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

This noob going long.

H1 chart:-

Oh and then there is Fed Chairman speaking in Jackson Hole a little over an hour from now.

Yup, it's not a longer long it's a short long. Riding the muscles of momentum.

Noted Bull session ..... ???

This noob has closed the long position and now about to wash the dishes. happy weekend all

things are shaping up.

lets see how the session closes today

no rush

if all goes according to plan, we're looking for a $100 swing (ish)

therefore: patience

good-pending!
tp:1206hit

Gold tried to complete a breakout-pullback pattern on the daily chart, around the 1200 level, but it couldn’t continue falling after yesterday’s session. Today the price of gold breaks above the 1200 level and accelerates its bullish momentum. The breakout comes after the FED’s chairman, Jerome Powell, said that rates will go up slowly. His comments caused the Dollar to retrace to the downside and gold to rally, due to the negative correlation between those two instruments. In case of continuing higher, gold may reach the 55 day EMA at the 1230 level. To the downside, the low at the 1160 level could act as support.

Anyone else expecting a big rally to the north?

I think we will see the big range, and after that more probably will movement to some direction. Anyway balance is still short!

Anyone realize that Friday's end of week close was still below the previous week's high?

If you are tracking the XAUUSD this week, consider this technical perspective.

On the daily time frame, price action has broken an inner descending trendline (black) from recent highs but an outer trendline (red) is still intact and may act as resistance. A minor ascending trendline (magenta) is operating as counter to the main trendline and is being respected by recent price action. This is an indication that bulls are still favoured to be influential in the market until a breakdown of the trendline. We may see further northward move but the momentum may be hindered by the horizontal resistance around the 1205.00/1217.00 area. The area is likely to see a sideways of price action and even a southward pushback. Nevertheless, as the weekly time frame is technically disposed for a longer-term southward market, we may see the current bullish influence as a temporary show. A bearish setup on the D1 time frame within the MAs’ channel (or mean area) or a breakdown of the ascending trendline (magenta) is likely to give impetus to a southward turnaround.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Monday's playing field.*

As long as price is above Yesterday's H4 High Volume Zone Midpoint (YHVZ (MP)), we are only looking to get Long. If price trades below it, we can start to look for Short entries.



* Yesterday's H4 High Volume Zone (YHVZ) and Yesterday's H1 High Volume Zone (YHVZ) are static and will remain "in play" the entire day. Today's 15min High Volume Zone (THVZ) is dynamic and can change throughout the day. As the Market is currently closed, no TVHZ is shown.

Volume Zone Analysis (VZA): Always FIBbing, but never lying.

Who is "we"?

Obviously "we" are those who have a clue regarding VSA or VZA.

i.long!again

Market looks ranging but let's trade anyways for some kebabs and beer money.

This noob going short today. SL@1206