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

  • #52,041
  • Aug 20, 2019 8:35am Aug 20, 2019 8:35am
Quoting tush1822
{quote} Here is one professional trader in our team!!! spot on.
Are you on the sidelines now?
4&1 All Time Profit: $37,496
  • #52,042
  • Aug 20, 2019 8:49am Aug 20, 2019 8:49am
Some of the Gold trades taken yesterday and today.

Edit -Gold 50% position covered.
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 31 KB
  • #52,043
  • Aug 20, 2019 9:11am Aug 20, 2019 9:11am
Quoting pundit78
Some of the Gold trades taken yesterday and today. Edit -Gold 50% position covered. {image}
Gold all longs covered.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 27 KB
  • #52,044
  • Aug 20, 2019 10:10am Aug 20, 2019 10:10am
Quoting MzansiObi
{quote} Are you on the sidelines now?
I am adding longs at replacements, As I said earlier, I think it will be between 1500 to 1525 at least for next two weeks.
  • #52,045
  • Aug 20, 2019 10:36am Aug 20, 2019 10:36am
Gold retreats from daily highs, continues to trade above $1,500
20 August 2019, 18:07

 

  1. Wall Street pushes lower following three-day winning streak.
  2. 10-year US Treasury bond yield fails to break above 1.6%.
  3. US Dollar Index finds resistance before testing 98.50.

The XAU/USD pair took advantage of the risk-off flows earlier in the day and erased a large portion of the losses it suffered on Monday. After touching a daily high of $1,508.45, however, the precious metal lost its strength and edged lower toward the $1,500 handle. As of writing, the pair was still up 0.43% on the day at $1,502.40.

The positive impact of the US decision to delay the Huawei ban for 90 days faded away today after China's Commerce Ministry said that they were dissatisfied with the US action as it also included the addition of 46 Huawei subsidiaries to the entity list.

The 10-year US Treasury bond yield reversed its direction before breaking above 1.6% and erased yesterday's gains amid souring market sentiment and was last down 2.45% on the day at 1.559%. Reflecting the dominating flight-to-safety, Wall Street's main indexes started the day in the negative territory and now look to snap the three-day winning streak.

USD stays relatively calm ahead of FOMC minutes

On the other hand, the Greenback gathered strength with the uncertainty surrounding European politics and Brexit allowed the currency to attract investors. After rallying to its highest level since August 1 at 98.45, the US Dollar Index lost its traction in the American trading hours to help the pair continue to float above the critical $1,500 mark.

On Wednesday, the FOMC will be releasing the minutes of its August meeting and markets will be looking to see if the Fed is willing to cut rates in September. Until then, the pair is likely to stay neutral unless it makes a decisive break below $1,500. Yesterday, Boston Fed President Rosengren argued that there was no need to make any changed to the monetary policy if the outlook remained on track.

persistence and determination alone are omnipotent
  • #52,046
  • Aug 20, 2019 10:49am Aug 20, 2019 10:49am
Quoting tush1822
{quote} I am adding longs at replacements, As I said earlier, I think it will be between 1500 to 1525 at least for next two weeks.
I see you bud.
Good on ya....
1498 holds as support we should be good to go.... But we remain patient. It's been easier going long today but seems H4 sellers area is catching a bit of interest and sellers pushing price down properly
4&1 All Time Profit: $37,496
  • #52,047
  • Aug 20, 2019 12:17pm Aug 20, 2019 12:17pm
Inserted Video
persistence and determination alone are omnipotent
  • #52,048
  • Aug 20, 2019 12:27pm Aug 20, 2019 12:27pm
market is somewhat small recovery... but still in pretty much stall... awaiting FED words... I think what happens in the next 24h-48h will be critical for future trend estimation... I would bet things to go on the same (extrapolated) trajectory... I hope this week will be just an anomaly and that things should resume to the previous tracks.. by the end of the week...
Can you afford to take that chance?
  • #52,049
  • Aug 20, 2019 12:57pm Aug 20, 2019 12:57pm
Quoting MzansiObi
{quote} I see you bud. Good on ya.... 1498 holds as support we should be good to go.... But we remain patient. It's been easier going long today but seems H4 sellers area is catching a bit of interest and sellers pushing price down properly
Exactly..
On h4 sma50 is behaving as resistance.
I would go for sell again if day close will be below 1513
P.S. Trade with the discipline of Money Management and Risk Management.
  • #52,050
  • Aug 20, 2019 1:48pm Aug 20, 2019 1:48pm
Quoting farukh
{quote} Exactly.. On h4 sma50 is behaving as resistance. I would go for sell again if day close will be below 1513
Yeah it's well worth a crack........some ping pong on the cards today....limit orders weren't filled...has been a pleasant scalpers paradise today
4&1 All Time Profit: $37,496
  • #52,051
  • Aug 20, 2019 2:31pm Aug 20, 2019 2:31pm
Even though Jackson Hole is a 3-day event, the past few have seen the highest impact from Day 2, Friday. This upcoming Friday, Powell is scheduled to speak in the morning and we'll likely see comments coming out of Jackson Hole throughout the day. Powell's speech is the big one to focus on. Until then, I'm expecting lower liquidity and range-bound markets, especially precious metals. It seems like the markets are waiting for Friday to take a direction.

Currently, the CME FedWatch tool is showing a 100% change of a September rate cut, while Fed voters are clearly not signaling that's a certainty. Rosengren dissented last FOMC meeting, and is still sounding very hawkish. As far as interest rate expectations and how it relates to gold, even if rate expectations start shifting towards fewer rate cuts through the October meeting, gold prices should probably still be supported by all the other global events causing market uncertainty.

While there's a chance for some short term downward pressure to gold prices, it'll likely be short-lived. I'd only be looking for long entries in gold. Friday's event is the best chance for any large moves. Since breaking above the $1500 level on Aug 7th, the CME front-month has firmly held above that important handle:
Attached Image (click to enlarge)
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We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #52,052
  • Aug 20, 2019 2:42pm Aug 20, 2019 2:42pm
Quoting pundit78
Some of the Gold trades taken yesterday and today. Edit -Gold 50% position covered. {image}
Fun chart pundit78. Lot to decipher. Looks like you're mostly using CCI crosses and pricing exiting ADR ranges? Great job on those trades today! I'd guess it was a pretty good day.

Quoting EventsTrader
even if rate expectations start shifting towards fewer rate cuts through the October meeting, gold prices should probably still be supported by all the other global events causing market uncertainty.
agreed!
If in doubt, paddle out!
  • #52,053
  • Aug 20, 2019 6:08pm Aug 20, 2019 6:08pm
Not much has changed ...
Only key significant milestone is that we closed above 1500 and 1505 suggesting possible bull continuation H4 sellers kept prices capped below 1508 but that failure to break 1500 support can be motivation enough to go into buy dip mode......will wait a couple of hours to do some calculations for levels for the day.....


Green pips to you all
4&1 All Time Profit: $37,496
  • #52,054
  • Aug 20, 2019 6:15pm Aug 20, 2019 6:15pm
Quoting MzansiObi
Not much has changed ... Only key significant milestone is that we closed above 1500 and 1505 suggesting possible bull continuation H4 sellers kept prices capped below 1508 but that failure to break 1500 support can be motivation enough to go into buy dip mode......will wait a couple of hours to do some calculations for levels for the day..... Green pips to you all
Look forward to that as always buddy
From tiny pips mighty oaks grow
  • #52,055
  • Aug 20, 2019 6:18pm Aug 20, 2019 6:18pm
Quoting Boo15
{quote} Look forward to that as always buddy
Thinking current 4 hour candle will shed some more light buy I mean the h5 sellers are defending 1408 passionately at the moment ......why aren't you asleep? It's late here
4&1 All Time Profit: $37,496
  • #52,056
  • Aug 20, 2019 6:27pm Aug 20, 2019 6:27pm
Quoting MzansiObi
{quote} Thinking current 4 hour candle will shed some more light buy I mean the h5 sellers are defending 1408 passionately at the moment ......why aren't you asleep? It's late here
Cos I'm here (Saudi Arabia not there and just started a 12hr shift, home ...SA... in a few weeks
From tiny pips mighty oaks grow
  • #52,057
  • Aug 20, 2019 9:03pm Aug 20, 2019 9:03pm
The fact that gold prices held up today while rate expectation shifted (per the CME FedWatch tool) says that US rate expectation are taking a backseat to other fundamental price drivers. I'm still looking for long entries on dips. As long as the CME front month holds above the $1500 level, gold is heading higher. Check out the change in what the markets are pricing in for the Sept FOMC meeting.
Attached Image (click to enlarge)
Click to Enlarge Name: SNAG-6.png Size: 46 KB
We must learn who is gold, and who is gold plated
EventsTrader Live All Time Return: 54.4%
  • #52,058
  • Aug 20, 2019 9:52pm Aug 20, 2019 9:52pm
Quoting Boo15
{quote} Cos I'm here (Saudi Arabia not there and just started a 12hr shift, home ...SA... in a few weeks
Oh alright bud. Thought you are in SA. Summer is almost here....enjoying some pleasant sun and milder weather...


Half way through the week......
Hope everyone is bagging some profit and taking mostly green pips....


H1 flipped into buy zone.
H4 is neatral
D1 buy

H1 buy zones: 1504-1503.51
H4 neutral.
D1 buy zone: 1491-1462.... creeped up higher..


1508 has been well defended as such bullish continuation needs a clear break and close above 1508...

1498 acted as great support for the bulls yesterday as Such will mark it out as key level too for the day.....

Some levels to watch for the day ...

Upside
1508.92
1512.06
1518.1
1525.78

Downside
1503.13
1497.95
1495.2
1488.9
1483.7


Given price action and a neatral to bearish H4 have closed yesterday's 1505 trade. Minimal profit made off of it as I had taken partial profits and left the rest......

Have flipped long as per h1 buy setups.

Long 1504.83(half my lot size)
SL 1488.

Will use remaining half of position later to most probably look at buying dips near daily buy zone......




Happy Trading
4&1 All Time Profit: $37,496
  • #52,059
  • Aug 20, 2019 10:09pm Aug 20, 2019 10:09pm
Posted some charts here anyone that's interested...

https://www.metalsmine.com/showthrea...4#post12453564
4&1 All Time Profit: $37,496
  • #52,060
  • Aug 20, 2019 10:10pm Aug 20, 2019 10:10pm
Quoting EventsTrader
The fact that gold prices held up today while rate expectation shifted (per the CME FedWatch tool) says that US rate expectation are taking a backseat to other fundamental price drivers. I'm still looking for long entries on dips. As long as the CME front month holds above the $1500 level, gold is heading higher. Check out the change in what the markets are pricing in for the Sept FOMC meeting. {image}
Very interesting.....thanks for the heads up bro......this helps build a proper base looking forward and trying to forecast and manage positions.....
4&1 All Time Profit: $37,496
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