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

Yup but that's looking through the rearview mirror. Here's a similar one with Gann levels:

Gold spot Intraday: under pressure.


Pivot: 1262.50

Our preference: short positions below 1262.50 with targets at 1254.50 & 1252.00 in extension.

Alternative scenario: above 1262.50 look for further upside with 1267.00 & 1270.00 as targets.

Comment: the RSI is mixed to bearish.

It's amazing how nothing is something and many things are nothing. Cognitive dissonance is center stage. To further clarify an equitable anomaly here in specific with the multi thousand year old money of Gold and Silver.

They Were.. They Are.. And They Will Be.. Until now that as Electronic illusion has well established and mechanized the process of falsetto with tangibility nearly the world over.
It's no longer a matter of why did the chicken cross the road but rather that its been said the chicken crossed because you were told it did. Why.. need not apply.
So as for this unusually suspect down turn in both gold and silver that's been attributed to the likes of government strategic fraud etc.. We need to realize the literal landscape. Were not in Kansas anymore as Dorthy said when she entered the land of Oz.

Were faced with the constant thrill of background noise that not too long ago wasn't so prevalent and at finger tip availability. Hyper desensitized populations that change their mind on a ongoing basis. Alternative no touch cash in crypto currency. And a broad spectrum consensus anticipation of a market melt down.

And in this proverbial land of Oz a Candy Man likened to an Everlasting Gobstopper serving a continuous flow of conditional flavoring bringing about a constant expansion of discord. Expect Nothing Believe Nothing.

Trade with prejudice to anything or anyone that keeps you from thinking for yourself.

Gold’s breakout from its giant 5-year base pattern has had to wait for the dollar rally to run its course, which it now appears to have done, and this being the case, gold is now free to break out into a major bullmarket that looks set to dwarf all prior ones. We have in the past described gold’s base pattern from 2013 as a complex (multi-shouldered) Head-and-Shoulders bottom and while this description is still valid, it is perhaps more simply described as a Bowl or Saucer pattern, that is shown on its latest 10-year chart below. For one of these patterns to be valid, volume should build as the price starts to rise out of the Saucer, and as we can see, that is indeed the case, and with the price now being driven by the ascending Saucer boundary towards the resistance that marks its upper boundary, breakout looks imminent. If we stop and think about the growth of debt and money supply whilst this giant base pattern has been building out, it is clear that gold has a lot of catching up to do.

This is an original source https://www.clivemaund.com/article.php?id=68

Gold spot Intraday: key resistance at 1259.00.


Pivot: 1259.00

Our preference: short positions below 1259.00 with targets at 1252.00 & 1247.00 in extension.

Alternative scenario: above 1259.00 look for further upside with 1262.50 & 1267.00 as targets.

Comment: the RSI advocates for further decline.

We may expect XAUUSD to continue southward to the 1220.80 area this week.

I may be wrong.Trade safe and prosper.

KP

Going long 1249 gambling on a little retracement 1250 area for a few $ up

Shorted at 1293
post to short at 1270 on June 21

current 1252

Did you like that noobs?

Has not happened, may not happen, but a decisive close below 1238 could lead to a retest of 2015 low at 1045

I wish gold reach 1045 . Then I will sell my home and buy gold .

Gold spot Intraday: turning down.


Pivot: 1251.00

Our preference: short positions below 1251.00 with targets at 1243.50 & 1240.50 in extension.

Alternative scenario: above 1251.00 look for further upside with 1255.50 & 1260.00 as targets.

Comment: the RSI is bearish and calls for further downside.

Silver managed to break out below 16.00, next week there may finally be a new move to the downside below that level.

XAUUSD 8H Chart:
Market Makers cashing in their Shorts below $1250,
then looking for buyers on retracement to Short it again?
Cheers, U2

XAUUSD MLY Chart:
June was unequivocally down from a Lower Double Top.
Expecting a week or two of choppy consolidation,
before further downside.
Cheers, U2

Gold spot Intraday: turning up.


Pivot: 1251.00

Our preference: long positions above 1251.00 with targets at 1257.00 & 1259.00 in extension.

Alternative scenario: below 1251.00 look for further downside with 1248.00 & 1245.50 as targets.

Comment: the RSI is mixed to bullish.

My guess of the day would be long 1247/48 (S1) to 1256 (R1). Looks too easy though.

...but if I where them I would make a spike below the recent bottom to wipe out the stops, maybe 1241, and then up.

Anything at anytime is possible but price has been sideways 5+ hours so a spike, up or down, would be a complete surprise.

Looks like currencies are bouncing (61.8%) and gold is below recent bottom It could be a nice long entry at 1244 if you like the risk