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XAU/USD & XAG/USD - Gold & Silver Traders Thread

  • Post #1
  • Quote
  • First Post: Apr 27, 2010 8:13pm Apr 27, 2010 8:13pm
Here is the break off - The first chart is Gold spot with Euro/USD price overlay
second is Gold Spot with DXY overlay
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GOLD_EURO_over_break_corr.GIF Size: 36 KB
Click to Enlarge Name: GOLD_DXY_over_correlation.GIF Size: 36 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
I like it as immediate support so far.... Only problem with Gold and immediate supports is they cannot be as firm when less established and the price
"may" dip thru by a buck or 2. Now if we pullback to 1065 and fail, there may be a nice short in there, if one is game, orders can be placed accordingly.
I would look below 1163.
I may try and straddle this trade if the PA permits (should have taken @ 1170 but un-able) so will hld out.

Buying dip (1166.70) still long from last night where I focused on 1145 as support now with trailing stop attached so I am free to move around.

we are 20 bucks higher so using caution...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
hey XTrade

what are your thoughts on Gold continuing to diverge with the other metals in the coming weeks?

Silver traded very heavily today and does not feel like it wants to go any higher, unlike gold.
  • Post #4
  • Quote
  • Edited 1:51am Apr 28, 2010 1:08am | Edited 1:51am
Hey, Glad to see your first post is here,

That is a tricky one. Well first off one of the largest short positions in silver is JPmorgan. I would say that has a "bit" to do with the price suppression and the reason why silver should be plus 22 right now and is not.

As a physical investment silver has YET to have it's day. Gold has been and always will be sought after. Don't get me wrong there is plenty of manipulation in gold. BUT, over the years as an investment/ longer term trade -there is simply NOTHING the banks can do to devalue gold further than they already have.
It WILL continue to rise.

Gold is now a heavily traded commodity, when in the old days it was only used as a hedge against inflation and a way to keep ones purchasing power.

Let's be realistic, the dollar @ 80 is nothing - the dollar at 95 will be something.

SO, I'd say this. IF foreign currencies namely EURO and GBP continue to plunge there will be a major influx of money, new and old into GOLD.

If foreign currencies go up, this will create more stress on the dollar and
the DXY will be down. Thus attracting more people to gold.

So what we have here is somehwhat of a paradox. This is when gold will as it has begun to againg find it's own way, safe from the Euro and safe from the USD.

Yet, that equals no move real move besides up and down. Not that simple though,
Gold has many, many, industrial applications and is the BEST metal to use in many. The computer you type on has gold in it on the chips.
The above ground supply is slim and the output of mines is not high. Miners of Gold and Copper are stox to watch or buy IMO,"green" companies and
Railcar / rail freights like CSX

To end. This uncertainty in the worlds fiat currencies will ultimatly push the price of gold higher. Silver. Is quite undervalued, with even more tangible industrial application besides jewelry for both. silver "may" at some point outshine gold thru percentages.


Quoting __UnknowN__
hey XTrade
what are your thoughts on Gold continuing to diverge with the other metals in the coming weeks?
Silver traded very heavily today and does not feel like it wants to go any higher, unlike gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Gold is the worlds best superconductor. Nano colloidal gold which I manufacture(and is the best in the world by a head, shoulder and a torso) has benefits that only the elite of the elite are aware of.

But at the same time, several inventors(including mine) have come up with satellite systems that delineate exactly where water, oil, gold, silver etc.. are. Notice how junior gold companies with billions of dollars sit idly by on old paradigms waiting to be bought out or jved like in recent past, and are avoided and NOT sought after.

There is a reason for it. The GOLD crash, and the US dollar bull market will take everyone by surprise. It always DOES>

Only those that attended the secret gold conference for 300,000 a ticket I would imagine are on the short side.
You are forgetting the very real possibility of a continued and simultaneous move up by both the USD and Gold, as we have seen recently. A few posts back I added some charts illustrating this.

Too strong of a USD has negative affects on the US as well, for one our goods/ services exported become more expensive (not like we have all that much anyway!) Affects on oil, etc.

Yet a higher gold price affects none of these things. Holding dollars long term can not in my opinion outweigh the benefits of the latter, Gold.


Quoting steroidman
...............
There is a reason for it. The GOLD crash, and the US dollar bull market will take everyone by surprise. It always DOES>

..........
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
GOLD! GOLD! GOLD!!!

Wheeeew!!! Usually I would not express my sentiments this way but everyone has to have a bit of fun eh'!?

Being out, without constant spot price feed, is annoying and liberating at the same time.

My Damn battery ran out!

In Any case, I am home now and anxiously awaiting LDN open.

All Trades this round have ended in Green Pips with TP @ 72
This was in fact nice to come in to!

We ARE on the way to A NEW HIGH to be reached by gold. If you like hop on and enjoy the ride!


Perhaps profit taking Friday? May see a drop at some point ... which I will
be looking to buy and chiming in here if possible.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • Post #8
  • Quote
  • Edited May 1, 2010 6:20am Apr 30, 2010 8:04pm | Edited May 1, 2010 6:20am
Hello all!
Gold closed above important technical resistance levels near 1170/5
hitting a new 5 month high - New York spot of 1183 per troy oz.

This is a bullish "hat trick" (3 goals in a row) Daily, Weekly & Monthly!

It has been a great week for gold and we are currently in trading in a new uptrend channel with (as of yet) clearly defined, moving support, resistance and midpoint areas.

I have prepared a chart outlining this view. I am trying to gather some articles/ commentary, this recent action and bullish close is not something to be overlooked by those who trade gold.

Also, we are now supported by the old resistance level @ 1065 in the near term, with additional S/R levels in between, further support is less $20 @ 1145.

Silver is now further poised to take 19 and platinum, 1800 next hurdle.
Palladium has virtually erased all losses from the bearish move down started in 08 - closing the week @549

Will be adding charts and commentary.
X
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Here is the link.



This coming week should prove interesting. Mind your shorts.

Quoting J.Wyckoff
Technically, June Comex gold futures bulls have the solid overall near-term and longer-term technical advantage. Prices are in an 11-week-old uptrend on the daily bar chart. Chart resistance for June gold is located at Friday's high of $1,182.50 and then at $1,190.00. The next major upside price objective for the gold market bulls is to produce a daily close above psychological resistance at $1,200.00 an ounce. Above that lies strong chart resistance at the all-time high of $1,227.50, basis nearby Comex gold futures, which was scored in December of 2009.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • Post #10
  • Quote
  • Edited 6:36am May 3, 2010 6:19am | Edited 6:36am
Not Much going on right now. (London and JPY bank holidays)

Finally this tight range is breaking. Price opened lower only by appx
$1.00 per oz of the yellow metal. THis is Bullish.

Here are current H4 and H1 charts, I am testing support @ 1175 area with a small buy.

Moving Avg support 50 & 200 emas support Gold on this chart and even more clearly on the H1

Daily / Monthly - Important bullish close.

So far Euro still weak even after bailout news EDIT -- DXY Up Gold holds spot is now in the green - Likely Euro will gain some this week pushing the DX a bit lower.. Clearly it is not in tight inverse relation with Gold spot ATM.

We would need to First take out 1175 in the immediate-
Next the channel- Further 1165 and 1145 lower 1123 for me to even consider
this move is not creating a 1200 retest if not a new high.

Good Luck!
X
Attached Image(s) (click to enlarge)
Click to Enlarge Name: XAU_h4_continued_BULL_areas.GIF Size: 38 KB
Click to Enlarge Name: XAU_h1_continued_BULL_areas.GIF Size: 30 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Hope that it works as well......









Attached Image (click to enlarge)
Click to Enlarge Name: Silver - H4.gif Size: 32 KB
I took this J16 price action style silver trade. Went off without a hitch...

moved stop to B/E at first blue highlight, closed full position at the second blue highlight


EDIT: demo account
Attached Image (click to enlarge)
Click to Enlarge Name: perfectsilvertrade.GIF Size: 40 KB
Many choose unhappiness over uncertainty.
Hey Guys,
Thanks for posting,

I am bullish silver as well. THere have been many great setups resulting in nice profit with a little patience.

Ultimately I wan't to see a breach and close of the 19.50 area, perhaps with pullback to 18 / at worst 17.50 next a move above 22 (old recent high area).

Silver offers lately the opportunity to take larger positions with less risk of a headfake / whipsaw.

Gold is pulling back slightly in early Aussie/Asian Markets.

Many are looking for a pullback to get long.

Something I am pondering for the gold price affect now is the Effect of the withdraw of dollars from Foreign currency shorts, IE - EUR & GBP to cover shorts in turn buying the risk.

Gold has proven it works its own way as of late. Offering up opps when USD is UP and DOWNSKI!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
1180 is turning out to be minimal support, I am looking to see what happens @ 1175 With possible manual order in this area and a stop below 1165.

I will not trust shorts until aforementioned levels are disturbed.

Otherwise I will look for more buying opps and keep posting here!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Gold moves sideways A LOT.

Thus I am not very dependent on Trend Lines

Unless they are enforced by a day or 2 of trading,

GOLD also can range for several days.
Gold does sell off even in bull markets
GOLD does not always behave the way a trader may want. OR rather what is suggested thru charting, I always factor in a buck or 2 move on S/R
GOLD does work well with enforced and strong Support & Resistance levels.

Bolding:
TL -
S/R
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • Post #16
  • Quote
  • Edited 4:54am May 4, 2010 4:39am | Edited 4:54am
At this rate the Euro will break 3000 into the 29s befor turnaround and the pound .4500 this would put the DXY @ appx 85 and Gold over 1200...

Bearish activity continues for the "euro" zone and cable...

Even after bailout Euro seems to be on a path for disaster. Yet I will not be surprised to see it up 100 pips tomorrow. Then go short! LOL
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Going to test a small long out here, prior long hit TP.
we did HIT A NEW HIGH YESterDAY!
Long @ 1179
SL area below 1175

TP 1188 or manual close 1187 - 1190
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Now a 400 pip trade GOLD is breaking back above the current mid point
!!!!!bREAKING OUT!
Quoting XTrade
Going to test a small long out here, prior long hit TP.
we did HIT A NEW HIGH YESterDAY!
Long @ 1179
SL area below 1175

TP 1188 or manual close 1187 - 1190
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
Here is the pic/chart, forgot to post my older entry.

We are now above 600 pips which is about - 6 bucks/USD Gold "price" move. Not a bad trade.

USE YOUR DISCRETION. I have taken .1 off the lower entry
Attached Image (click to enlarge)
Click to Enlarge Name: XAU_mytrades_b4breakout.GIF Size: 34 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
WE are EXPLODING HERE!

Prior entry now over 750 pips - NO real signs of resistance in the way
besides pure psych level 1200 next 1225 real resist,
1190 may offer a hitch as we just basically hit it!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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