XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 2840 | Metals Mine

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

  • #56,781
  • Jun 7, 2024 9:58am Jun 7, 2024 9:58am
Quoting Mcbeaners
{quote} just to add to the above - russia and china both produce loads of gold which in turn is bought by their cb's. this gold will probably never hit the west.
Which is even more reason the additional buying, beyond local sources, matter.
  • #56,782
  • Jun 7, 2024 10:06am Jun 7, 2024 10:06am
Quoting SunTrader
{quote} Which is even more reason the additional buying, beyond local sources, matter.
you refer to russia china? if you do that goes against what i have read.

have to remember they have been buying for x years now. gold has only rallied in the last year or so.

we can agree to not agree np.
In tea leaves we trust!
  • #56,783
  • Jun 7, 2024 10:57am Jun 7, 2024 10:57am
closed my gold short. probably will continue but i don't like to trade after the uk closes. dollar looks a little toppy.

might start trending in a hour or two.
In tea leaves we trust!
  • #56,784
  • Jun 7, 2024 11:27am Jun 7, 2024 11:27am
Quoting Mcbeaners
{quote} you refer to russia china? if you do that goes against what i have read. have to remember they have been buying for x years now. gold has only rallied in the last year or so. we can agree to not agree np.
Be happy to read what you came across. Otherwise I'll stick with history.
  • #56,785
  • Jun 7, 2024 11:52am Jun 7, 2024 11:52am
Quoting SunTrader
{quote} Be happy to read what you came across. Otherwise I'll stick with history.
well ok. china started buy in 2015 and that was the bottom in gold. conssidink? or correlation.

https://www.ceicdata.com/en/indicato.../gold-reserves

can't get russia.

if china starts buying gold again next month will it start going up? me thinks not. they are clearly astute traders.
In tea leaves we trust!
  • #56,786
  • Jun 7, 2024 12:24pm Jun 7, 2024 12:24pm
i'll close on this

https://www.gold.org/goldhub/data

cb buying is less then jewelry purchases. this might have changed in the last two years.

what is interesting to me is when did the smart money know that china stopped buying? bet it was more or less when they did. of course they built a short position and will use any news support that. so the news comes out now.

is cb purchases the be all? clearly not but not without it's influence.
In tea leaves we trust!
  • #56,787
  • Jun 9, 2024 2:45pm Jun 9, 2024 2:45pm
XAUUSD price action on the daily time frame resumed a bearish disposition on Friday after breaking down an area of consolidation created some days ago. Presently, it is retesting the 2292.45 horizontal support area. Should bears break down the 2292.45 horizontal support area, we would see further southward move in the early part of this week.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money
  • #56,788
  • Jun 9, 2024 7:47pm Jun 9, 2024 7:47pm
dollar looks bid here and gold is somewhat bearish (i'm a cautious short). but wanted to mention silver - looks quit bid.

could it hit 30.15 ish? i guess we'll know in about 3 hours. end of the current 4h candle.
In tea leaves we trust!
  • #56,789
  • Jun 9, 2024 8:31pm Jun 9, 2024 8:31pm
Quoting Mcbeaners
dollar looks bid here and gold is somewhat bearish (i'm a cautious short). but wanted to mention silver - looks quit bid. could it hit 30.15 ish? i guess we'll know in about 3 hours. end of the current 4h candle.
reckon dxy will gap close probably before the us open. still short gold but there's a time box for it.
In tea leaves we trust!
  • #56,790
  • Jun 9, 2024 8:32pm Jun 9, 2024 8:32pm
oooh is silver making its move? i thought it needed another move south before popping.
In tea leaves we trust!
  • #56,791
  • Jun 9, 2024 8:46pm Jun 9, 2024 8:46pm
Quoting Mcbeaners
oooh is silver making its move? i thought it needed another move south before popping.
not my style of trade to buy here on a vp ledge but .... it could just could do it.

and it appears to be breaking through.... fingers crossed.
Attached Image (click to enlarge)
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In tea leaves we trust!
  • #56,792
  • Jun 9, 2024 10:59pm Jun 9, 2024 10:59pm
the metals are not buying the dollar move tonight (all euro) - bottoming out nowish. silver is the strongest. copper looks tasty.
In tea leaves we trust!
  • #56,793
  • Jun 10, 2024 7:53am Jun 10, 2024 7:53am
got head faked out of my trades last night - no positions and nothing catching the eye this morning.
In tea leaves we trust!
  • #56,794
  • Jun 11, 2024 1:13pm Jun 11, 2024 1:13pm
dollar looks like the top is in and well into the fade.

same setups for all $ pairs more or less.

gold order flow is off the charts long. too long perhaps. we'll see.

i reckon it will reverse on fomoc. maybe.
In tea leaves we trust!
  • #56,795
  • Jun 12, 2024 9:48am Jun 12, 2024 9:48am
Quoting Mcbeaners
dollar looks like the top is in and well into the fade. same setups for all $ pairs more or less. gold order flow is off the charts long. too long perhaps. we'll see. i reckon it will reverse on fomoc. maybe.
looks like to me that the reversal was on the cpi numbers. imo the dollar up metals down trend has started.
In tea leaves we trust!
  • #56,796
  • Jun 13, 2024 10:36am Jun 13, 2024 10:36am
posted this on the copper thread - but though folks here might be interested. especially if you like longer term holds.

---

time to get long copper - appears that the bottom is in on 4h. all the hallmarks of secondary rally to take it to new highs has been setup.

i'm long and well under water but holding. all the signs are there.

current price is 4.502
In tea leaves we trust!
  • #56,797
  • Jun 13, 2024 11:04am Jun 13, 2024 11:04am
There is a chance Silver could fall to an initial target at $28.21, the 0.618 Fibonacci ratio of the height of the range that unfolded in the second half of May, extrapolated lower. This is the usual method used by technical analysts for establishing targets after breakouts from ranges.
That said, more bearishness could still see Silver reach as low as $27.19, the second target at the 100% extrapolation of the height of the range lower.
Success is not final, failure is not fatal... - Winston Churchill
  • #56,798
  • Jun 13, 2024 5:23pm Jun 13, 2024 5:23pm
Quoting saal
There is a chance Silver could fall to an initial target at $28.21, the 0.618 Fibonacci ratio of the height of the range that unfolded in the second half of May, extrapolated lower. This is the usual method used by technical analysts for establishing targets after breakouts from ranges. That said, more bearishness could still see Silver reach as low as $27.19, the second target at the 100% extrapolation of the height of the range lower.
Could be, I see breakout point May 14th, from 2+ days consolidation, exactly @ $28.21:-

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  • #56,799
  • Jun 13, 2024 7:21pm Jun 13, 2024 7:21pm
attached is the monthly chart for sliver as i see nothing like a bottom currently. order flow isn't there either.

i do see a vp value low ledge at 28.325 from 2010-15 period and small poc from this period. could be a bottom but so could the poc from2010-15 at 28.725

keep an eye on ES/SPX it appears to be topping on the 4h - new highs then drop is what i would look for.

now my copper trade - i might get my shit handed to me. i'll know when shanghai opens.
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In tea leaves we trust!
  • #56,800
  • Jun 13, 2024 10:31pm Jun 13, 2024 10:31pm
Quoting Mcbeaners
attached is the monthly chart for sliver as i see nothing like a bottom currently. order flow isn't there either. i do see a vp value low ledge at 28.325 from 2010-15 period and small poc from this period. could be a bottom but so could the poc from2010-15 at 28.725 keep an eye on ES/SPX it appears to be topping on the 4h - new highs then drop is what i would look for. now my copper trade - i might get my shit handed to me. i'll know when shanghai opens. {image}
the above is SI so spot will be different. forgot to mention

forgot to mention dollar is topping out on the 1h. looks close to completing now. we'll see.
In tea leaves we trust!
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