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

Yet, still inside the wedge form,
Be careful here, sit out if not in until confirmation.

I am working on getting the chart up --- a bit tied up At The Moment

Looking north again

NO more 1m chart watching I can't help it though when the PA is this tight
$1.50 range is CRAZY~!

Pattern should produce bullish breakout yet, anything is possible and the relevance of "stock" chart patterns has yet to be conclusively decided on FX.

One more technical resistance @ 1241 to go for upside move.

BREAKOUT AND THRU!

Quick chart.

I realise that buying/selling come in waves.
It is probably my ignorance of Wave Theory but I am sceptical.
I saw a thread this guy started on the Factory for Elliott wave.
His first trade was a winner.
Then he lost and lost.
Now he may have been a bad technician. That is very possible.

I look down the chart.
I see there was a correction at the tail end of 2009 - was there a specific reason?
XTrade do you know of any reasons or not for the dips.
If there were specific events like central bank sell off, or something specific. This would put some doubt on the dip coming "out of the blue"
There were identifiable reasons we can understand.

any longs out there finding today a bit of a headache? That said, last time i cut a position for that reason i missed that 25 point drop. Im waiting for it to limp upto 52. Not sure what is likely short term after that.

"The support mentioned yesterday (1233) held very well through the session and our clients were continual buyers every time we dipped under 1235. There is minor resistance at 1242/45, which may bring out some profit-taking, but short-term longs will probably remain in place, as long as we remain above the recent bullish trend line (now at 1234)." - BOA

i got stopped out at 38.6, i thought that bounce of 46.5 looked iffy, i should have taken my 7:10 profit. What a pain, now watch it bump against 35 then continue higher.

Think this is the start of a long fall. Bought HGD yesterday, so I hope so.

Yeah that is what it looks like now. I have no feasible entry point though. Sidelines for the rest of the day now.

Alright then... 15$ fall..

Took long @ 1232...

Unwillingly tho...

Whats your positions guys...

I am in the same position what is this all about any news?

My bad...

Its already @ 1226

Its fallen below the TL on a 4H Chart...

Looks like this is gonna be painful

I won't say anything. But it was, pretty obvious. That is 23 straight winners. All based on a system that is almost as simple as buying low and selling high. Not quite, but pretty close.

Hey guys there are rumors running around Fitch has downgraded France,

If it turns out to be true then it is good for Gold...

TL are meant to be broken and made once again
that is not much of importance (atleast to me)
long at 32 and will hold on ....

overall gold is bullish

it's the same mechanism at that other day's spike, it will go down even more to hunt stop losses and gather momentum, might be a few days, so hold on till it goes up.


I have a long @ 1230 and will not let it go this time.

FOMC downgrade of outlook seems supportive of Au.

I was out all day today.
I put a short on oil and the Dow last night.
Both triggered and I am in profit on both - especially oil.

The Dow is lining up for a hammering.
It is overbought.
The was a big bearish pin bar coming off resistance.
There was divergence until it started to come down.
There is the right shoulder of a head and shoulders forming.
It is lining up to tank.
Oil has followed the major indices so it was in for a hammering and it too had a pin bar on.

I am really pissed I missed a really profitable short on silver - 100's of pips lost.
No good getting mad. I made profit today.

I am not in gold at the moment.

Price came down hard onto 1230 and was firmly rejected.
On the daily this level there is confluence with the 25 ema on D1 and 150 ema of 4H. These acted as good support.
On. D1 there was a BEOB (bearish outside bar) on 21.6.10
This broke low today.
The bullish trendline of the last month has been breached to the downside by today's current candle - it is not complete so I cannot say the breach is by the body as yet.
The rejection of the bearish move earlier today was rejected off 1230.
We are at a cross roads. I wouldn't take a long position right now, but it is not clear if a pull back is imminent.
If price were to move through 1230 then 1220 would be the next target.
There are several recent candle lows sat there indicating a significant number of buy orders sat under/at this price preventing further movement down.