XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 2846 | Metals Mine

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

  • #56,901
  • Aug 4, 2024 2:38pm Aug 4, 2024 2:38pm
XAUUSD price action on the H4 time frame is presently operating within a rising wedge (blue). Generally, the market is ambivalent but recent technical patterns favour bulls more than bears.

I may be wrong. Trade safe and prosper.

KP


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Do your homework, follow the footprints of smart money
  • #56,902
  • Aug 5, 2024 10:21am Aug 5, 2024 10:21am
Quoting Mcbeaners
{quote} election demands it - so we are getting it.
We are likely getting it because Wall Street, not Politicians, demand it by selling off yuuugly.


The Street screwed up by moving higher day before FOMC day. I thought then that it is only a matter of time before the drop would happen.
  • #56,903
  • Aug 5, 2024 10:39am Aug 5, 2024 10:39am
Quoting SunTrader
{quote} We are likely getting it because Wall Street, not Politicians, demand it by selling off yuuugly. The Street screwed up by moving higher day before FOMC day. I thought then that it is only a matter of time before the drop would happen.
given the fed is owned by wall street we are probably talking about the same people.

i am a little surprised by the move - is it a statement of wall street's thinking a possible trumpet government or just a long washout before the hail mary move into the election.
In tea leaves we trust!
  • #56,904
  • Aug 5, 2024 2:09pm Aug 5, 2024 2:09pm
Quoting Mcbeaners
{quote} given the fed is owned by wall street we are probably talking about the same people. i am a little surprised by the move - is it a statement of wall street's thinking a possible trumpet government or just a long washout before the hail mary move into the election.
I'm more inclined to believe it is just the usual fun and games between WS and FED. Sky is falling, need to cut now. I think they do as well but what do I know.

Anyway yet another instance that Gold was NOT a safe haven recipient of funds coming out of other markets.
  • #56,905
  • Aug 5, 2024 2:22pm Aug 5, 2024 2:22pm
Quoting SunTrader
{quote} I'm more inclined to believe it is just the usual fun and games between WS and FED. Sky is falling, need to cut now. I think they do as well but what do I know. Anyway yet another instance that Gold was NOT a safe haven recipient of funds coming out of other markets.
apparently japan's markets collapsed overnight. 20% down. this could get messy and fast.

gold - tends to follow the general markets as a "risk on" asset. until at some point it becomes a risk off asset.

the dollar didn't do well either, which isn't a normal reaction.
In tea leaves we trust!
  • #56,906
  • Aug 5, 2024 2:29pm Aug 5, 2024 2:29pm
Quoting Mcbeaners
{quote} apparently japan's markets collapsed overnight. 20% down. this could get messy and fast. gold - tends to follow the general markets as a "risk on" asset. until at some point it becomes a risk off asset. the dollar didn't do well either, which isn't a normal reaction.
Inserted Video


the dump appears to be related to the yen carry trade exit via strengthening yen.
In tea leaves we trust!
  • #56,907
  • Aug 5, 2024 5:01pm Aug 5, 2024 5:01pm
Quoting Mcbeaners
{quote} https://www.youtube.com/watch?v=KT4UI9kQErk the dump appears to be related to the yen carry trade exit via strengthening yen.
Saw that multiple places. Don't buy it myself.
  • #56,908
  • Aug 6, 2024 7:11am Aug 6, 2024 7:11am
Gold has been relatively speaking, outperforming Silver lately. I expect somewhat of a mean reversion move soon.
  • #56,909
  • Aug 6, 2024 7:59am Aug 6, 2024 7:59am
silver imo just follow gold or copper and which of those is weakest. it has no mind of its own.

copper has been very weak of late.
In tea leaves we trust!
  • #56,910
  • Aug 6, 2024 10:09am Aug 6, 2024 10:09am
Quoting Mcbeaners
silver imo just follow gold or copper and which of those is weakest. it has no mind of its own. copper has been very weak of late.
Silver and Cooper often follow each and move together. Taking turns leading. Both having industry uses. Maybe somewhat more Cooper leads. But I try not to think in terms of this or that way always.
  • #56,911
  • Aug 7, 2024 8:24am Aug 7, 2024 8:24am
Quoting SunTrader
{quote} Saw that multiple places. Don't buy it myself.
Should have added that I don't believe it was purely an unwind of Yen carry trades. FED, tech stock high valuations, many traders away during summer months, etc.
  • #56,912
  • Aug 7, 2024 11:47am Aug 7, 2024 11:47am
Quoting SunTrader
{quote} Should have added that I don't believe it was purely an unwind of Yen carry trades. FED, tech stock high valuations, many traders away during summer months, etc.
it did happen during the asian and european session which makes me a little suspect. it has since drifted north.

bottom needs to be tested and 1h chart looks like it do that.
In tea leaves we trust!
  • #56,913
  • Aug 9, 2024 10:36am Aug 9, 2024 10:36am
80 pips more to hit my profit on gold buy position.
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bakare
  • #56,914
  • Aug 9, 2024 12:29pm Aug 9, 2024 12:29pm
i will not close my buy position on gold until tp hit.
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bakare
  • #56,915
  • Aug 10, 2024 7:39am Aug 10, 2024 7:39am
Quoting adexadams
i will not close my buy position on gold until tp hit. {image}
dxy is being loaded up long the last few days - not sure what is going to get whacked but could guess metals and stock indices

so maybe not die on that hill.

could be wrong of course but profit is a profit.
In tea leaves we trust!
  • #56,916
  • Aug 10, 2024 9:13am Aug 10, 2024 9:13am
$DXY looks the opposite to me. Mainly IMO not likely UJ, current dollar driver, has bottomed yet.
  • #56,917
  • Aug 10, 2024 11:57am Aug 10, 2024 11:57am
I did say long not short. UJ following trend would be good for the dollar, no? but then again yen is about 14% of dxy....

most of the selling partners i see are sterling, cad, aussie and euro (from thurs)

as mentioned order flow isn't great on low vol - so we'll see who's right.
In tea leaves we trust!
  • #56,918
  • Aug 11, 2024 6:40am Aug 11, 2024 6:40am
Yes long and I said $DXY is weakening, not strengthening which you would want it to do if long.
  • #56,919
  • Aug 11, 2024 9:34am Aug 11, 2024 9:34am
interesting setup on silver not that i like to trade it but others might find it interesting. i see long setups on 15m,1h and daily but not in copper or gold (well there is weak long in gold).

orderflow in cfd is off the charts long but not in current or next contract. curious if anyone knows which market is bigger. i don't follow orderflow in cfd markets but it is a strange anomaly.

worth a watch maybe.
In tea leaves we trust!
  • #56,920
  • Aug 11, 2024 2:28pm Aug 11, 2024 2:28pm
XAUUSD price action on the daily time frame is consolidating within a rising wedge (red) but presently it is respecting an intra-day trendline (blue) and disposed northwards. Although the bullish momentum decreased on Friday, we can still expect further northward move, perhaps to retest an intra-day area of value.

I may be wrong. Trade safe and prosper.

KP

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