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

  • #381
  • Jun 17, 2010 11:52am Jun 17, 2010 11:52am
No this will not be the top for the year unless it is 31st December on your calendar.
  • #382
  • Jun 17, 2010 12:05pm Jun 17, 2010 12:05pm
Gold has not breached the TL on a weekly chart Since Oct 2008 (XAU low ~681$) -

This strong resistance line is currently at ~ 1160
  • #383
  • Jun 17, 2010 12:25pm Jun 17, 2010 12:25pm
But its going to give me a quick ten bucks. And that would be nice for the weekend.
  • #384
  • Jun 17, 2010 12:31pm Jun 17, 2010 12:31pm
For me there are two maybe three trend lines.

First is one right back from 2005 which sits at 1020 at the present time
Second one from the big dip in gold in October 2009 - this is at 1145 level now
Lastly a more recent one from Feb./March 2010. This is at 1220 now.

The picture is one where you have to create more trend lines are the ascent of gold gets steeper and steeper.
Gold is going parabolic - it has gone parabolic.

Now you might say this is a bubble which will burst.
There is a list as long as my arm as to why gold is high.
Quite simply because so many bubbles have burst.

At this stage all time high after all time highs are going to get smashed.
It might dip when the dollar strengthens.

But think about it - is the dollar strong?
Fiat currencies are all weak, it is just some are weaker than others.

If the dollar is 50% its previous value and the euro is 40% its previous value. Does that make the dollar strong?

It depends how you want to invest in gold.
The fundamentals are always up.
If you want to day trade then use technical analysis.
  • #385
  • Jun 17, 2010 9:11pm Jun 17, 2010 9:11pm
Hahahah!

Quoting six gun
No this will not be the top for the year unless it is 31st December on your calendar.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #386
  • Jun 17, 2010 9:12pm Jun 17, 2010 9:12pm
Hey,
Glad that you speak your mind here and hope you learn something, because I don't post here for my self!

Scared of what? Making MORE MONEY?


Quoting vioilaunch
thanks for your replies...actually I had a pretty good long position at around 1232. Then, yesterday at 16:30 gmt I got scared when it suddenly touched 1227, so I changed directions, and the rest is history. My mind just can't recover since then... I think I should not play for a while....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #387
  • Jun 17, 2010 9:37pm Jun 17, 2010 9:37pm
I am looking at potential buy zones at
1233 / 1235 levels.

That is if 1240 goes.

Any major Dip I am buying and scaling in on the road to 1300
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #388
  • Jun 17, 2010 10:06pm Jun 17, 2010 10:06pm
ITs been a grind but I'm winning again. That is 19 straight winning trades. Time stamped AGAIN. My system is crude and rude and its deadly accurate. But I love to see all the heads, shoulders, Macd's and Elliott Waves just the same on this forum. Seriously.

Problem is, there are hundreds of thousands of people doing the same thing, and the BOTS, run by the big houses, just look at the books electronically and go the other way. Its about fifty years ahead, in terms of software, of what people think is out there.

So I play the BOTS.
  • #389
  • Edited 10:28pm Jun 17, 2010 10:15pm | Edited 10:28pm
This may be one of the only times you and I agree.

I do not trade "bots" BUT I WILL ride a winning bot trader run on gold. (with manual orders and exits)
(Bots don't know how to trade and/or react, to fundies, only techs and this is the major flaw they have. Fix that and YOU are king)

It is so easy to tell the difference between bots and manual trade big orders .


In any case, that's GREAT, you still do not answer any of my questions and post no charts, nor anything to do with your strategy so what do you expect here???

If your trades were longs and not SHORTs the past "wins" that you had you would be Drowning in profits.

Any way, All are welcome and I am glad that you do voice your thoughts. This is what makes a market,
Longs shorts, bids and offers, its all one big Auction!

Don't get your panties in a tizzy if i disagree though!!!!!!!

Time to review the last symmetrical triangle break for both sides.
X

Quoting steroidman
ITs been a grind but I'm winning again....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #390
  • Jun 17, 2010 11:12pm Jun 17, 2010 11:12pm
I am using something that is unavailable to all, so its best not to go into it.

Call it Botseeker. Botbreaker, whatever. I am usually the most sharing person in the world. But this...........
  • #391
  • Jun 17, 2010 11:19pm Jun 17, 2010 11:19pm
AND, this is all counter trend. I am going to cover my short, for a measley four dollar profit and call it a night. Congrats to LA.
  • #392
  • Jun 18, 2010 5:37am Jun 18, 2010 5:37am
Quoting XTrade
I am looking at potential buy zones at
1233 / 1235 levels.

That is if 1240 goes.

Any major Dip I am buying and scaling in on the road to 1300
Although ive decided to rest for a while, i might just jump in as i had decent rest past couple of days...

I'd prefer to go long around 1237 / 1238 must be good levels to buy

1. It is the 61.8 % retracement of the rally from 1231 to 1251
2. It is on the support TL on a 30 Min Chart

Lets see...
  • #393
  • Jun 18, 2010 7:12am Jun 18, 2010 7:12am
Hmmmm
Well after a brief fall back from the highs yesterday, gold stayed at the top of our triangle not being beaten back by more than a few dollars. Not much profit taking there.
Then pop straight through the top of the triangle.

So as seemed likely it blew through the top with this cycle. I read there are 1300 calls building up for October.
All time high after all time high from now on, excluding interference in the market that is....?*!!

There will be a pull back after this big push, there almost always is, but....

the trend is up, the trend is up.

Gold is now at a definite high but silver is way off that. We were over $19.50 in May spurred on by a previous high in gold.
I closed my short in silver earlier today - I will have to recoup the loss when the market comes back.
With this big push by gold we ought to be seeing an all time high in silver and it has catching up to do.
  • #394
  • Jun 18, 2010 7:48am Jun 18, 2010 7:48am
Not convinced this move is over yet!

New High set again, gold looks ready to push into the 1260's


We never did see below 1240 for breakout entry, so settled for 1245 last night.
Long that is,


Quoting XTrade
I am looking at potential buy zones at
1233 / 1235 levels.

That is if 1240 goes.

Any major Dip I am buying and scaling in on the road to 1300
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #395
  • Jun 18, 2010 8:35am Jun 18, 2010 8:35am
Quoting XTrade
Not convinced this move is over yet!

New High set again, gold looks ready to push into the 1260's


We never did see below 1240 for breakout entry, so settled for 1245 last night.
Long that is,
Looking at the 5M chart there have been sells just under 1260, my guess is this is profit taking.
If price drifts then many will want to lock in profit they have made in this push to the new all time high and price will come down but there is support at 1256.

I say this as on the 5M chart price has been coming down to 1256 and then goes back up.
There are wicks into 1259 but price is not maintain due to selling pressure and then returns to 1256.
It is Friday afternoon London time, profit taking time if you have had a good week/day.
  • #396
  • Jun 18, 2010 9:15am Jun 18, 2010 9:15am
Wow, longest sleep I have had since I was a kid. And good thing I closed er out. Look at gold go. I like this because I have tons of gold juniors.
  • #397
  • Jun 18, 2010 9:26am Jun 18, 2010 9:26am
Yes, I am waiting a bit to take any trades on gold, Just took profit around 1256. I am not sure about holding over the weekend as of yet.

The hour before noon should be telling as you mentioned in terms of profit taking. Another thought is that on the recent dips to 1215 profits were taken and new positions added as the 1200 psych and 1198 area supports were just strengthened by non breach.

Looking at the daily it would be nice to see a close above 1244, then I may expect a small retracement down followed by a larger push up.

Gold is testing the current level and has now been there for a few hours.

Also - it is possible the current trend continues flat to sideways in a tight range then pushes up. We'll see!

Finally getting to the chart of triangle break,

Quoting six gun
Looking at the 5M chart there have been sells just under 1260, my guess is this is profit taking.
If price drifts then many will want to lock in profit they have made in this push to the new all time high and price will come down but there is support at 1256.

I say this as on the 5M chart price has been coming down to 1256 and then goes back up.
There are wicks into 1259 but price is not maintain due to selling pressure and then returns to 1256.
It is Friday afternoon London time, profit taking time if you have had a good week/day.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #398
  • Jun 18, 2010 9:31am Jun 18, 2010 9:31am
Gold testing the high looking to take it out and break into the 1260s
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #399
  • Jun 18, 2010 9:46am Jun 18, 2010 9:46am
Quoting XTrade
Gold testing the high looking to take it out and break into the 1260s
Yeap it popped 1260. That is decisively higher.
I think "they" are losing their grip on gold and the market has got its way.
So much for China's public stance on gold!
If it follows the push up like at the end of the May it could make 1280 with bottom end of the range maybe 1235 -40 ish but that seems a bit much for now.

I am only looking at the previous rises and how they panned out.
No-one knows for sure but

the trend is up - the trend is up.
  • #400
  • Jun 18, 2010 10:11am Jun 18, 2010 10:11am
pff, jumped out at 57.5 hoping to get back in, missed a potential secondary move.

I thought maybe it would make it back to 55 first. What is the consensus on where it'll peak today?
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