Gold Discussion

just selled 1105.73...bear time!

Patience is good

hey every body
i am new in trading
i am having 30ounce buy on 1140
and sell on 1129 30 ounce so my postions is hedge
so what i have to do now please help me out bros.

I have add sell 1106 and if we go higher i will add again BECAUSE it's MY View (Depends on my own system)
C u tomorrow :-)

looking for Gc/Yg J0 to find support around 1097 at least thru asian session. Sold from 1108 out at 1102 on sluggishness. (held thru close good profit within few hours of reopen) Sideline for signs of sustained support. (1097) breach with underhammering without prevail consider buy on dips @1091 1st bounce. out say 20-50 tics.

I think over the next few months/couple of years, gold will drop significantly. Maybe we'll see $700. I'm basing all of this on sentiment. Everyone's going crazy about gold. Usually when something goes ballistic (up), the ones that profit are not the average Joes. Right now, a lot of average investors have a lot of gold exposure (you can see ads every other minute praising gold and encouraging people to buy in). For the first time in a long time, the average person sort of knows what gold is worth. Ebay is selling gold coins for wayyy more than their intrinsic value. The market will likely go down forcing a lot of these people to get out of gold, and that would be a terrific time to buy. Remember, in the early 80s when gold make that high? Go back and look at what it did. It tanked 50% and then rallied 800%. The average ones panic and get out, and the obscure "entities" that usually make money in volatile times will make a lot of money yet again....

Another point to note is that governments will be successful at "combating" (lying about) inflation for a while. People usually look at CPI figures, and we know how accurately those represent inflation.... Also, the high unemployment puts a downward pressure on prices. This is helping keep prices in check. If we have more contraction in credit, we'll see renewed forced liquidation, and prices will temporarily drop... Expecting gold to hit $1500 by the end of the year, is pretty unreasonable.

I wouldn't dream of buying gold anywhere here. I've been eyeing silver for a while now. Maybe, I can get in at $8/oz? I plan on having about 100K invested in silver bars at around $8, if at all it happens. And if the world doesn't work the way I expect it to, I may have to get in at $30/oz.... But, I'm leaning towards $8.

But till then, I'll look to trade both gold and silver on a short-term basis... Happy Trading, all!!

what should we bet ?

I'm expecting a consolidation around 1134 - 1150 on weekly basis. Closed the 1080 order in 1103 after the hourly chart started to look overbought, and reopened at 1101 , currently with + 740 pips. So far : + over 3000 pips. Not bad for 2 days, I wouldn't say that such a jump in price is typical for a retracement. But I don't want to be too hasty either, I can prove wrong if we can't break 1108 and 1140 after that. 2 scenarios if we get there - consolidation around 1140 +/- 5000 pips (It's a weekly chart after all), or break through 1140 and 1150 and shoot up in the sky.

pirin,

wats ur view on gold for today. i am holding short gold at 1100 and still carrying tht positon. do u think i shold close it or it mite come back. thanks for ur advice sir.

I wouldn't advice you to do anything, it's a choice you have to make on your own. We are officially still in a downtrend on both weekly and daily charts, and as you have surely heard "The trend is your friend", so there is a high probability that I am wrong in my expectations. If you want to know my view - I'm bullish and don't expect it to go under 1085 in the next months. I tried the sentiment tool on FF, and it says that 75 % of the experienced traders on forexfactory (min 4 vouchers) are bullish on gold.

Imo It's gold's time atm mate. Gold might go to 1120. Be careful with your short. I went long from 1103

im still bullish on gold for short term my 1st target 1117.5

Bullish Kumo Breakout on 3h chart - profit target 1140, SL 1090

Hi, i had a question - let's say you buy (xau/aud, xau/chf, xau/usd, xau/eur, and xau/gbp)
does anyone have any back data, that would be able know how many pips you'd make or lose for the past 30 days, or past 3 months.

gold have touched 1122

and i have asked one question and no one have response me why???????
please help me out
and i am new trader so how i can learn
thanks to all members

As you can see, there is a very nice way to exploit the trend using the RSI(14) on the hourly chart by selling when overbought and reopening the position after the retrace.

i feel l todays gold high is made, unless crude inventory data tweaks

http://img684.imageshack.us/img684/6826/goldbot1.jpg

Is this a double bottom in the works in the medium trend? Obvious we saw the works of chart patterns earlier this week in gold prices (see below) but could this be setting a solid bottom for 2010 if it breaks above 1161$/oz?

Early this week's double bottom formation met with the weekly lower channel of the uptrend. We all saw how that 40$ rally played out.
http://img513.imageshack.us/img513/6489/goldhm.jpg

I am still in firm belief that we are in a long run uptrend and this week, the first meeting with the bottom channel in a long time held and bounced up. While I dont trade on the fundamental, I do have a dual degree in finance and business economics and I am well aware of the macro implications. I believe with the new US Budget deficit announced and no real actions to curb gov't spending, we will continue to see the technical bullish trend resume throughout February. Another sign in my mind is that today we finally pierced the daily inner channel downtrend that has been in play since December meaning that topside resistance for another momentous move above 1125 comes in at 1140 and 1161.

Uptrends in tack
http://img269.imageshack.us/img269/3994/gold1k.jpg
http://img684.imageshack.us/img684/8774/gold3k.jpg

Pierced inner channel downtrend
http://img19.imageshack.us/img19/3889/dailydowngold.jpg

(cont'd since there is a limit of 5 images)


The 38.2% retracement of this weeks rally is holding nicely as a support for the consolidation and if it remains unbroken, puts 1140 as the next target for late this week or early next week.

http://img64.imageshack.us/img64/558/retracegold.jpg