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  • #9,901
  • Jun 11, 2014 7:05am Jun 11, 2014 7:05am
Quoting anton.olff
{quote} For some it might be a "new" move depending on the time frame they trade (intra-day) and/or if they believe that the move is outside of the average daily trading range for gold. A $20 move is well within the daily trading range, albeit, gold has been trading in a tighter range (algos?) recently. A $10-15 move is insignificant in regards to a longer term trader, especially when the downward trend remains intact, largely due to improving fundamentals, less geo-political risk, and the diminishment of QE.
  • #9,902
  • Jun 11, 2014 7:15am Jun 11, 2014 7:15am
Quoting anton.olff
{quote} So have I. Just added one more. This upward movement looks like a retracement pattern and not a move based upon fundamentals.
I agree with the retracement comment and that a trend reversal to upwards movement is not confirmed at the moment.

Confirmation with breaking the downtrend around 1280.00.

------------

However may i know if there is any fundamentals supporting a downwards movements?

The fundamentals environments seems to supports an upward movement in the longer term till the end of the year.

You comments seems very technical to me.
  • #9,903
  • Jun 11, 2014 7:26am Jun 11, 2014 7:26am
Quoting anton.olff
{quote} For some it might be a "new" move depending on the time frame they trade (intra-day) and/or if they believe that the move is outside of the average daily trading range for gold. A $20 move is well within the daily trading range, albeit, gold has been trading in a tighter range (algos?) recently. A $10-15 move is insignificant in regards to a longer term trader, especially when the downward trend remains intact, largely due to improving fundamentals, less geo-political risk, and the diminishment of QE.
I correct myself. I see your point.

---------

My counter argument been. Increase physical demand due to gold season.

Relaxation of import restrictions by India. Currently the second biggest importer of Gold.

And Stock market is due for a correction in the near term.

Monetary movement from Stocks will flow back into "Safety" which is gold.

The downward movement is due to outflow of money from gold by Funds to the stock market due to better returns.

This has caused a overbought situation in the stock market due to frenzy.

The uptrend of the stock market seems have hit a ceiling or will hit a ceiling soon and the eventual correction will cause a flight to safety.
  • #9,904
  • Jun 11, 2014 7:41am Jun 11, 2014 7:41am
as a biased newbie i would say that it looks more and more as an upward move to me not a retracement
but i guess will figure that out in a couple of days
  • #9,905
  • Jun 11, 2014 7:49am Jun 11, 2014 7:49am
Just for info in case anyone missed this chart I posted up a long time ago. Still valid.
Attached Image (click to enlarge)
Click to Enlarge Name: Gold Daily.png Size: 90 KB
To live a successful life, we must lose our fear of being wrong
  • #9,906
  • Jun 11, 2014 7:51am Jun 11, 2014 7:51am
Quoting EatPIPs
Just for info in case anyone missed this chart I posted up a long time ago. Still valid. {image}
Daily break close and clear of 1282 in the near future could send gold higher before splitting hairs.

Trade light!
To live a successful life, we must lose our fear of being wrong
  • #9,907
  • Jun 11, 2014 7:53am Jun 11, 2014 7:53am
Quoting bonnzi
as a biased newbie i would say that it looks more and more as an upward move to me not a retracement but i guess will figure that out in a couple of days
Depends on how you trade and what timeframe you use. On a higher timeframe we are momentarily in a bearflag, I am shorting high in the channel.
Attached Image (click to enlarge)
Click to Enlarge Name: bearlfag.png Size: 116 KB
  • #9,908
  • Jun 11, 2014 8:00am Jun 11, 2014 8:00am
Yeah saw the bear flag forming on the weekly charts.

Will close my long if 1270 doesn't break by Friday for profit.

No intentions for shorts atm.

Thanks for the reminder, net sentiment for me remains long.
  • #9,909
  • Jun 11, 2014 8:08am Jun 11, 2014 8:08am
Quoting Lucias
Yeah saw the bear flag forming on the weekly charts. Will close my long if 1270 doesn't break by Friday for profit. No intentions for shorts atm. Thanks for the reminder, net sentiment for me remains long.
RSI also pretty high, small correction in bottom of the channel is highly likely.
  • #9,910
  • Jun 11, 2014 8:13am Jun 11, 2014 8:13am
careful with longs at this time, I think gold is going fall hard later this month.
  • #9,911
  • Jun 11, 2014 8:37am Jun 11, 2014 8:37am
Quoting elbert3
{quote} {image} i am pp 51 to 61 now happy wit that the rest is a bonus tp 71 if it hits i was going to short on the close of that same number but lets see gl
Hi Elbert3,

How are you? I could no longer hold my patience. TP still @ 1268 - 1272 but changed my SL to 1262. I am happy with the profit that I could catch. Indeed, everything above is a bonus. =) I have no idea yet for a position in the near further. ( Probably short if 1280 can hold. )

Update: Immediately after posting this message was my SL hit. In the past I would keep my trades open, now I'm happy with the profit (2%).

Best regards,

Frietzak
  • #9,912
  • Jun 11, 2014 11:03am Jun 11, 2014 11:03am
Expecting volatility tomorrow, hope some decent cues from tomorrow PA.

IF it can peak out soon or within a week or so, thereafter, if it can correct nicely, I would feel good. Have a nice one you all!
Hello World!
  • #9,913
  • Jun 11, 2014 12:16pm Jun 11, 2014 12:16pm
Quoting frietzak
{quote} Hi Elbert3, How are you? I could no longer hold my patience. TP still @ 1268 - 1272 but changed my SL to 1262. I am happy with the profit that I could catch. Indeed, everything above is a bonus. =) I have no idea yet for a position in the near further. ( Probably short if 1280 can hold. ) Update: Immediately after posting this message was my SL hit. In the past I would keep my trades open, now I'm happy with the profit (2%). Best regards, Frietzak
just gone short at 60 sl 62 ot that 37 zone . i think for now update later ,, gl
  • #9,914
  • Jun 11, 2014 12:31pm Jun 11, 2014 12:31pm
Quoting elbert3
{quote} just gone short at 60 sl 62 ot that 37 zone . i think for now update later ,, gl
Hi Elbert,

May I ask what makes you think that we will already go south? (By willful interest.) You can be right and I like to learn from you.

Best regards,

Frietzak
  • #9,915
  • Jun 11, 2014 1:02pm Jun 11, 2014 1:02pm
Quoting frietzak
{quote} Hi Elbert, May I ask what makes you think that we will already go south? (By willful interest.) You can be right and I like to learn from you. Best regards, Frietzak
i dont lol.... but i am taking sl to manage for now i hope it will break down quickly .
  • #9,916
  • Jun 11, 2014 9:15pm Jun 11, 2014 9:15pm
right now at $1260 were heading to $1253 before a spike to $1270.
  • #9,917
  • Jun 11, 2014 11:07pm Jun 11, 2014 11:07pm
Can't see a nice climb without a spike in South.
Hello World!
  • #9,918
  • Jun 12, 2014 1:34am Jun 12, 2014 1:34am
Quoting ClockTrader
Can't see a nice climb without a spike in South.
why not
we had the fall from 1295 to 1245 with no retrace
  • #9,919
  • Jun 12, 2014 1:51am Jun 12, 2014 1:51am
Quoting bonnzi
{quote} why not we had the fall from 1295 to 1245 with no retrace
High impact data in the US session should have high impact.
Hello World!
  • #9,920
  • Jun 12, 2014 2:35am Jun 12, 2014 2:35am
Quoting ClockTrader
{quote} High impact data in the US session should have high impact.
Hi CT...do you think gold will climb up after hi impact data released in the US session?
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