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

Gold at a nice crossroads right here. Which way does it go? I am not willing to bet yet. Still think a big fall is possible. But if I don't commit money to it, who cares?

if the euro gets weaker...

the dollar will be stronger by comparison and Xau/USD will be held down by the dollar

well this correlation has been left way behind

if you have seen ... eur has witnessed free fall from 1.35 levels and gold has taken an interupted rally from there itself .... so these days .. gold a free man to move where the hedge funds and other big guy wants

Yes this is correct,

THe inverse dollar / gold correlation is now reverse and gold is more inverse euro.

I have posted charts of the actual split in this thread.

If I have a minute I'll look em up or just look back a few pages...

[quote=jimobiwan;3726786]in view of the large day range and speed, i chickened out.

short @1248.05 taken at 1220.95

long @ 1221 taken at 1225.4

flat over weekend.

in view of large day range, expecting inside day knocking around for coming few days unless europe surprises.

looking to buy from 1220 and sell above 1240+ taking cue from techincals.


Today Sold @ 1240.5 with cut at 1230

Buy @ 1225 and cut at 1228.

Did have a buy set at 1222.2 but it didnt look like it would go so low.


I recall in the last sell off in 2008 gold sold off as well, allegedly because people sold gold to pay off margins and what not.

I am wondering if, instead of higher Au prices as the sell off continues in Europa, Au sells off instead.

The next break low is 1216.95. I wonder if alot of sellers are bunched in there? I think more like 1218.

Every day spot stays above 1200 that level is enforced.

Typically this time of year begins a bearish season for Gold and Silver
THen turning bullish again toward fall and winter.

Winter is a positive bullish for jewelers with the holidays and all.

However,
We are under EXTREME market conditions right now.

And People/ investors / traders need to remember essentially Gold has it's "own mind" in a sense.

The common factors, ie: "USD down - Gold up" ---" Sell in May and go away"
"euro up gold up - never like this one anyway" have all changed as of now.

What we are seeing as of late is only profit taking by speculators, large and small / hedge funds, etc. . There has been no "sell off" yet. Gold can easily move 30 to 50 bucks in one session on fear alone.

THe prices IS FLAT right now!!!

Breakout will be coming.

Agreed. Prices knocking around. My buy was hit at 1222.2 (just for fun) and got rid of it when i woke at 1225.

I heard Greece has to pay the first lot of bonds tomorrow so traders may wait to see what gives before this Au starts to move in a big way.

I am flat in Au at the moment. Was thinkiing of a new sell if it gets up to Fib 61.8 at 1237 or if it breaks below 1216. Well, just thinking.....

we have a nice retest of last nights' low. does it have enough steam?

Well, i promised a breakout and there is it was -
A nice $7 south move.

GOing to scalp a long here targeting 150 to 300 pips using trailing stop if able.

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So yes, I am flat to as of right now. price actio is pretty stagnant ATM / range based.- Only scalping for me ATM, took profits last week. a few short side scalps, but nothing significant - I am still bullish (with mini bear cycle in between larger trend-

I may be looking to buy fibre above 2400 - if it doesn't breach this LDN may drop it like a hot coal. We'll see. And cable above 4493: I do not think these moves down are complete yet and will look for E/U "fibre" to reach appx 1.1350 before true long term completion.

Yes, gold is being heavily fibo traded right now. I sometimes will plot fibos on AU after a distinctive swing -- May
Agree, There is no real selling pressure as of yet

Pefect example of how Gold is currently correlated with E/U and G/U etc.

Getting CLOBBERED! should have left the short on!

O well - not touching it ATM.... may see a test of 1200 tonight

Took a long scalp @ 1212.43

xtrade how do u explain that inverse correlation of XAUUSD to EURUSD (if u compare to last year's rally when they were positively correlated)? or is it same story as with usdjpy.?

Nice one. My finger was poised to buy. I wanted to see 1211 something but i missed the chance and didnt feel like chasing.

I wonder if 1200 would form a psy support being a landmark number. On the way up we hovered for about 12 hours before pushing ahead. I have a buy waiting near the 1200 mark.

In the assault last year in Oct, when we broke 1033, the pullback was about $50. So this pull back could be more than that (to make it the same %age wise) and would correspond to the last break low of 1184.2. Something to keep in mind. I think lots of support around that area.

I was greedy this morning - wanting to sell from 1234 or above....

You are welcome friend.

I would think it would have the opposite.

If Greece defaults on whatever "plan" is proposed or "laid out" it will just increase the wariness of investors to the pitfalls of credit, overspending, etc.

Gold is real, paper promises, well as we have seen lately, are something the little man can become a slave to and well. the "big boys" just don't have to pay I suppose.

The allure of Gold is already here.

It's funny, one may think that @ this price certain physical long term buyers
may run, however, the smart are traders of a different sense. Many own Gold from 500 - 800 - 1000 and 1100. It's called "dollar cost average."

My best trade still will not have 400 OR 500 $ gold in it.
simply put 5 ozs @ 500 and 5ozs @ 1000 puts the $ cost average of money spent to hold @ 750.

THis rush up also encourages many to buy in a somewhat of a panic....

Gold looks nice @ this price and I am back in a few long scalps.
(DFX looked for your pm before to write back but did not see it for some reason)

Gold looks ready to BursT

approx day range done. did a few long scalps.

I will soon stop trading - I will have a nice long holiday to Norway and Denmark. I wonder if i will have withdrawal symptoms.

Anyone have such an experience?

i am seeing tweezers formation on the 4H

beautiful correction so far. id love to see this continue to consolidate for another week or two and then double up for another leg up...

Hello all,
I am holding long from last night 1208/9/ and 10

PA is a a bit flat ATM- Looking to take out 1228 for further upside momentum

Yikes! Had to run out and closed out before hand about 1224
Good thing, I see there has been some blood letting!

Areas around the old high 1226 thru 1228 seem to be providing some resistance
At the moment.

Yikes Alright!!! I just don't have a "feel" for gold at the moment. Have a long pending at 1200 but in theory it should rally with world unrest, especially after the last 12 hours trading. However, with the MM drop gold usually comes down with them. Which way XTrade? lol