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

  • #50,921
  • Jul 15, 2019 1:25am Jul 15, 2019 1:25am
Inserted Video
  • #50,922
  • Jul 15, 2019 3:02am Jul 15, 2019 3:02am
Gold in search of a firm direction, holds steady above $1410 level
15 July 2019, 10:54

  1. Mostly upbeat Chinese macro data weighed on the commodity’s safe-haven status.
  2. A subdued USD demand extends some support and helped limit any meaningful slide.

Gold lacked any firm directional bias and seesawed between tepid gains/minor losses on the first trading day of a new week.
A combination of diverging forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the early European session on Monday. A slew of mostly upbeat Chinese macro data undermined demand for traditional safe-haven assets and turned out to be one of the key factors that did little to assist the precious metal to build on Friday's positive move.
This coupled with a follow-through pickup in the US Treasury bond yields further collaborated towards capping gains for the non-yielding yellow metal. However, the prevailing US Dollar selling bias - amid expectations of an interest rate cut by the Fed later this July, extended some support to the dollar-denominated commodity and helped limit any meaningful downfall.
Moving ahead, Monday's US economic docket - featuring the release of Empire State Manufacturing Index, followed by a scheduled speech by New York Fed President John Williams will now be looked upon for some short-term trading opportunities later during the early North-American session.

persistence and determination alone are omnipotent
  • #50,923
  • Jul 15, 2019 3:50am Jul 15, 2019 3:50am
Quoting Ll1979
Gold in search of a firm direction, holds steady above $1410 level 15 July 2019, 10:54 Mostly upbeat Chinese macro data weighed on the commodity’s safe-haven status. A subdued USD demand extends some support and helped limit any meaningful slide. Gold lacked any firm directional bias and seesawed between tepid gains/minor losses on the first trading day of a new week. A combination of diverging forces failed to provide any meaningful impetus and led to a subdued/range-bound price action through the early European session on Monday. A slew of mostly...
I hold you guys in high regard, guys that can look at fundamentals and forecast how they fit into the greater scheme of things.... Keep feeding us as these always enlightighten and help further assess what's going on fundies wise.....
4&1 All Time Profit: $37,496
  • #50,924
  • Jul 15, 2019 5:01am Jul 15, 2019 5:01am
Quoting MzansiObi
{quote} I hold you guys in high regard, guys that can look at fundamentals and forecast how they fit into the greater scheme of things.... Keep feeding us as these always enlightighten and help further assess what's going on fundies wise.....
Speaking of fundamentals, how do you see NY Empire State Manufacturing Index data later affect the pair?
  • #50,925
  • Jul 15, 2019 5:05am Jul 15, 2019 5:05am
Quoting yareck1
{quote} Speaking of fundamentals, how do you see NY Empire State Manufacturing Index data later affect the pair?
Lols......scratching my head****" I'm not well in tune with the fundies bud, but I'd anticipate that it would fuel some volatility and get the pair moving, of importance to me is how price reacts when that volatility kicks in so am merely looking for fuel....

Perhaps EventsTraders can give some narrative or other fundie guys......
4&1 All Time Profit: $37,496
  • #50,926
  • Jul 15, 2019 5:14am Jul 15, 2019 5:14am
Quoting MzansiObi
{quote} I hold you guys in high regard, guys that can look at fundamentals and forecast how they fit into the greater scheme of things.... Keep feeding us as these always enlightighten and help further assess what's going on fundies wise.....
No credits for me just copy paste the news from my broker. Absorbing all the news and the great stuff over here like a sponge. This is my contribution
persistence and determination alone are omnipotent
  • #50,927
  • Jul 15, 2019 5:20am Jul 15, 2019 5:20am
Quoting Mr.Metal
{quote} Retails sales has real good impact on gold prices.
Thanks, will watch it closely
  • #50,928
  • Jul 15, 2019 5:21am Jul 15, 2019 5:21am
Quoting EventsTrader
{quote} {quote} It's a little bit early, but I had some time to get a preview posted on the upcoming US retail sales data due out on Tuesday. US Retail Sales - July Preview
Thanks so much worth reading
  • #50,929
  • Jul 15, 2019 5:29am Jul 15, 2019 5:29am
Quoting yareck1
{quote} Speaking of fundamentals, how do you see NY Empire State Manufacturing Index data later affect the pair?
I don't think this will affect the price much but you'll never know with equities at there all time high.

In a nutshell Gold has several functions:

  1. Forex exchange reserve
  2. Save heaven
  3. Precious metal -> luxery

It will move on.

  1. supply/demand
  2. US Dollar movement (Gold has an inverse correlation with the USD)

    1. interest rates
    2. Economic growth
    3. Inflation
    4. Unemployment


  3. Fear

persistence and determination alone are omnipotent
  • #50,930
  • Jul 15, 2019 6:06am Jul 15, 2019 6:06am

  1. News
    Australian Associated Press
    Gold miner expecting to ramp up production
    One of Australia's newest billion-dollar companies expects to ramp up to commercial gold production within four months

people leave, but this thread will go on for ever
  • #50,931
  • Jul 15, 2019 6:10am Jul 15, 2019 6:10am
One of Australia's newest billion-dollar companies is sitting on more than two million tonnes of ore ready to be processed to extract gold.
Gold Road Resources recently poured the first bars of gold from its Gruyere mine, and expects to be running at commercial production within four months.
The company is close to joining the ASX200, likely triggering a series of index funds to buy stock and send it even higher.
Managing director Duncan Gibbs said the 50:50 joint venture with Gold Fields at Gruyere, near Laverton in Western Australia, was ready to produce gold once all the processing equipment was up to speed.
"We've got about two million tonnes of ore that we've mined to date," he told reporters in Melbourne on Monday.
"What that means is, it really doesn't matter what happens with mining, our ramp up to full production is purely driven by plant (equipment). We're not hamstrung by the mining schedule."
The 50:50 joint venture with New York-listed Gold Fields covers the Gruyere mine - one of the most significant gold discoveries in Australia this century - and 144 square kilometres of other land.
The Gruyere mine is expected to produce 300,000oz a year of gold for the next 12 years, with all-in sustaining costs of $1025 an ounce.
But Gold Road Resources controls about 6000 square kilometres of other potential dig sites, and the company is spending about $20 million a year on exploration.
The company is aiming to find another rich gold discovery on sites it owns 100 per cent of, drilling in areas that have been untouched by other mining exploration.
Gold prices edged higher to $US1,414 on Monday, leading gold miners to post gains on the ASX, with Gold Road posting a 6.28 per cent increase to $1.27.
Mr Gibbs spoke with retail investors on Monday, and will address the Melbourne Mining Club on Tuesday night
people leave, but this thread will go on for ever
  • #50,932
  • Jul 15, 2019 6:38am Jul 15, 2019 6:38am
Quoting Aussi
One of Australia's newest billion-dollar companies.......
Thus the price of gold has never been below $1025. Is that right?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
  • #50,933
  • Jul 15, 2019 6:52am Jul 15, 2019 6:52am
Quoting Ll1979
{quote} No credits for me just copy paste the news from my broker. Absorbing all the news and the great stuff over here like a sponge. This is my contribution
Hahaha
I like the analogy!!!!!! Like a sponge!!!!!
You must bring the others, more minds/heads are better than one...let's push the convo.
4&1 All Time Profit: $37,496
  • #50,934
  • Jul 15, 2019 6:57am Jul 15, 2019 6:57am
Quoting Aussi
One of Australia's newest billion-dollar companies is sitting on more than two million tonnes of ore ready to be processed to extract gold. Gold Road Resources recently poured the first bars of gold from its Gruyere mine, and expects to be running at commercial production within four months. The company is close to joining the ASX200, likely triggering a series of index funds to buy stock and send it even higher. Managing director Duncan Gibbs said the 50:50 joint venture with Gold Fields at Gruyere, near Laverton in Western Australia, was ready...
Quite insightful.....with the tax cuts and interest rate cuts, this should be good news for AU employment and AUD as a whole.....

This technically means things may ease up abit in my native SA, when commodities do well, the rand shines.....and we all smile!!!!!

Slightly off topic Aussie, but did you enjoy the cricket last night bud???? What a belter!!!!
4&1 All Time Profit: $37,496
  • #50,935
  • Jul 15, 2019 6:57am Jul 15, 2019 6:57am
Quoting manize
{quote} Thus the price of gold has never been below $1025. Is that right?
i can remember gold at 300 per ounce and less
people leave, but this thread will go on for ever
  • #50,936
  • Jul 15, 2019 6:59am Jul 15, 2019 6:59am
Quoting MzansiObi
{quote} Quite insightful.....with the tax cuts and interest rate cuts, this should be good news for AU employment and AUD as a whole..... This technically means things may ease up abit in my native SA, when commodities do well, the rand shines.....and we all smile!!!!! Slightly off topic Aussie, but did you enjoy the cricket last night bud???? What a belter!!!!
yes i did mate except for the poor kiwis it was upsetting for us anzac,s mate , pommmmmmmmmmmmmmmmms
people leave, but this thread will go on for ever
  • #50,937
  • Jul 15, 2019 7:13am Jul 15, 2019 7:13am
Quoting Aussi
{quote} yes i did mate except for the poor kiwis it was upsetting for us anzac,s mate , pommmmmmmmmmmmmmmmms
Hahahahah.
I like the pledged allegiance......I will admit watching sych a game while neutral is great. You get to enjoy the quality thereof without the anxiety....kinda like trading without emotions......

Back to gold,
Seems like we are likely to keep testing that resistance around 1418.....for now, lots of rejection at /near immediate support. But bears seemigly upto the challenge thus far.
Enjoying the ping pong for now......hopefully news will help us out in a bit
4&1 All Time Profit: $37,496
  • #50,938
  • Jul 15, 2019 7:37am Jul 15, 2019 7:37am
The Empire State manufacturing index has increased to 4.6, beating all forecasts.

This could be the push needed for gold to drop further down.

If we zoom in to a 30 minute chart, we can see potential for a downturn.


The trend is down for all timeframes (from M1 to D1) except for H4, the trend is upwards there.

There is a hard breakout on the following timeframes: M1, M5, M15, while the relative price is under the half mark for M1,M5,M15,M30,H1. It's on 50 for H4 with a downwards trajectory and above half relative for D1 with downwards trajectory.

The current sentiment(Banks,hedge funds + retailers) is 67% bearish and 33% bullish.
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Through the light of enlightenment, darkness unveils the path of truth.
  • #50,939
  • Jul 15, 2019 7:48am Jul 15, 2019 7:48am
Long red wick, this close will be extremely crucial for gold bulls.
  • #50,940
  • Jul 15, 2019 7:52am Jul 15, 2019 7:52am
Quoting yareck1
Long red wick, this close will be extremely crucial for gold bulls.
Ready for some parachute in case Bears ask us to jump out to that zone
The Force is with me.. Im One With the Force..
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