Will gold drop before xmas?

[Brad]

Hello everyone, im Brad a new member. What are peoples thoughts on gold dropping before xmas? I read a forecast that had a prediction that the price in december may have a low of $1414 and a high of $1562.

I have a fair bit of savings and have not invested in any gold yet but I want to get started.

[Downs523]

I sont think anyone can predict the price of gold in the near or distant future. Best thing to do is to just buy when you can afford too. If I had a chunk of cash to buy gold I would buy now rather than wait for a possible price drop. Try the for sale sections on here as you generally get a better deal. 

[Alex]

I expect that,fingers crossed Should start to drop in a few weeks time.

[Abyss]

My prediction Gold USD trade either $1540 or $1440 it is forming triangle wedge pattern after long run up in price. In the balance probabilities it should test $1540 first and if price finds sufficient sellers then we could see sell off to $1440 level. My prediction is that it will go higher to $1540 then lower to $1440. I was in the same boat last year had significant savings but Gold had sold off to just below $1200 level and bought at these levels but my mindset at the time was that Gold would be range bound between $1150 to $1350 for at least two years (2019-2020). Nobody can predict price of Gold just to many factors from technical/economical/political/financial considerations and then how mass sociology interprets all these uncertainties that are then reflected in price. Then add supply side equation and some evidence we will have peak Gold and if the price is still manipulated. Buying physical Gold continue to save have dry powder until seen significant sell off and be willing to wait or adopt dollar cost averaging approach. Then in the UK have Brexit and the uncertainty value £ vs $.

[sixgun]

Gold was sold off in NFP today but it did not get close to threatening $1500. i think $1500 is now a floor - of course if the usual suspects dump 100 000 contracts price will crash but for what? It will simply ignite physical buying. The best those protecting the USD can do is to slow the progress and try to keep a lid on price.
The situation that prevails a few years back have moved on.

[AndyC44]

Too many factors to say, as described above. If the US-China trade deal part 1 falls through or looks more rocky, the price will go up more than likely. If Labour win the next election, the market may lower the pound, pushing the price up for UK buyers. Going forward into the future, more trade uncertainty, fears of recession, could push the $ price up, then there's the US election. Nobody knows and those that do are lying.

[Nick1368]

I don't think so 

[RoughDog]

16 minutes ago, Nick1368 said:

I don't think so 

Are you sure?  I was thinking it goes up and down every day except weekend.

🤣

[dicker]

Take a view on sterling.  I think it is way undervalued and Brexit conclusion would see is strengthen considerably.  

[silenceissilver]

On 01/11/2019 at 15:36, Downs523 said:

I sont think anyone can predict the price of gold in the near or distant future. Best thing to do is to just buy when you can afford too. If I had a chunk of cash to buy gold I would buy now rather than wait for a possible price drop. Try the for sale sections on here as you generally get a better deal. 

I remember I considered waiting when the spot price was 1009 in  late May, thinking, why buying it now when I can wait till it's under 1000 again. Thanks God, I didn't wait.

I read somewhere today, cooks in the UK in the 1860s earned £40 per year and gardeners 90, multiplied by ca 280 that's astonishingly close to the average income they would earn today showing how stable the value of gold is in the long run (which unfortunately could imply gold not to be underpriced, today)

There is - this time a much more severe - new Euro crisis on the horizont and with or without Brexit, I can't see this not having a big impact on the UK economy, given that we have fractional reserve banking, here too.

Markus Krall - who set up the bank stress tests for most German and many other European banks - thinks the German banking sector as a whole will stop being profitable soon - most likely in Q3 2020 (although he says he could certainly be wrong two quarters up or down). Eventually (within 6 to12 months after the banking sector being no longer profitable, if I remember that correctly) this would cause a massive economic crisis in Germany (and Europe).

I can't see the gold price not profiting massively, from this.

Of course in Pound it could drop if there are good news from the Brexit front plus it could drop generally because of that and addionally so if the US Chinese trade war gets resolved. So could you be wrong buying now, in the hindsight? Of course, but it's impossible to know plus the Euro crisis will most certainly push it above current levels.

Conclusion: I would not wait. It's impossible to predict when the best time is anyway, you will never get it right, so you can just buy now.