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

I have shorted @ 1259 assuming there would be some profit booking in the remaining hours of the week

SL @ 1265

Wish me luck

There has to be some profit taking by the end of the day... who would want to leave all those pofits sitting all weekend


I shorter XAG/USD @ $19.20

You guys are playing with fire.

The next targets are 1275 and 1300.

My plan remains the same next week. Buy dips, look for chart patterns and Identify profitable setups for longs.

and the retracement xtrade?
im with 5 shorts... im fucked
near MC

What is MC

and what are your entry points for those 5 trades...

Man you are

This looks like one of those fridays that produces one of those brutal opens where the trend continues relentlessly with few spots to make a confident entry.

I feel i may have missed the boat for the second leg.

MC is margin call

1250
1245
1242
1235
1230

Oh Man

My sympathies with you

what u think? close and buy with more lots to take money back?
im waiting for a retracement... cant to north forever, danmit...

There should be some retracement or sideways movement some possibilities are 1255/6 - 1243 - 1235 for small trades.

Any short opens you up the the possibility of being caught in a bear trap, where buyers are lurking, waiting to get in at a better rate.

This week has been solidly profitable for longs. Why trade against an intact uptrend for a few bucks instead of getting in for a long haul?

Trend is your friend!

In any case by all means short, Just be careful and have clearly laid plans before entering, otherwise expect to be burned.

Hmmm... Very tricky...

I believe it will come down a bit before end of trading...But you never know

I would just wait and try not to watch...

GL

I would NOT recommend taking on ANY new positions long or short On the last session of the Week before a weekend.

__________ In my next post I will show you the trade I have followed in and out all week____Not one short order on XAU placed.

i thinkk the retracement begins... lets see until will go down...

Price progression has a reasonable attempt at fibs.
The swing low to swing high is almost at 127%
It is Friday and there has been a really good push so profit taking will happen.

A lot of the institutional traders will push like hell to reach a level and when achieved will pull the plug.
A record high is such a time. We had a good retrace on the last big push in May.

I was reading calls 1300 for October - it is going to be worked up to 1300 but I can't see this happening in this "cycle".

It is interesting silver is still a long way off the all time high - shows what a rigged market it is.
You might say as gold climbs there is a delayed filter down to silver.
I am looking to short silver again when it peaks out. I miss timed it this time.
Then I will go long and stay there - silver is so undervalued.

The price of silver MUST go up a lot more.
This is not even open to debate.
Silver is a byproduct of other mining processes. Pure silver miners are losing money.
There is a massive imbalance in supply and demand - silver is running out, so the price has got to go up to make it economic to mine.
If miners can't make money there will be no silver - but we need silver ------> price goes ++++++

It is pure economics.

ok... In profit now... Will let it run till end of day... Or should i.... hmmm...

This might well be a good call.
I am just uncertain this is the top - gold is breaking records but silver spiked up to $19.81 when gold hit the record before - we haven't even got near there yet.

Couldn't resist... Closed it

Your Day Trading Deal 6366509 has been closed.

The closing details are:

Closing rate: 1256.48
Deal opening date: 18-Jun-10 15:37
Profit: 25.00 USD

I just checked the timing of the record high for silver.
I came a few days after the record high for gold.

So maybe there is a dealy - in which case there will be a further rise in silver and it would be prudent to wait before shorting it.

Finished all my selling of my holdings in SLTA. Went from almost .05 to .30.

The next big junior gold winner is smng, trading at .035. This is for entertainment purposes ONLY. Only bet your forex winnings. Lol. If there are any.