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

I take short on gold. Inflation I see only in europe in g20. spx500 by elliot should go up, sentiment is very bearish.

Hi all traders, My view today
Gold Rise New High 1300 1/2

Yup same like my prediction, gold will test 1300, today or tomorow..

I still hold my long @1282 with SL+ @1285..

Guys, at what level you are taking short on Gold ?

Isn't overbought .. I see some retrace on H4 , Views will be appreciated

Consolidation may start in next week and it may start range bound after NFP but long term short is not near. As per seasonal analysis of gold and due to current global economic numbers, it may continue long after short term consolidation.

Support at 1278 sma50 on h4.
If consolidation starts, this could be the support and level to buy again

Looks like your prediction is correct

1287 is 61.8% fibo retracement on weekly so I'll try a short, expecting a little reaction to the level. Time will show.

Thanks mate. Now need to see the day close and open on Monday for next trade entry

Hello Guys,

Are we heading to 1300 again > ?

@farukh

please check inbox

Replied

Yep... technically...

Spot weekly chart showing pinbar type candle hitting resistance:

Yes but it's not a bearish pin bar. In my opinion, it won't impact too much. However if it goes down, 1265 price level is support on daily sma50

Well IMO support or resistance at SMA's is purely coincidental. Price doesn't care about squiggly lines, only where significant prior buying and selling took place.

Breakout-pullback pattern on silver. The breakout-pullback pattern is formed when the price of an asset breaks a support or resistance level to then pull back to the same level and continue in direction of the initial breakout. The breakout-pullback pattern is a continuation formation. On the daily chart of silver we can see that the price has been retracing the drop from the 17.00 level to the 14.00 level. During the retracement, the price of silver broke above its 200 day EMA at the 15.20 level and it also breaks above the 55 week EMA at the 15.48 level. At the 55 week EMA or the 15.48 level, the price of silver forms a breakout-pullback pattern from where it may continue higher. In case of continuing rallying, the 16.00 level may act as resistance. Above the 16.00 level, its next resistance is the 17.00 level. If the price corrects to the downside, then the 200 day EMA at the 15.20 level may act as support.

1300 has been rejected thrice already...bulls should be concerned. Not saying the bull run is over, but we might see a deep correction again before another impulse move up. At 129X levels, I would prefer shorts with SL 1303, rather than buying. Just my two cents.

GOLD, potential targets

1293 bounce will confirm re entry or else...