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

  • #501
  • Jun 22, 2010 5:25pm Jun 22, 2010 5:25pm
These are my primary Gold trading tools

1. Fundamentals (HAHA #1 is not even TA! Fundies are the most important for underlying structure and future direction) All fundi suggests higher gold rite now IMO
2.Price Action and VOLUME
3. Support and Resistance - Use Higher TF for more valid S/R always h4+
4. Moving Averages
5. Trendlines (although they can be negated by time and range, when trending nicely they can help for entry) longer term they help establish supports and resistance.
6. FEAR! Fear can move market's wildly! Like the DOW sell off.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #502
  • Jun 22, 2010 5:43pm Jun 22, 2010 5:43pm
Crap!

i JUST MISSED MY ENTRY!

There was a small gap and it was filled 250 pips

bounce off 1238.75

OK as of now I am looking for 1240 to break or the price to come down.

J- you are long already,
Six, any positions? Or thinking of putting something on?

The PA so far has behaved exactly as I thought. No further fall today is a good sign, and a rangebound sideways move for a day with gain in ultimately.

Now looking to get in and have some explosive buying hit in the upcoming sessions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #503
  • Jun 22, 2010 5:48pm Jun 22, 2010 5:48pm
My trading tools are on two levels.

The underlying premise is the fundamentals for gold are extremely strong.

As these are strong the trend is up and it will continue up until something drastic happens.

This is a given, so I can almost forget about this level. I am a technical analyst so even thinking about fundamentals is bizarre. Many of the people I know have not a clue about fundamentals and aren't bothered either.

The trend line is key we are in an uptrend.
It is necessary to keep redrawing this are we are not in a linear trend.

Price patterns are important to me. I notice patterns in the candles, that price moves up the trend line in a cycle of bullish and bearish candles.
We look like we are ready for a bull phase of the daily chart candles. Could be another all time high.
Like I mentioned before we are likely to be breaking all time high after all time high.

I think if you learn about pin bars and the inside/outside bars you will have covered all you need for gold.
You don't need macd as the trend is not changing. The trend simplifies life.
  • #504
  • Jun 22, 2010 5:52pm Jun 22, 2010 5:52pm
Quoting XTrade
Crap!

Six, any positions? Or thinking of putting something on?
I want price to come down some but I know that is unlikely - I should have been in early today or yesterday but I was travelling and did not have internet.
  • #505
  • Jun 22, 2010 5:56pm Jun 22, 2010 5:56pm
Actually you do know about fundamentals,

In your last two posts, you have outlined some of the key fundamentals about this upmove, - the banks printing mass money, fiat currencies issues,
the tangibility, the investors, the mining, etc these are all key.

See you are a fundamental analyst and didn't even know!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #506
  • Jun 22, 2010 6:19pm Jun 22, 2010 6:19pm
Quoting XTrade
Actually you do know about fundamentals,

In your last two posts, you have outlined some of the key fundamentals about this upmove, - the banks printing mass money, fiat currencies issues,
the tangibility, the investors, the mining, etc these are all key.

See you are a fundamental analyst and didn't even know!
I find the fundamentals of gold and silver fascinating.
I like to know a tiny bit about the fundies of currencies - it reassures me but truly most of the people I know next to nothing and do not intend to learn.
They are unconcerned why a pin bar formed - just it is a signal to buy or sell.
  • #507
  • Jun 22, 2010 7:12pm Jun 22, 2010 7:12pm
I am no conspiracy theorist but there is part of me that does feel their is something artificial outside the realm of supply and demand holding prices down...I know it isn't the best barometer but everyone I know is buying gold & silver etf's or the actual metal I have ordered some and there are constant back orders not even to mention the constant blasting of commercials selling or buying it... part of me is saying everyone is in this so it generally seems to be a signal to get out... then a take a short position and and poke around the internet reading articles etc... and I watch the position like a hawk because everything seems to point up!
  • #508
  • Jun 22, 2010 7:34pm Jun 22, 2010 7:34pm
The financial talk will speak about "everyone being in"

The truth is the vast majority of the "Average Janes and Joes"

Don't know you can even buy gold online, could really care less,
and are not.

What those who do not look at Gold as investment,
Do is go to Cash for Gold and get robbed at 30% of spot thinking they got a good deal.

It is never a bad idea to own physical metals as investment if the buys are timed correctly.

If you take a dip - so be it, you are not selling in the next five minutes.
PM me if you want some dealers.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #509
  • Jun 22, 2010 7:36pm Jun 22, 2010 7:36pm
1240 wants to break and is proving to be a tough nut to crack.

We may need a dip lower to attract buyers and break this line.

A good example of Support now resistance working for you.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #510
  • Jun 22, 2010 8:45pm Jun 22, 2010 8:45pm
Hi Xtrade

I don't trade Gold but here is a daily chart .
Attached Image (click to enlarge)
Click to Enlarge Name: Gold D 6.png Size: 47 KB
  • #511
  • Jun 22, 2010 8:56pm Jun 22, 2010 8:56pm
T- Thanks for the chart, I have this theory in mind now as well. We may see a correction after the next high. To what extent is not determined yet.

What is the system you are using for this pattern Elliot wave?

--------------------------------------------

ON another not

FORMING bullish wedge on Gold chart.
We should see a break of 1240 tonight.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #512
  • Jun 22, 2010 8:59pm Jun 22, 2010 8:59pm
Yes , I use elliot and Gann.

Quoting XTrade
T- Thanks for the chart, I have this theory in mind now as well. We may see a correction after the next high. To what extent is not determined yet.

What is the system you are using for this pattern Elliot wave?

--------------------------------------------

ON another not

FORMING bullish wedge on Gold chart.
We should see a break of 1240 tonight.
  • #513
  • Jun 22, 2010 9:02pm Jun 22, 2010 9:02pm
I like testing the Gann fann with fibos for potential targets.

I don't follow EW for Gold for 2 reasons.
One I don't know the system well enough and
2 there are stong opposing sides for both for and against EW for Gold.

THings definitely move in waves and I find the system interesting.

Oddly enough we just had a discussion on how TA can be less reliable in Gold than in currencies.

Please feel free to hang out here when and if you are interested in trading gold.

Quoting tazzam72
Yes , I use elliot and Gann.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #514
  • Jun 22, 2010 9:06pm Jun 22, 2010 9:06pm
I trade all pairs VS USD any good set up I jump in , I will watch Gold and see .



Quoting XTrade
I like testing the Gann fann with fibos for potential targets.

I don't follow EW for Gold for 2 reasons.
One I don't know the system well enough and
2 there are stong opposing sides for both for and against EW for Gold.

THings definitely move in waves and I find the system interesting.

Oddly enough we just had a discussion on how TA can be less reliable in Gold than in currencies.

Please feel free to hang out here when and if you are interested in trading gold.
  • #515
  • Jun 22, 2010 9:11pm Jun 22, 2010 9:11pm
tazzam,

See if this works for EW and gann

GOLD
1240 now,
rise to 1300 / 1350

correction 1250 1180 1060

Rise 1080, 1120, 1180, 1240, with dips to 1500
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #516
  • Jun 22, 2010 11:25pm Jun 22, 2010 11:25pm
If you would like to read a bit while we range.

http://www.oilngold.com/analysis/com...2010062213234/


On Barrick and output

http://af.reuters.com/article/tanzan...+News)&sp=true

I tend to like Jim Wyckoff,
simple charts, straightforward, etc. Precious Metals charts futures.
http://www.kitco.com/reports/template_jimw.htm
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #517
  • Jun 22, 2010 11:32pm Jun 22, 2010 11:32pm
I used to hang with Anthony Munck, son of the ceo. And I set up my best friend with Peter Munck and his wife Melanie, to teach them tennis at 6am. I couldn't get up at that time to save my life, I outsourced it.
  • #518
  • Jun 22, 2010 11:50pm Jun 22, 2010 11:50pm
Daily gold Gann / Elliot

Quoting XTrade
tazzam,

See if this works for EW and gann

GOLD
1240 now,
rise to 1300 / 1350

correction 1250 1180 1060

Rise 1080, 1120, 1180, 1240, with dips to 1500
Attached Image (click to enlarge)
Click to Enlarge Name: Daily GOLD 10.png Size: 42 KB
  • #519
  • Jun 23, 2010 12:32am Jun 23, 2010 12:32am
We should have a breakout coming soon...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #520
  • Jun 23, 2010 12:52am Jun 23, 2010 12:52am
Looks like we "may" take a dip here.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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