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Gold Discussion

H4 has turned bullish, but we need a lot more bulls or it will remain just a retrace on the daily chart.
14:30 USD
PPI m/m
http://www.forexfactory.com/images/m...etail_star.gif http://www.forexfactory.com/images/misc/progress.gif1.8%http://www.forexfactory.com/images/m...ol_refresh.gif 0.9% 0.2%


can u see where this is going ?
Quoting zuret9
Pirin,

Attached is a chart with your buy zone and target. Out of interest, why would you be looking to buy at 918.90?

Z
Well, here we have 939.50 my friend Let's go for the next one - 958.50
I think it's gonna be a retrace today due to profit taking.

Yesterday is quite a pure luck and gamble for me to be able profit 1500 pips.
Just a monkey who love to dance and laugh. {Promotion Removed}
Quoting sanzaru
I think it's gonna be a retrace today due to profit taking.

Yesterday is quite a pure luck and gamble for me to be able profit 1500 pips.
yup, retraced after it hit 23,6 fibo. by the volume of the retrace we can estimate the bull power.
Jakarta got hit by bomb and USD/IDR from 10.050 whoops into 10.190, I'm quite pleased with gold sudden bullish movement in local price.

I think this is only for a short term. Indonesia have strong fundamental outlook. It should get back on feet, while the gold price in open market that I worried about. Hopefully it got back to 940 and 950 level. I'm placing my stop over there.

Thx Pirin for your insight.
Just a monkey who love to dance and laugh. {Promotion Removed}
I fail to see some useable (short term) structure on my daily gold chart. Does any body have a better chart?

Also attached the silver chart, which does show tradeable structure
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gold d1.gif Size: 36 KB
Click to Enlarge Name: silver d1.gif Size: 27 KB
Quoting Hell7
I fail to see some useable (short term) structure on my daily gold chart. Does any body have a better chart?

Also attached the silver chart, which does show tradeable structure
After todas action the chart is becomming clearer. I'll have some areas to look at during tomorrows action.
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 38 KB
Next resistance should of been ~960, I have no idea why we stopped at 955,but by the size of this aggressive uprising yesterday I can only speculate that even ~960 is not gonna hold.
The FED now takes steps to fight inflation concerns. They said that they are ready to pull out bank reserves and increase interest rates when the time is right. FED is monitoring the inflation very closely. But on the other hand, who thinks that the FED is trustworthy ? They worked hard to make sure the banks sustain enough liquidity and now they are going to pull the money out when inflation strikes in ? What do you guys think where the gold is going ? I remain bullish, when the next negative GDP numbers start raining it will be bull's reign again.
Quoting Pirin
The FED now takes steps to fight inflation concerns. They said that they are ready to pull out bank reserves and increase interest rates when the time is right. FED is monitoring the inflation very closely. But on the other hand, who thinks that the FED is trustworthy ? They worked hard to make sure the banks sustain enough liquidity and now they are going to pull the money out when inflation strikes in ? What do you guys think where the gold is going ? I remain bullish, when the next negative GDP numbers start raining it will be bull's reign again....
Hi Pirin,
Employment is going to be a plaguing problem. With oil inching up will cause hyperinflation or they have to raise rates and crimp the economy in the midst of a recovery. Oil over 100? over 75? Or further bottoming and slow economy. Perhaps oil back to 50 but that doesn't seem likely at the moment. Perhaps a rocky recovery with a lot of if's..
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Quoting england33
Hi Pirin,
Employment is going to be a plaguing problem. With oil inching up will cause hyperinflation or they have to raise rates and crimp the economy in the midst of a recovery. Oil over 100? over 75? Or further bottoming and slow economy. Perhaps oil back to 50 but that doesn't seem likely at the moment. Perhaps a rocky recovery with a lot of if's..
What concerns me is China, there are rumors that they will begin taking over European businesses which are low on liquidity, as you may know the debt to equity ratio of European (and especially german) enterprises is very high which makes them vulnerable in crisis and very lucrative for Chinese enterprises which can take benefits from the tax shield. These actions are also supported by the Chinese government. If such a massive buying rally starts the gold will decline despite of the inflation danger.
Quoting Hell7
After todays action the chart is becomming clearer. I'll have some areas to look at during tomorrows action.
Last two days where boring for a daytrader like myself, but tomorrow might prove to become fun :-)
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 34 KB
Quoting Hell7
Last two days where boring for a daytrader like myself, but tomorrow might prove to become fun :-)
If you'll forgive a newbie intrusion, any chance you could interpret your charts a bit, I'd be most interested to hear what you see in the patterns. Thanks!
Quoting Pirin
What concerns me is China, there are rumors that they will begin taking over European businesses which are low on liquidity, as you may know the debt to equity ratio of European (and especially german) enterprises is very high which makes them vulnerable in crisis and very lucrative for Chinese enterprises which can take benefits from the tax shield. These actions are also supported by the Chinese government. If such a massive buying rally starts the gold will decline despite of the inflation danger.
Good detective work.. China has gained superpower status and obviously control a great portion of trade. Right now their holding the ball so to speak.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
Still remaining bullish here. Unless the market having positive sentiment over hiking interest rate decision, then it will strengthen currency I guess. CMIIW.
Yes..... still on bullish mode.

China economy growth sure is frightening...
Just a monkey who love to dance and laugh. {Promotion Removed}
Quoting jabalong
If you'll forgive a newbie intrusion, any chance you could interpret your charts a bit, I'd be most interested to hear what you see in the patterns. Thanks!
Attached an zoomed in version. I simply drew a downward pitchfork weeks ago, and look where the run up stopped? Made me a lot of pips :-)
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 32 KB
How about that move, too bad my target was missed for 80 pips, now I'll have to keep a trade in red )) looks like we will have the opportunity to buy cheap gold. I really hope this confidence lasts a bit longer than I expect... I was looking for best buy levels and my personal favorites are the strong resistance at 942 which should turn into a support and the ~875 levels if this should turn in to a trend. I currently have only 1 long position from 955.05 which is -499,5 pips in the red zone so far. But of course confidence can disappear faster than it was created, so let's stay focused
Quoting Pirin
How about that move, too bad my target was missed for 80 pips, now I'll have to keep a trade in red )) looks like we will have the opportunity to buy cheap gold. I really hope this confidence lasts a bit longer than I expect... I was looking for best buy levels and my personal favorites are the strong resistance at 942 which should turn into a support and the ~875 levels if this should turn in to a trend. I currently have only 1 long position from 955.05 which is -499,5...
Buy?

Long term goldbugs probably buy every dip. But you seem to be a day- or swing trader, so I can only ask: have you seen my chart above? I sold 3 spikes today and made more then 20 full points. Until that fork is broken, there is only one way to trade this: short each and every spike!
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