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

Potential breakout looks like - i like what I see!

if it breaks clear of 1245 I'm hopping on it

that was a false breakout, not enough momentum, I'll stay out of the markets for now and hope for dips to the lower 1230's to buy.

pff, i would have caught the top if it werent for my pesky job. Jumped out at 42ish.

Always check the news around this time, some of these releases will cause gold to swing wildly

SAN FRANCISCO (MarketWatch) -- Crude-oil futures reversed to gains Wednesday after a report showed manufacturing in the Chicago slipping a tad in June but remaining at relatively high levels. Gold futures, which had held on to losses immediately after the Chicago purchasing managers index came out, also reverted to gains. Crude oil for August delivery added 50 cents, or 0.7%, to $76.43 a barrel. Gold for August delivery advanced 10 cents to $1,242.40 an ounce. The Chicago PMI declined to 59.1 in June from 59.7 in May. Readings over 50% indicate overall business expansion.

Now back where we started....

http://www.forexfactory.com/

I put on a buy stop this morning for 1245 targeting 1260 based on yesterday’s daily pin bar. Got triggered but not moved much – does this PA look good for a move up to 1260 in the next day or 2 or have I missed something?

This PA is so tight it's crazy-

There is a fibonacci pivot at 1241. but Gold is not really moving any lower or higher.

The current range is from about 1232 to 1245. (trading outside by a few $s)

I am in favor of a move higher. But we may be waiting till Friday for something substantial if the range does not break.

Looking for a close on lower TF at least above 1245.

Jobs data expected negative for NFP could help propel us out of this tight squeeze. A breakout is imminent.

JPY still in the 88s. Fear in the Market?

We dont normally stay down here for long. Tested 28FEB and 02MAY.

If it can be relieved, should see another lot of buyers in AU, AUD and NZD.

Although I hate trading in them, these twisting storms in the price action are fun to watch play out.

The only action we got today was news based. Remember that pivot? Look at the price.

Today was quarter end. So if you were a commodity pool manager or fund manager and had ok or losing gains except for GOLD what would you take some off the table of to post gains? Exactly that the only consistent payer. Gold. !

Tomorrow and later tonight we should get some sparks flying.

In reference to a post made about going long the S&P
with a stop at 25 i am posting this chart. Looks like that was another loser. Also amidst major market selloffs Gold has maintained it's position right below the all time high. If we are in for a correction it does not seem to be yet.

Also, this is a Platform that has real futures (not CFDs) and Forex ECN in one.

I am testing it out and so far very pleased.

There is commission, however you also get 1 pip or 0 pip spreads depending on the pair and the time of trade.

You can also see the liquidity and other standing orders. Allowing you the trader, to essentially be the market maker.

as one of the greatest multimillionaire traders in the World said in the book Market Wizards:

"my job is to make money, not predict market turns"



that is one valuable lesson for everyone of us.

True,

But as a trader we have to b able to look for the best "turn" in order to make money.

Currently looking for a better price perhaps in the 1238/5 to MAX 1225 support area to get long.

All GOLD positions square.

Are you expecting it to break the 1H uptrend line? I've noticed gold coming down with the currencies and main markets? I'm a bit nervous with my longs. Have 2 in profit.

I guess I've been hanging on watching the currencies and MM come down and hoping fear will give our gold a kick start.

No, not as of yet.

It is very surprising gold is not up today, BUT, when you couple Weak oil, weak copper, equities uncertainty, we get risk aversion, add the end of the month and Quarter on the same day, proceeding a market moving release on friday
and we get range.

Gold is still assuming risk although it is considered "safe" by many.

So in essence of the afformentioned to see Gold stay this strong (in a tight range JUST below the all time high) with all sorts of turmoil, is a positive sign.

Correction is always a possibility. Yet it seems the majority want to own gold paper or bullion.

What we have here is sort of a Mexican standoff.

If the longs breakout the shorts will hit and push down. If the shorts breakout the longs will likely slaughter them. Everyone loses. So we range.

Fundamentally, Gold is still king. Technically, the bulls run the chart, yet correction after such an impressive run is possible, unless the bulls begin to flex some muscle. It will be news and headlines that drives this not charts.

We have room to expand and room to correct.

Suggestion:
Hold your longs and place stop at a logical spot where if they are hit, it will not affect your account.

So you can see it more clearly, none of the wicks below the TL on H1 or H4 are "that" important.

They are in the sense of Highs and Lows.

Yet if you want to see where the price went and settled, creating firmer supports and resistances AND bounces, switch to a line chart.

Tell me the difference after.

Thank you - your explanations are clear and make sense. I changed to the line chart and see clearly a tight range - very little movement. I do see a wedge for breakout in either directions. (1H) Am I missing something else?

Ah you mean 1239.7 being support?