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

u scalp using 5 or 1 min charts?

I don't really use the M1 chart unless it is really slow.

Or maybe for an occasional entry. I prefer the 5 minute. If I am scalping I like to have the "ask" line "on" so I can see where the buy price is just at a glance.

If I am able to stay in the scalp for a bit I will usually go back to m15 and m30
M30 will show the trend more clearly than even m15

I took a screen shot that I can try to show a few things on later.

Ok that sounds good.
Btw thanks to all giving me a hand in learning more =D

as said before ... normal reaction since round number

hi everyone great thread. if it hasn't already been suggested, what would you guys think about opening a skype chatroom dedicated to gold spot trading?

Hi,
Not sure what your sentiment is here, You think that is the rally end? If you read back I had called 1250 as a potential / resistance TP level, not that it really matters. http://www.forexfactory.com/showpost...&postcount=202

I agree with the round number areas though.

What we just saw was, US stox closed, another record day for Gold, some profits taken, volume drops off as we go into the next session.
(NY GlobEX)

Going forward,
I welcome the dip to load up again, the trick is not to miss the opportunities right now as money continues to flow into the real world reserve currency Gold. Countries are beginning to phase some Euro's out from their Forex reserves and not buy more dollars.

I am looking around the old high 1125/7 area, however depending on PA I have no problem adding longs around 1230/5... We'll see
Also eying up 1215/00 areas depending.

As far as rally end, there is nothing on the charts/ projection wise or fundamentally to suggest this has run it's course, rather we are primed to go higher, 1300, 1350 for starters.

Welcome, that may be something to look into.. Lets discuss later.
X-

it costs me $0.70 to BE in XAU on my platform. Is that about right or are there better places around?

xtrade

thanks for the wonderful feed back in gold. i am wondering is there a way to contact you other than this thread.

Hey Jim,

Take a look at your spread now that London is open, It should be a bit lower.

Normal spreads range from .50 move in gold .70 I have seen them get as wide as $5 when there is no liquidity.

Translate that to 500 pips ( = ($5 in a move) 700 pips and it's a good way to know if you should "roll" thru the weekend or not. I would close if not well over 1000 pips.

Spreads are high b/c of the way Gold moves. In Futures, you would pay a minimal spread, almost non-existent depending, but commission on your contracts traded. So spot FX Gold is not necessarily a bad way to take advantage of Gold.

It actually may be the easiest.

Hope this helps.
X

Another Asian session with no selling pressure. London may take a few off the notch or just immediately buy --- Nevermind we are open,

-EDIT: Good entires can help especially if you are trying to scalp for a few dollars at a time. I actually pay more attention to them on swings.

Still no sufficient selling 30 minutes into LDN Looks like Gold is on "Autopilot"
as of yet... May open with small change from NY close ( In NY that is)

NY closed 43.50

I usually check this price often throughout the day,
Spot FX GOLD prices may be and chart slightly differently - Especially due to the spread that is incorporated in your charts.
Spreads may widen when there is LOW volume at the end of the day, Meta Trader always shows only the "bid" sale price and never
the ask with spread. Unless you put the ask line on

for great metal charts free and other info you can use
www.kitco.com

Support @ 1235/4 area Formed BREAKOUT Is Forming

Getting Longer
+.3 in 1234area

Edit: Closed as scalp appx 1237

I have open long still from two days ago and looking to see how PA reacts. to add around potential 1225. otherwise I am looking for pullback to appx 1210 area.

Yeah...building up longs..I think Luxembourg is off today...

Swiss, Germany, Italy Ibelieve all of - Not the UK though.

UK is the most important to Metals prices due to the LBMA, and the London Price Fix, LME (base metals) Huge markets ofer there. Lots of FX trading as well.

yup....huge physical mrkt

Closed last trade as scalp for appx 300 pips.

We need this pullback and it is vital for upmove.

Likely adding either now or splitting the difference and placing order for 1227 or lower.

Multiple plays now laid out!

OK, I need to stop scalping... Starting to get a bit drained, now as I am tired. And sick of paying the spread.

Time for rest. Before NY open London is'nt really doing much here besides scalping opps and opening up a long entry for NY (just my thought)

I just added at 1232.75 area, I like 1227+ as an add however can't wait anymore and that is too close the the old high.

So, some other pending orders and hedges set around supports to the lower,
which we can discuss later in the day.

ALSO.

Looking into the online Gold room chat as well. Discuss later.
Good luck to all.
X-

Had to look at the PA,

Hope you guys scooped up some longs on the dip!!

LDN Covering shorts as we speak. Looking for a new high today.