XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 2364 | Metals Mine

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

  • #47,261
  • Aug 6, 2018 1:13am Aug 6, 2018 1:13am
Inserted Video
  • #47,262
  • Aug 6, 2018 2:29am Aug 6, 2018 2:29am
we could end up at around 1150 before this cycle is over (3rd week of September)

if thats the case, it could mean that the ultimate bottom is sub $1000...
90% of people, are wrong about 90% of everything, 90% of the time...
  • #47,263
  • Aug 6, 2018 12:06pm Aug 6, 2018 12:06pm
I gave up on the idea about long position on Silver, it's still clearly consolidating.
  • #47,264
  • Aug 6, 2018 4:07pm Aug 6, 2018 4:07pm
The one hour chart is quite beautiful right now. Will be watching the formation of the next one or two candles to potentially set another short trade. You can only take what the market gives!
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careful not to step in a pile of it
  • #47,265
  • Aug 6, 2018 5:08pm Aug 6, 2018 5:08pm
Be careful. Gold is overdue for a decent size retracement:-
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  • #47,266
  • Aug 6, 2018 9:58pm Aug 6, 2018 9:58pm
Quoting SunTrader
Be careful. Gold is overdue for a decent size retracement:- {image}
Noted
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #47,267
  • Aug 7, 2018 12:06am Aug 7, 2018 12:06am
Quoting SunTrader
Be careful. Gold is overdue for a decent size retracement:- {image}
over due as in over bought or over sold ?

due for buying or due for selling ?
Ehtesham Bokhari
  • #47,268
  • Aug 7, 2018 12:33am Aug 7, 2018 12:33am
Quoting Ehtesham
{quote} over due as in over bought or over sold ? due for buying or due for selling ?
Hi Ehtesham,
I think SunTrader means that it is oversold and the correction he will be looking at will be to the upside (buying). I was looking for a strong move away from 1204.36/50, but now am unsure as price has returned back to this major support level of 1207.4x Also, 1180.xx or lower is still possible so I will approach this carefully.
"Work hard, put in the effort, and follow your dreams..." -Me
  • #47,269
  • Aug 7, 2018 12:35am Aug 7, 2018 12:35am
Quoting tzamo
{quote} Hi Ehtesham, I think SunTrader means that it is oversold and the correction he will be looking at will be to the upside (buying). I was looking for a strong move away from 1204.36/50, but now am unsure as price has returned back to this major support level of 1207.4x Also, 1180.xx or lower is still possible so I will approach this carefully.
Thank You for the explanation.
I am holding a Buy @ 1214 and I am hopeful that it will go some where around 1235 level before it decides what to do next.
but that's my bias ness
Ehtesham Bokhari
  • #47,270
  • Aug 7, 2018 12:36am Aug 7, 2018 12:36am
sell gold now 1210, TP 1196 , SL 1212. u will see...
  • #47,271
  • Aug 7, 2018 1:14am Aug 7, 2018 1:14am
Gold is still downtrend Daily
  • #47,272
  • Aug 7, 2018 1:31am Aug 7, 2018 1:31am
Quoting anilamil
sell gold now 1210, TP 1196 , SL 1212. u will see...
SL hit, but still downtrend... will find new entry sooner or later
  • #47,273
  • Aug 7, 2018 1:43am Aug 7, 2018 1:43am
Quoting tzamo
{quote} Hi Ehtesham, I think SunTrader means that it is oversold and the correction he will be looking at will be to the upside (buying). I was looking for a strong move away from 1204.36/50, but now am unsure as price has returned back to this major support level of 1207.4x Also, 1180.xx or lower is still possible so I will approach this carefully.
so far theres nothing in the charts to imply a bullish setup. we dont have a single higher higher/higher low on H4 and higher time frame.

its not a stretch to think that we are going to turn at some point. however, as stated in a previous post, we can see a sharp push lower to flush lower before that happens. but we can also end up testing 1150 if this level fails.

with that said, it does look like she's running out of steam on the downside.

my 2 cents: trade something else until you see a good setup!

cheers
90% of people, are wrong about 90% of everything, 90% of the time...
  • #47,274
  • Aug 7, 2018 5:48am Aug 7, 2018 5:48am
Quoting Ehtesham
{quote} over due as in over bought or over sold ? due for buying or due for selling ?
I thought my post was clear - with attached image showing long term green support line close by.

Not that it is oversold (or overbought if it was moving higher instead). Those are meaningless terms. Price is all, and where it is at in relation to previous price movement.

Once retracement is over most likely lower levels ahead.
  • #47,275
  • Aug 7, 2018 1:29pm Aug 7, 2018 1:29pm
Quoting theDHT
{quote} so far theres nothing in the charts to imply a bullish setup. we dont have a single higher higher/higher low on H4 and higher time frame. its not a stretch to think that we are going to turn at some point. however, as stated in a previous post, we can see a sharp push lower to flush lower before that happens. but we can also end up testing 1150 if this level fails. with that said, it does look like she's running out of steam on the downside. my 2 cents: trade something else until you see a good setup! cheers
Well said, I agree with you almost perfectly.

Use longer term fundamentals to restrict your trading choices and directions and a bit of technical analysis to choose when to make a move. Nothing wrong with taking time off from trading and right now. I am too worried to go long until the market for gold is firmer. That will change at some point but acting too early you will trap yourself.
careful not to step in a pile of it
  • #47,276
  • Aug 8, 2018 2:49am Aug 8, 2018 2:49am
Quoting bulltrap
{quote} Well said, I agree with you almost perfectly. Use longer term fundamentals to restrict your trading choices and directions and a bit of technical analysis to choose when to make a move. Nothing wrong with taking time off from trading and right now. I am too worried to go long until the market for gold is firmer. That will change at some point but acting too early you will trap yourself.
one of the indicators to keep an eye on is the Japanese Yen Futures

if this start to strengthen AND we have weakness in the US Dollar (therefore we watch USD/JPY), it would be an indication that XAUUSD is going to turn

so far, nothing actionable, but a potential setup is in the works

J7 H4
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90% of people, are wrong about 90% of everything, 90% of the time...
  • #47,277
  • Aug 8, 2018 12:17pm Aug 8, 2018 12:17pm
Silver is almost back at 15.50, next target is likely at 15.80.
  • #47,278
  • Aug 8, 2018 11:10pm Aug 8, 2018 11:10pm
Gold
selllimit@1218-1220
sl:1224
  • #47,279
  • Aug 9, 2018 2:37am Aug 9, 2018 2:37am
Trend line since June was broken yesterday. next target would be 1232/1240 but may get some resistance at 1222/1225

Attached Image
P.S. Trade with the discipline of Money Management and Risk Management.
  • #47,280
  • Aug 9, 2018 2:42am Aug 9, 2018 2:42am
Quoting farukh
Trend line since June was broken yesterday. next target would be 1232/1240 but may get some resistance at 1222/1225 {image}

not yet buddy!

H4 long term
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H4 current
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frankly, after a move such as this, bulls should want to see not just a break, but a break and test, and higher higher and higher low!!!

just sayin!
90% of people, are wrong about 90% of everything, 90% of the time...
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