https://stockcharts.com/sc3/ui/?s=%24GOLD

In the daily chart, the RSI and MACD does not look very extended. In fact, the MACD has just signalled a crossover.

I heard that the Russian Central Bank is on a buying spree till early Oct. US signalling rate cuts next week and most of the major central banks will follow. Not sure if BNM will maintain rates or start to cut rates too.

russia need to be on spree? russia can just pass their rubble for gold to their own miners... its one of the largest gold producers...

Yes from an accounting point of view is left pocket to right pocket and the asset would be on the central bank's ledger but the key thing is it should affect the global supply/market.

The Ringgit is strengthening against the USD, and I estimate it might fall to around RM3.90 or lower soon.

My next selling target is gold at $3,000 per ounce, which would mean a rate of RM4. At this gold price, the cost would be approximately RM380 or more per gram.

Gold pulls back below new all-time-high of $2,600

NEWS | 09/19/2024 13:49:50 GMT | By Joaquin Monfort
Gold shot higher after the Federal Reserve cut interest rates by a double-dose of 50 bps.
The precious metal failed to hang onto gains and topples before recovering again on Thursday.
Gold’s limited upside could be due to the Fed’s general assessment of the US economy as doing fine.
Gold (XAU/USD) trades back in the $2,570s on Thursday after falling to the $2,540s following the US Federal Reserve (Fed) decision on interest rates the prior day.

The yellow metal popped to a new record high of $2,600 on Wednesday before quickly falling back following the much-anticipated Fed meeting, at which they decided to implement a 50 basis point (0.50%) cut to the fed funds rate. This lowers the Fed’s base rate to a range of 4.75%-5.25% from 5.25%-5.50% previously.

Gold peaks after Fed meets
Gold hit a record high of $2,600 after the Fed went ahead with a 50 bps rate cut on Wednesday, although the yellow metal failed to sustain its new highs. Several analysts explained the lack of volatility (financial asset prices changed only modestly after the announcement) due to the Fed’s easing cycle having already been priced in by financial markets ahead of the event.

When do you think it may hit $3000 ounce, by end of 2025?

Despite gold at ATH, the price of gold in RM did not gain much, in fact dropped a bit due to stronger RM.

Not sure whether it's a good or bad thing.

While a strong RM is good for business (not sure , not business man) and for those travelling overseas,
I'm not sure whether benefits of a strong RM would felt by ordinary folks like myself.

I don't think the price of import goods would go down, and the Maggie Goreng, Roti Kosong, Nasi Lemak, Nasi Ayam would go down at all.

too strong a currency will produce shocks... exporters will get hammered.

thai baht too:
https://www.freemalaysiatoday.com/category/...ourism-exports/

who knows BNM will cut rate soon!

meanwhile, it can be a great opportunity to acquire more gold as spot is still <RM350/g.

$2600 anytime now, next target is 2620, futures showing 2623.

Spot at $2,610.90 high just

nice la...

let it go to $2650, RM returns to 4.40.

everybody happy!~

I'm not against a stronger RM, I'm just thinking how to benefit from strong RM.

if it stays strong like now, some imports will get cheaper.

holidays abroad gets cheaper.

parents paying kids education get cheaper.

roti canai, wantan mee - no, wont get cheaper - everyone in the chain will take the extra margin.

if short term, yes. will not affect local because local bosses need to chase and adjust the cost profit pricing example wages increase to solve manpower issue or better ingredient to give better taste &etc.
if long term, price rebalance will take place.
maybe will give bigger portion, do more affordable lunch set & etc.
Don't mimpi price will go down lar

https://www.nst.com.my/business/corporate/2...h-above-rm10931

Gold is a hedge against debasememt of fiat currency.

Long run fiat currency will always debase.

But in the short term at times the hedge will lose..like now for MYR.

new record:

$2625.69/oz on September 20 of 2024

closing $2622/oz, RM354.52 (RM4.205/$)


i think these are worth reading:
https://www.kitco.com/news/article/2024-09-...feds-new-easing
https://www.kitco.com/news/article/2024-09-...india-and-china
https://www.fxempire.com/forecasts/article/...-beyond-1462747

see you at 2650!

There's no guarantee that gold will reach $3,000, but the probability is high given the factors at play. The U.S. debt situation, the upcoming election, the post-election landscape, the rate cut cycle, USD toilet paper, BRICS, and geopolitical events all seem to support a rise in gold prices. I don't see any significant events that would work against this trend.

The current price is being manipulated by digital contracts, making it unclear how the physical gold supply is managing to keep up with demand. Countries' reserves and central banks are purchasing physical gold, often in massive quantities, measured in tons. So when countries' gold imports begin to surge, it's a clear sign that something significant is on the horizon.

Looks likely to hit $2700 soon with the Middle East escalations.

yep, much of the volatility now is coming from the digital trades in north america.

india, china physical gold buying have slowed significantly due to high price.

that's why the shanghai futures price is now 2643, < london price 2646.

a couple of months ago, shanghai price was much higher than london price.

some analysts say 2661 is the stiff resistance. so, lets get thru that first!

actually, for those using RM for gold, the exchange rate is the one to watch.

whether u get more or less RM for yr gold in the near future hinges more on this.