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

It is moving up based on the analyzed levels. It is time to move stop loss to 1706.

I closed all my long positions wit enough profits.
I have found a signal indicating that Gold will fall to 1619 as I previously mentioned. So I go short and my stop loss will be 1735 and TP=1619

look at https://www.metalsmine.com/showthrea...3#post12917393

Do you mean 1690?

No . A Big short is on the way. I mean 1619. The first target will be 1640 and the second target will be 1619.
Look at https://www.metalsmine.com/showthrea...3#post12917393
But if stop loss hits, then it will go long to 1790 and 1804

FPA 14 May technical analysis.

The 8-hour gold chart shows a bullish break of the pennant formation coinciding with a retest of the bullish RSI trend-line resistance break. Technically a daily closing above the pennant break (~$1,719 Spot Price) will confirm the pattern but as it's Thursday I'll likely look at the weekly close and think about adding more long positions Sunday evening.

The ideal entry for new longs would be a retest of the now-supportive pennant trend-line which would further validate the pennant formation, but any pullback with a bull confirmation (e.g. bullish RSI divergence on a shorter time frame) with a stop below the pennant (now support) trend-line would also be sensible.

The measured flagpole target is ~$1,859 (S.P.) which is confluence with 161.8% Fibonacci extension of the March 30 to April 13 bull move. A daily close below the previous pennant resistance (now support) trend line would invalidate the flagpole target.

Note that the 2012 high of $1,796 (SP) may see significant resistance or at least high volume and therefore volatility/arbitrage potential. Futures margin requirements slowly returning to normal (now only 300% of pre-CME delivery failure down from 500%) should hopefully increase market participation and make charting more reliable, or at least less "spiky".

Note also that silver outpacing gold (reduction in the gold:silver ratio) has historically been a bullish indicator. I am still currently about +25% silver weighted compared to gold with regard to investment metal (I only day/swing trade gold) and still expect to increase that to 50% once (if) the gold:silver ratio drops below 100:1 for reasons previously discussed the last time I participated in this forum several weeks ago. (So much for my try-to-post-at-least-once-a-week intention, but then again I didn't foresee C-19 playing out the way it did and granting me this wonderful extended staycation.)


May 14th, 8-hour spot gold chart



Stay safe, everyone.

Though I'm not ready to entirely give up my C-19 staycation, the gold:silver ratio coming down is one of the things that has renewed my interest in adding to my long positions before delivery expirations (presumably) create more wild arbitrage opportunities.

Hi

The silver to gold ratio went down from its high of 128.33 to 109.22 but I doubt it will go down much further.

The gold/silver ratio has been high for a very long time. I'm not sure if this is the turn but it's still interesting. Today, silver was obviously out-gaining gold again.

Hello Guys, here is what I think about the gold this & next week.
Theme : Very Precise 1730.09 is a key.
Technical: 1730.09 is a Thursday Close . Its a top edge of the consolidation which happening since nearly a month now. If tomorrow (Friday)closes above, it will be a clear signal of upward movement towards 1800.
In addition , at CME for next week, most of the CALLs are sitting at 1730, 1780, 1800,1850 & PUTs are at 1670, 1700.
Fundamentals: Its a kind of confusing since FOMC statement - no negative rates appreciated dollar today. However, all negative economic data and massive stimulus should keep the USD down. For medium term second proposition is more relevant which support the Gold push towards 1800.

#GOLD / Weekly & H4

As it was mentioned previously, if 1734 is broken, a door will get open for gold to reach 1792. You can see on the Abonacci calculator that 1792 is appointed as the target (#9)

https://www.metalsmine.com/showthrea...3#post12917393

hey , which Indicator box.
is it some indicator ? can you tell me

This weekend's biggest risk to gold has to do with US-China relations.

We could get some COVID news. This risk probably has to do with a resurgence in cases after opening back up. But weekend data is normally lower than during the week. I'm doubtful we'll see any on that front. If we do it'll be gold positive.

This weekend I see a sizeable risk in a gap up in gold if US-China tensions escalate, and it looks like escalation is pending. I'm not advising holding over the weekend. I never would. But from what I've gathered, all the risks are pointing in favor of gold.

Good luck out there and have a happy and safe weekend!

Here's a top-down technical perspective on XAUUSD. On the daily time frame, price action is disposed positively. Presently, an ascending triangle pattern (blue) has formed. However, the ‘wicky’ nature of recent candlestick prints indicates a decline in bullish momentum and we may see a bearish pullback or a resumption of the sideways of price action. On the H4 time frame, price action is still disposed positively. However, the bullish momentum is declining as the market entered the 1743.40/1751.60 multi-year horizontal resistance zone. The prevailing rising trendline (magenta) from recent lows is too steep and is susceptible to a bearish breakdown. Any such breakdown may see bears initially target the 1725.20 horizontal support area, and, by extension, try a retest of an older rising trendline (black) which was active until recently. Technically, I am bearish XAUUSD on the short term, but I will await what price action does in the early part of this week. In the medium term, failure of price action to break down the longer term rising trendline (black) on a daily closing basis will kick in a bullish bias.


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Attached Image (click to enlarge)

______ this is my take

Trading is good but investing for the long term is better. As for me I trade and don't bother with paper