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

made two small scalps, both longs.

its knocking its head on the underside of the 50% fib from recent low (1165 ) at 1197.5.

Just took one at 1195.35. The spring is winding up. Which way will it burst through?

At the moment, relying on stos for scalps.

I guess USD is the money safe haven of choice at the moment.

Yes it seems that way.... Take a look at Swissy "USD/ CHF" Climbing to heights not seen since 2009.

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So a lesson learned the other day. On the 3 trades I posted in my last chart.
They where all successful, HOWEVER, not to the fullest potential.

I trailed 2 of my stop around 400 pips, (a $4 move) in order to give them breathing room, Yet the TS was actually too wide and went all the way up,
then back down, leaving the trades with around 700 to 900 pips instead of the 1000 plus they could have been closed at.

So, in conclusion, depending on PA a 300 pip trailing stop should usually allow a trade in profit to catch a breakout, then, when some comes off the top,
close you out at a more desirable TP level than something in the 500 to 600 pip. THis is really for shorter term trades.

If I have an open trade AU with 2500 plus pips, a larger ts may be used, if not
by the computer.

Stopped out for a small loss.

When I got back in /to computer/ Went short last night and made it back and then some, closed short @ LDN open.

I am flat everything right now.

Gold see -sawing a bit on the dollar strength, once 1200 pops we should see a nice rally, perhaps to around 1215 area.

The actual resistance is around 1197

looking like a short 2nd failure to break above 1200. Am thinking that if it doesnt get its butt to the next level in short order, it will dive lower to seek a stronger support level.

1050 anyone?

do i hear 1060 anyone?!?! 1050 going once.....twice.....

no but seriously...

Theres reasons it cant go to 1050 in the short term...everything takes time.

If 1050 was in the future it would be several months from now. I dont think its wise to trade gold at the moment. Wait for the direction to become clear again.

We may see 1050 after the next record high,
we are still in bull run, the sell trade from 1250 was correction.

Uncertainty in markets is positive for gold.

USD and gold still battle a bit, it is odd to see a positive correlation between the two when it has been negative for quite some time, yet, as of late both have been "choice" safe havens.

If and when uncertainty stabilizes in the near future, we should see 1050 as a potential "low term/support", if things get really bad possibly 980 "AREA". This would be on a decent bearish curve, inside the larger bull run.

There are Multiple supports before 1050 ie (1080/90) and higher 1165/75 that would need to be taken and held before hand.

As of now we are still on track for a higher high before the end of the year.
1100 psych (and real supports) get stronger every day we test and push above 1200. 1300 will happen.

These are just my views from my experience with Gold over the past several years. Much of it is on the charts.

edit: I will be short (E/U that is) when the Euro hits 1.25

Nice Assuie/Asia Session break for Gold occurring breaking the range!

Scalping for 300 - 500

Currently long from 1213

Short @ 1214 with Trailing Stop Loss

Greetings to all! I am sorry to 'platz' in here like this; if I may, I just wanted to draw your attention to some Fibonacci TA, I hope this is ok with you. (I am attaching Daily, 1 hour and 1 minute charts 'as is', hope this is ok).

Closed deal now.
@ 1202.90

I picked up where you left off,
Went long @ 1204 - Closed at 1213
Only trade for Friday.

I am expecting more volatility on the short week ahead. US Holiday on Monday. Memorial Day.

Don't be ridiculous feel free to post here anytime, any bias. Interesting charts, I will take a look further into the link.

Fibo's and Gold can work at times. Just as support and resistance. Yet,
we always have to be careful, Gold does have a tendency to move sideways in slower markets, pushing thru certain TA levels. The important longer term ones usually hold, until either confidence or fear hit, then the sparks fly.

This has been an interesting season for the Gold Price, moving in times in tandem with the USD, normally an inverse relationship.

There has been an increased interest in Gold from all parties, Commercial, to personal, due to the uncertainty in Global markets, to hold a tangible asset of value.

What will prove more interesting is when the Euro strengthens again, renewing
stress on the USD, how correlation between the two will proceed.

Physical Bullion purchases in the US and worldwide (The investor Holding the actual coins/bars - Jewelry Buying, etc.) have soared recently, at record breaking high spot prices. Simultaneously, "paper gold" money flow is increasing, ETFs such as the current largest, SPDR "GLD" recently experienced it's biggest inflow of money in over a year.
A German company has created a Gold Bar vending machine, for public use!

Sidenote: New Platinum and Palladium ETFs have been created as well recently opening up even more options to the Precious Metals Markets.

This has been an interesting year to date for the Gold Price, at times of recent, semi-correlated with the USD! Usually what is, a strong inverse correlation. Euro zone issues, starting with Greece/Credit, now a downgrade of Spain's rating, Portugal, etc. - Global, recession, Distrust in Financials from the General Public investors all have helped. *** Gold's allure as an alternative to standard Fiat currencies by parties commercial, hedge funds, personal/retail, is at growing at a rapid pace.

***Let us not forget that last just last year, while the USDX tumbled, Gold produced a new record high, now, in 2010, while the Greenback stages a recovery, the Euro slides, Gold sets yet another record high. Fundamentally, this to me, is part perfect storm for higher Gold. 1300 psych is next,

What will prove to be interesting is if and when the Euro and markets stabilize / strenghten again, renewing stress on the USD, how correlation between the two will proceed.

Let's take a look at the past 5 years of spot Gold prices and examine May and while looking next to the years end (below) Then perhaps in a less winded post, a few select years prior. image limit per post - tried to do 10 year with commentary... had to erase to post)

The tale yet to be told is where the Price action will go in the immediate months of Summer upon us. There is a real possibility of a steeper correction,
yet, with the current market situations, nothing is certain increasing the possibility of a continued rise in the near future.

Charts are LDN fix - and will not be exactly the same as NY closes or FX-AU

Looking for consistency in "May" - Summer PA & early Fall Rises (clearly illustrated)
NOTE: the year OPEN prices on charts provided. Next we will look at some other years.

http://www.kitco.com/LFgif/au2006.gif http://www.kitco.com/LFgif/au2007.gif http://www.kitco.com/LFgif/au2008.gif http://www.kitco.com/LFgif/au2009.gif http://www.kitco.com/LFgif/au2010.gif

gold will fall (3years chart butterfly harmonic) very sharply

Chart?

There is a possibility of a bearish correction cycle entering thru the summer.

It is doubtful and I do not forecast this "if" it enters, damaging the longer term bull.

However, with prices still around well above 1050, I am still looking up until certain factors technical and fundamental come into play. Which have not as of yet.

Gold Getting Pulled down a bit.

I am looking back to psych 1200 level as an immediate area of interest and the possibility of it turning technical. If we see a decent bounce again.

To add to the current discussion, fundamentally I will need to see renewed strength in the Euro and GBP (GBP seems to be gaining some ground) on the charts as well as a sound description of future fiscal plans and positive data,
out of both regions, to once again consider these two majors as an alternative risk investment for B I G money.

Next, there are Multiple technical supports that will need to be breached and key word sustained. ie: 1190/80 "area" next 1165 thru 1108/00 psych to breach of 105o. Yet, what I have just outlined may also be a Nice short for the summer doldrums / bearish correction short trade. [size="1"][*]Use your entry and exit strategy for what is suitable always.

Now, if the USD begins to slide after minor correction, this may have the affect of renewing physical and institutional Gold purchasing in the US.

Gold is going to 700. If you are a bear, stay the course, don't let any bugs tell you different.

Talk about a bold statement.