support","author":"Colin Twiggs","date":"September 23, 2019","format":false,"excerpt":"China's Yuan found short-term support at 0.1395\/0.1400 against the US Dollar but the ensuing rally is weak, suggesting continuation of the primary down-trend. Our view is that the Yuan is in a long-term down-trend against the Dollar that shows no signs of easing. Resolution of trade tensions is unlikely, with\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":18993,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/gold-patience-is-required\/","url_meta":{"origin":18849,"position":2},"title":"Gold: Reasons for the up-trend","author":"Colin Twiggs","date":"September 28, 2019","format":false,"excerpt":"Gold is in a medium- to long-term up-trend. Apart from record central bank purchases of bullion and a weakening Chinese Yuan, real long-term interest rates are declining. The chart below highlights the inverse relationship between gold and real long-term interest rates (10-year Treasury yield minus CPI YoY%). When LT interest\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19478,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/22\/gold-treasuries-and-chinas-yuan\/","url_meta":{"origin":18849,"position":3},"title":"Gold, Treasuries and China&#8217;s Yuan","author":"Colin Twiggs","date":"November 22, 2019","format":false,"excerpt":"China's Yuan retreated against the Dollar, encountering resistance at 14.35 US cents as the seemingly endless trade talks hit another rough patch. Breach of recent support 14.15 would warn of another test of primary support at 14 cents. Chinese purchases have weakened 10-Year Treasury yields in the last two weeks.\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":19036,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/10\/gold-low-interest-rates-and-volatile-currencies\/","url_meta":{"origin":18849,"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":17087,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/22\/aussie-gold-stocks-rally\/","url_meta":{"origin":18849,"position":5},"title":"Aussie gold stocks rally","author":"Colin Twiggs","date":"September 22, 2018","format":false,"excerpt":"Gold continues to find resistance at $1210\/ounce. Trend Index peaks below zero warn of selling pressure. Respect of resistance would indicate another decline and a long-term target of the 2015 low at $1050\/ounce. Currencies The PBOC is supporting the Yuan at 14.5 US cents. Support for the Yuan is driving\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\/18849","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=18849"}],"version-history":[{"count":2,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18849\/revisions"}],"predecessor-version":[{"id":18852,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18849\/revisions\/18852"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}