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

still waiting

H1

Massive $60 drop in gold today on news of a potential vaccine: https://www.metalsmine.com/news/1039...ive-in-interim

The 10-day ATR average was 2,872 but the good news on the vaccine propelled it to 11,693 today. Good news always bad for gold.

Yup. But long-term it's hard to make an argument against gold. Still so much uncertainty around the world, especially in the US. Looking at gold and silver side by side, it's been silver that's been the best performer. I still like gold as the better long term play, although they should have a very high correlation regardless.
Gold/Silver ratio:

Taking long in silver. Let's see how it goes.

closed half position yesterday, locked. and let the other half to run.
entered new position again today. let see how it goes

Gold prices seemed to have overreacted to the vaccine news earlier this week but still haven't recovered. I suspect we should be testing the $1900 level in the next few days. I'm hearing more and more of potential lockdowns in the US, in addition to what's already taking place in Europe.

Long term fundamentals still support long gold!

___________I am short atm

Here's my take on XAUUSD, from the technical perspective of a swing trader. XAUUSD market operation has been sideways for a while. On the daily time frame, the relatively big bearish print of last week Monday failed to break down the 1855.00 horizontal support area (purple). The price action went sideways for the next three days a few pips above the 1855.00 horizontal support areas. But on Friday, a bullish print took price action a few pips above the consolidation. Should there be a bullish follow-through in the early par of this week, the 1906.05 minor horizontal resistance (black) is technically a first target. Presently, price action is about 160 pips away from it.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Interesting close on Friday. COT data for net-positions amongst non-commercials on the USD turned positive a couple of weeks ago. I have reason to believe that price should follow suit soon.

Thus, my gold bias is down. However, I am expecting a retracement to 1905-10 on Monday. Then a bounce off, this level is where the current 100DMA is located. It is also a 50% retracement of the crash we saw on Monday. It is also a nice supply area which has been tested before. Thus, I expect a continuation to 1906 before a larger continuation downwards toward 1850 and below.

thanks for reading!

From FPA: "Gold should keep reasonable behavior in foreseeable future, the outcommon performance could be triggered only by some sensational factors. That's why, we're still watching for minor downside continuation that could provide great opportunity for buying gold:". If FPA's analysis is correct we will need patience before making a killing.

GOLD i expect go up to 1910

I bought some gold at 1870, I believe we will see a huge bull run in December.

M30 gold should go down.

Gold dropped on news that the Senate rejected gold advocate Shelton. Very surprising move, but apparently there were big bets out there that she'd pass the Senate vote. Again, very suprising. I'd imagine we could see a bounce back. Vaccine news has kept some downward pressure on gold prices. We should see $1900 again soon.

Gold and Silver trading at a pretty high correlation after the drop. We should see silver start to outperform gold if or when they start appreciating back above that $1900 handle.

Gold is long in m5 and m15 but m15 signal isnt very strong.

for now i will be focusing on selling only
we just broke off a structure and all i can see for now is a selling opportunity