{"id":18966,"date":"2019-09-23T02:36:30","date_gmt":"2019-09-23T02:36:30","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=18966"},"modified":"2019-09-23T07:35:51","modified_gmt":"2019-09-23T07:35:51","slug":"gold-finds-support-5","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/23\/gold-finds-support-5\/","title":{"rendered":"Gold finds support"},"content":{"rendered":"

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.<\/p>\n

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 trade merely the tip of the iceberg in a far wider clash, between two global powers with conflicting ideologies, that is likely to continue for decades.<\/p>\n

\"CNYUSD\"<\/p>\n

The soft Yuan rally strengthened demand for Gold. A correction would present a good entry point in an expected long-term up-trend but patience is required.<\/p>\n

\"Spot<\/p>\n

Problems with continued use of the Dollar as a global reserve currency<\/a> are driving central bank demand for Gold. According to Peter Schiff<\/a>:<\/p>\n

“Central bank gold purchases in April continue a trend we saw through 2018. In total,\u00a0the world\u2019s central banks accumulated 651.5 tons of gold last year. The World Gold Council noted that 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the second highest annual total on record.<\/p>\n

A move to minimize dependence on the US dollar, especially by countries like Russia and China, is driving this central bank gold-buying spree.\u201d<\/p><\/blockquote>\n

Our target for Gold is the 2012 high at $1800\/ounce.<\/p>\n

Silver found support at $17.50 after a stronger retracement. Breach of support on Silver would be a bearish medium-term signal for Gold.<\/p>\n

\"Spot<\/p>\n

The All Ordinaries Gold Index is trending lower. Breach of 7200 would warn of another decline, with a target of 6000\/6500. The primary trend is expected to remain upward, so this could present a good entry point.<\/p>\n

\"All<\/p>\n

A long-term chart of the All Ordinaries Gold Index plotted against Gold (in AUD) shows valuations are relatively low compared to the boom of 2007 and 2011. A weaker Aussie Dollar and stronger gold price could both lift prices for local gold miners.<\/p>\n

\"All<\/p>\n","protected":false},"excerpt":{"rendered":"

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 trade merely the tip of … <\/p>\n

Continue reading “Gold finds support”<\/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":[42,9],"tags":[166,292,678,1578,3124],"class_list":["post-18966","post","type-post","status-publish","format-standard","hentry","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":"\nGold 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 finds support - the patient investor\" \/>\n<meta property=\"og:description\" content=\"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. 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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-4VU","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":18849,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/10\/gold-correction-likely-as-yuan-finds-support\/","url_meta":{"origin":18966,"position":0},"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 "Aussie dollar"","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":17277,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/11\/03\/crude-reversal-undermines-gold-rally\/","url_meta":{"origin":18966,"position":1},"title":"Crude reversal undermines Gold rally","author":"Colin Twiggs","date":"November 3, 2018","format":false,"excerpt":"Nymex crude broke support at $65, warning of a primary down-trend with a medium-term target of $56\/barrel. Crude and gold tend to rise and fall together, over the long-term, and falling crude prices warn of gold weakness. The bear rally in Gold is likely to meet stubborn resistance at $1250.\u2026","rel":"","context":"In "Aussie dollar"","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":18993,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/09\/28\/gold-patience-is-required\/","url_meta":{"origin":18966,"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 "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17806,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/01\/29\/gold-and-the-dollar-direction\/","url_meta":{"origin":18966,"position":3},"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 "Chinese Yuan"","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":17087,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/22\/aussie-gold-stocks-rally\/","url_meta":{"origin":18966,"position":4},"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 "Aussie dollar"","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":18774,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/27\/gold-consolidates-as-the-yuan-plunge-continues\/","url_meta":{"origin":18966,"position":5},"title":"Gold consolidates as the Yuan plunge continues","author":"Colin Twiggs","date":"August 27, 2019","format":false,"excerpt":"The Yuan'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 -- China has already been labeled a currency manipulator -- as the trade war spirals out of control. There is no resolution in sight.\u2026","rel":"","context":"In "Aussie dollar"","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\/18966","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=18966"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18966\/revisions"}],"predecessor-version":[{"id":18969,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/18966\/revisions\/18969"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=18966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=18966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=18966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}