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

  • #861
  • Jul 6, 2010 9:18am Jul 6, 2010 9:18am
Welcome,

Gold is coming off a bit this morning as other commodities recover,
yet the PMs are not doing well and we are in corrective phase.

I maintain my aforementioned levels. We have broken thru tech supports at the 1197 area, buying has been light and many wait for a better price to enter.

The next strong support area is 1168 where another TL hits horizontal support.


I am still short off 1209. US banks are back online. Notice how after the US stock Market opens at 9:30 the prices start flying!

Long On GBP looking for Eur Setup and Short Swissy





Quoting priceaction
I was stopped out at BE yesterday but I've shorted again today at 1211.05.

The same weekly chart & 4 hr wedge applied.

Rob
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #862
  • Jul 6, 2010 9:25am Jul 6, 2010 9:25am
I don't think we will test 1225 here look for setup off bounce of recent PA if presented.

perhaps 1196, if not in and price tests this area and is rejected - possible entry here. Yet, if price falls fast just jump on for a scalp, beware of whipsaws though

Quoting jimobiwan
retest of 1200 in asian session. yen back to challenge 88 (now at 8795), nice bounces in asian bourses, aud, nzd, eur, gbp.

50% fib of recent down from Hx high would be 1230.

Will long from below 1180 or look for a short set up first at about 1225 which is

 

  1. 55ema, 200ema cross on 4H and
  2. at the limit of a day range from today's low and
  3. 61.8% fib from H of last break low (1243)

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #863
  • Jul 6, 2010 9:34am Jul 6, 2010 9:34am
Looks like this move has lost some steam.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #864
  • Jul 7, 2010 1:23am Jul 7, 2010 1:23am
Waiting to go long @ 1180
  • #865
  • Jul 7, 2010 7:59am Jul 7, 2010 7:59am
Quoting auther
Waiting to go long @ 1180
looks like we have good support at the 1185 area

Back to bull ?
  • #866
  • Jul 7, 2010 8:02am Jul 7, 2010 8:02am
Quoting auther
Waiting to go long @ 1180
Hi Auther,

Whats your read of the MKT today?
I have no enemy; I make Incautiousness my Enemy.
  • #867
  • Jul 7, 2010 8:10am Jul 7, 2010 8:10am
Quoting jimobiwan
Hi Auther,

Whats your read of the MKT today?
I hope this would sum up a bit, found it on reuters
Attached Image (click to enlarge)
Click to Enlarge Name: Gold.jpg Size: 32 KB
  • #868
  • Jul 7, 2010 9:33am Jul 7, 2010 9:33am
Damn! Just missed the bounce off 1185... Now we are at 1196!

Long on GBP and short on Swissy
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #869
  • Jul 7, 2010 9:40am Jul 7, 2010 9:40am
Quoting XTrade
Damn! Just missed the bounce off 1185... Now we are at 1196!

Long on GBP and short on Swissy
I took that long

ID: 6429191
Deal opening date: 07-07-2010 12:19
Buy currency: XAU
Sell currency: USD
Amount : 10.00 XAU
Rolling until: 14/07/2010
Deal rate: 1185.86

But Booked Profit too Early

Your Day Trading Deal 6429191 has been closed.
The closing details are:
Closing reason : By User
Closing rate : 1187.46
Deal opening date: 07-07-2010 12:19
Profit: 16.00 USD

Too Bad...
Shorted now @ 1196
  • #870
  • Jul 7, 2010 9:47am Jul 7, 2010 9:47am
Quoting XTrade
Damn! Just missed the bounce off 1185... Now we are at 1196!

Long on GBP and short on Swissy
From your experience, at what price might there be a bunch of sellers who will cut their shorts and rocket the price?
I have no enemy; I make Incautiousness my Enemy.
  • #871
  • Jul 7, 2010 10:04am Jul 7, 2010 10:04am
Quoting jimobiwan
From your experience, at what price might there be a bunch of sellers who will cut their shorts and rocket the price?
Gold has hit a supply zone.
Potential sell-off again.

Rob
  • #872
  • Jul 7, 2010 10:25am Jul 7, 2010 10:25am
I am looking at this (see chart)

If this area goes we may see further correction.

Gold has been on a tear and correction is necessary to resume trend.
Even further correction of $150 down will only bring Gold to another longer term Trend line and support which comes in around 1050.

Quoting jimobiwan
From your experience, at what price might there be a bunch of sellers who will cut their shorts and rocket the price?
Attached Image (click to enlarge)
Click to Enlarge Name: XAU_DAILY_TL_1168zone.GIF Size: 22 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #873
  • Jul 7, 2010 11:03am Jul 7, 2010 11:03am
Quoting XTrade
I am looking at this (see chart)

If this area goes we may see further correction.

Gold has been on a tear and correction is necessary to resume trend.
Even further correction of $150 down will only bring Gold to another longer term Trend line and support which comes in around 1050.

Thanks for that.

Counting the down days, this is about the number of days where the xau would normally stage a bounce to establish a range for sideways action.

Plus we are under the lower BB for the second day and if we close about here, the day candle looks like it might be a doji which could turn into a morning star tomorrow.
I have no enemy; I make Incautiousness my Enemy.
  • #874
  • Jul 7, 2010 11:37am Jul 7, 2010 11:37am
Looks like gold wants to test 1200 here.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #875
  • Jul 7, 2010 11:57am Jul 7, 2010 11:57am
Here is some Commentary
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #876
  • Jul 7, 2010 12:42pm Jul 7, 2010 12:42pm
while many markets are going up, JPY is just sitting there at 87.

What might this portend?

I am under the impression that JPY reflects risk-off.
I have no enemy; I make Incautiousness my Enemy.
  • #877
  • Jul 7, 2010 1:16pm Jul 7, 2010 1:16pm
China's State Administration of Foreign Exchange (SAFE) affirmed its commitment to U.S. government bonds today, according to Reuters: "The U.S. Treasury market is the world's largest government bond market, and U.S. Treasury bonds deliver fair good security, liquidity and market depth with low transaction costs. The U.S. Treasury market is a very important market for China."
They also rejected gold as an alternative:
"It cannot become a main channel for investing our foreign exchange reserves," the agency said, noting the size of the gold market was limited and prices were volatile.
It's ironic how gold's scarcity hurts its chances as a reserve.
Thing is, even a small additional allocation to gold by China could have a large impact on the gold market. For example, just increasing gold's share of Chinese reserves by 1-2% could double the amount of gold China holds according to Reuters (from 1,054 tonnes now). So it's not like gold investors need much of an additional commitment from China in order to feel bullish.
The problem so far has been that China has mostly bought gold off-market, either through the IMF or by acquiring the metal from domestic producers, whose production has been growing rapidly.
The government seems too savvy to simply walk into the open market and buy in volume. Thus if you're wishing for a large China impact on the gold market, it would probably have to come from private Chinese investors.
  • #878
  • Edited Jul 8, 2010 1:37am Jul 7, 2010 6:38pm | Edited Jul 8, 2010 1:37am
I would like to take a moment to give the same thanks back to the Gold traders that frequent this thread.

You guys are the reason I continue to write and update with commentaries daily.

You know who you are! (We are a small but growing crowd here!)

I am now looking into trading Gold futures and I am on a demo (futures).
More margin is required, yet you can kiss "re-re "re-quotes good."""""BYE!"

So thank you fellas,

XTrade
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #879
  • Jul 7, 2010 6:49pm Jul 7, 2010 6:49pm
Banner day for Gold i'd say,

Further to say a bounce from 1185, to 1194 caught here by Auther, I believe,
Next, it was CLEAR in price action we were going to at least test 1200.

so here are the Non- market maker stats for the end of the day on SPOT GOLD NY......



Next- My trendline and support analysis came in thru a range of 1168 to 1175 for TL bounce. Yet, we MAY or MAY not hit this level.

Looking at the chart again with clear trendlines we had a bounce here.

SO - For the trader. Look for either of these two tonight, yet tomorrow's LDN / NY trade cross is the session to be in. Gold is USD based.

Below 1195 look to test 1184. Breach here will signal short to test 1168/74 area.

NOW above 1200 Psych level may renew confidence in traders and could be the last opp for specs large or small to ride the next $100 move from 1200 to 1300. This will take a THICK SKIN and PATIENCE>

Rely on the basics for setups

MA's, Higher Time frames, and the main factors Price Action & Support and Resistance mixed with TLs and FUNDAMENTALS!
Attached Image (click to enlarge)
Click to Enlarge Name: nygold.gif Size: 10 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #880
  • Jul 7, 2010 9:39pm Jul 7, 2010 9:39pm
Looking for GOLD to close above 1211/15 area tomorrow based on PA from MiXed markets, with a focus on the 8:00 am to 1:30 session.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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