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

DEMAND-DAILY
Buy-SL:1239

I don't see any reason down move should end anytime soon. Though maybe a touch/bounce at 1242.60-1242.90

Silver continues moving to the downside and it will likely reach 15.00 this week.

96lots?

I have a Long at 1250
will I be able to close it around break even.

I thought retracement is Due

Looks like you escaped. Next time I suggest you use a stop. Unless you did but it was a wide one. Thats of course if it was part of the plan and your account can handle it.

Otherwise no stop will get you in the end.

How high do you think it will rise?

1255.19 if break this price going to 1283

Selling at 1259 (fibo 61.8% and daily resistance at 1260). If close above 1260 on H1 then I'm out.

I can count a Bullish 5 wave move = Wave A.
Watching for an ABC retracement = Wave B [to a higher low].
Waiting to trade a Bullish 5 wave move from a Higher Low = Wave C.
The Low at 1237.97 must hold to be valid.
This would be a counter trend trade,
against the WLY / MLY Down Trend.
Cheers, U2

h4-pattern-cypher

It even briefly broke out above $1,255, now the question is whether it will continue rising.

Before they even posted that. Were they watching a chart?

Silver is consolidating sideways, a breakout will likely depend on the fundamentals tomorrow.

Short-SL:1261
1254-1252

The consolidation continues for Silver despite the fundamentals, next week there may be a new move to the downside.

Gold situation presently & for few months probable .presently at a good sr likely some correction ranging 1244 to 1272/83 before probable breakout toward 1203 as very good bear/ correction target & sr also . so just breaks to bounce good towards 1300 possible or more towards bull next target . price can fall to the previous bottom also . so careful at all srs . Thanks take care , will follow it next week as far possible if no new developments . may be applicable for other allied pairs , more or les .fontu

I am bearish on gold, but I also feel that USD/DXY is heading for a correction so...

Here's a top-down technical perspective on XAUUSD.

Four weeks ago, price action on the XAUUSD broke southward a support trendline (black) from the low of December 2016. The break is also equivalent to a southward breach of an ascending channel (black) within which price action has operated for more than 12 months. Last week, the market printed a bullish pinbar on the weekly time frame on an outer ascending trendline (red) from the low of November 2015. The location of the pinbar is also in confluence with a horizontal zone, 1241.86/1261.18, that has held as support for several months. Technically, we may see price action head northwards; first to retest a broken down horizontal support turned resistance around 1273.33, and, if bulls meet with success, may retest the breached channel support around the 1295.40 area and role flip it as resistance. Doing that is likely to give impetus for a longer term bearish disposition of the XAUUSD market.

On the H4 time frame, price action has broken northward a Tom Demark’s type descending trendline (blue). A retest of the trendline (blue) for a role flip or a confirmation of an emerging ascending trendline (magenta) as support is likely to lead to further northward move.

I may be wrong. Trade safe and prosper.

KP