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

  • #1,141
  • Aug 1, 2010 5:39am Aug 1, 2010 5:39am
http://www.bloomberg.com/news/2010-0...nt-demand.html

http://www.kitco.com/reports/debbie_...goldfocus.html

Next week should be interesting, The weak US GDP helped propel the spot price up on Friday, we are still way above 1050 and almost through the
slow summer.

Possibility of another dip is there, yet, this will likely be reversed as a buying op for re-entry.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,142
  • Aug 1, 2010 6:09am Aug 1, 2010 6:09am
Quoting XTrade
http://www.bloomberg.com/news/2010-0...nt-demand.html

http://www.kitco.com/reports/debbie_...goldfocus.html

Next week should be interesting, The weak US GDP helped propel the spot price up on Friday, we are still way above 1050 and almost through the
slow summer.

Possibility of another dip is there, yet, this will likely be reversed as a buying op for re-entry.
Yes i am hoping for a retest down to 1162 or so. I notice the oversold condition on daily is relieved and we are still under the 20dma although we;ve been making higher lows and higher highs. Also the weekly is nasty.
I have no enemy; I make Incautiousness my Enemy.
  • #1,143
  • Aug 2, 2010 5:30am Aug 2, 2010 5:30am
Possible start of correction of this huge buy trend http://3.bp.blogspot.com/_LbKfbdL8RY...1%82%D0%BE.gif
  • #1,144
  • Aug 2, 2010 12:23pm Aug 2, 2010 12:23pm
Hello all,

Eur. GBP. CHF, Jpy, all rising against the USD.

spot Gold currently around 1185 coming down from test of 1190 and up from 1180.


If the USD continues to slip, this could help the price rise.

Yet, these rallies also may keep us from explosive movements.

Let's see how the day pans out. We need a close above 1200 in upcoming sessions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,145
  • Aug 2, 2010 12:25pm Aug 2, 2010 12:25pm
Holding above 1185 where we are now, should lend us further upward momentum.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,146
  • Aug 2, 2010 1:30pm Aug 2, 2010 1:30pm
I heard number of people on FF reccommend you for gold setup..But i see few replies from you dude..please be kind enough to help me NEWBEE out man..

i have short open from 1183.4 looking tP around 1178 and long stop below todays low....
Quoting XTrade
Holding above 1185 where we are now, should lend us further upward momentum.
We cannot direct the winds but we can adjust our sail.
  • #1,147
  • Aug 3, 2010 12:10am Aug 3, 2010 12:10am
Hello and welcome,

This thread has 1270 posts. I have over 1200 of which the majority are in this thread. So....

We are in a slow season for Gold right now.

I am happy to help you out.

BUT,

I have to ask, have you read the first post in this thread?
Or even the last 10 pages?

I know the answer.

And as many know me here, some may say, I am "generous" with my posts.

So, I ask you, if you are new to trading Gold and truly want to learn, why
should I answer your question, if you can't take the time to read?
Fair? I do this because I enjoy it.

Quoting posterboy
I heard number of people on FF reccommend you for gold setup..But i see few replies from you dude..please be kind enough to help me NEWBEE out man..

i have short open from 1183.4 looking tP around 1178 and long stop below todays low....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,148
  • Aug 3, 2010 12:13am Aug 3, 2010 12:13am
Your title is a complaint to me for what?

First off, you are scalping with that tight of a target.

If you want an honest answer Give me an honest reply.

Fair enough?

Like I said - happy to help, you need to take the first step.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,149
  • Aug 3, 2010 12:29am Aug 3, 2010 12:29am
In general. We are in another transitional, slow, light buying and selling interim period.

Indian buying may very likely have started already in small portions, yet I am waiting till' late August early September to see the sparks begin to fly again.

I have been a bit pre-occupied with the EUR/GBP/AUD/CHF rallies.

Gold has been trading in tight $10 to $20 ranges.

As of now it seems likely these rallies on EUR, GBP etc will continue and a weaker dollar is positive for US exports.

Yet, the weaker dollar & the potential returning catalyst for higher Gold will be likely the USD fall or the EU renewing troubles. (which seems to have gone out of the spotlight as of current)

Thus, we may track on to the inverse USD - Gold + correlation at any time.
AND at this time it may be appropriate for some current correlation studies and charts to be posted.

I should have some time tomorrow to work on these.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,150
  • Edited 2:36am Aug 3, 2010 2:32am | Edited 2:36am
Gold has a minor new trend-line working as of yet, from 1158 to current 1180s.

We are testing the a now.

Yet looking back at the chart, HOUR ONE. We seem to have hit a bottom area for now at around 1158.

One of my buddies who traded in the Gold "pit" at the CME always reminds me

"don't pick bottoms, you may get smelly fingers"

Great advice.

Yet I do trade on support / resistance with TLs and MAs. K.I.S.S.

Thus to apply both. Temporary support established, price looks healthy.
Yet slow. We are in a transitional period.
- I am neutral mid term, remain firmly bullish - long term,
& short term may place a trade off the TL aforementioned. long scalp if anything. if the TL is breached short.
Going to post a quick chart now below.
Thanks!
X
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,151
  • Aug 3, 2010 2:46am Aug 3, 2010 2:46am
WOW

Cable is on FIRE!

this pair is Cooking!!! Just take a look at the daily!

My 5800 target was overshot from low 7s to low 9s!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,152
  • Aug 3, 2010 3:33am Aug 3, 2010 3:33am
gold could reach 1132?
  • #1,153
  • Aug 3, 2010 6:28am Aug 3, 2010 6:28am
Quoting mistersimple
gold could reach 1132?
1132 is 61.8% Fib (H1271:L1045)

depends on your time frame. If talking about now, I dont see it in the short term.

I am expecting a bit of a fight around the 18dma. We stopped falling at the 50% Fib which is a big fat Fib and normally suspends a fall. we are now tossing around the 38.2% Fib but under the 18dma.

With slow seasonals, we are most likely seeing a establishment of a trading range and for a trend-trade need to see more evidence of a sustainable trend.

For now - Hit and Run.
I have no enemy; I make Incautiousness my Enemy.
  • #1,154
  • Aug 3, 2010 6:29am Aug 3, 2010 6:29am
if u look at the daily charts for the last 2 years, the number of times gold closes positives vs red, is about 5 to 1. Gold likes to go up and there's always many reasons its going up but not many when its going down. Unlike oil, cheap gold will always lead to very high demand.
  • #1,155
  • Aug 3, 2010 6:39am Aug 3, 2010 6:39am
been doing that last night ..One question for you if you don't mind by looking at your charts its at 88 now do you see it a up thrust or retrace and reload

Quoting jimobiwan
1132 is 61.8% Fib (H1271:L1045)

depends on your time frame. If talking about now, I dont see it in the short term.

I am expecting a bit of a fight around the 18dma. We stopped falling at the 50% Fib which is a big fat Fib and normally suspends a fall. we are now tossing around the 38.2% Fib but under the 18dma.

With slow seasonals, we are most likely seeing a establishment of a trading range and for a trend-trade need to see more evidence of a sustainable trend.

For now - Hit and Run.
We cannot direct the winds but we can adjust our sail.
  • #1,156
  • Aug 3, 2010 7:03am Aug 3, 2010 7:03am
Quoting posterboy
been doing that last night ..One question for you if you don't mind by looking at your charts its at 88 now do you see it a up thrust or retrace and reload

I am expecting a thrust up.

Yesterday we had a doji, today is an inside day so far. Under 18dma.

So gold maybe thinking "So what would really muck things up for people" and from the charts is for me to run up, break last break high at 1204 so people run to cover shorts, maybe even go to approach the next high which would be 23%fib 1218 then break down.

At the moment, in support of gold is Oil, EUR up. Going up would also relieve stos which are v low. And it would take out all those people who we tell Dont chase the mkt!!!

Has anyone noticed JPY - its in the 85s!
I have no enemy; I make Incautiousness my Enemy.
  • #1,157
  • Edited 7:22am Aug 3, 2010 7:19am | Edited 7:22am
would arond m5 200 ema which is at 1183 around ..stops below m30 ema 200 around 78 ..good call please yes or no would do......


I placed a buy order around 13145 dp euro and it missed it 5 lots stops below previous high 13110




So gold maybe thinking "So what would really muck things up for people" and from the charts is for me to run up, break last break high at 1204 so people run to cover shorts, maybe even go to approach the next high which would be 23%fib 1218 then break down.





At the moment, in support of gold is Oil, EUR up. Going up would also relieve stos...[/quote]
We cannot direct the winds but we can adjust our sail.
  • #1,158
  • Edited 7:30am Aug 3, 2010 7:26am | Edited 7:30am
Quoting posterboy
would arond m5 200 ema which is at 1183 around ..stops below m30 ema 200 around 78 ..good call please yes or no would do......
I cannot make a call for you. I can tell you what i do.

yesterday took the run from 1176 to 1188+ then did nothing

Today will not chase if it runs.
I look at the 30m, 60, 4H and Daily

I want a retrace to go long or i wait to short if it shoots up before a retrace.

I set a long at 1176 from about 9 hrs ago.

I dont look at the 5m or 200ema etc so i cannot offer an opinion but 83 is too close to PA for me to consider L.

Notice many things are just knocking about in a tight range. Now why is that..... : )
I have no enemy; I make Incautiousness my Enemy.
  • #1,159
  • Aug 3, 2010 7:34am Aug 3, 2010 7:34am
Personal income and spending both unch in June, missing estimates and Au....
I have no enemy; I make Incautiousness my Enemy.
  • #1,160
  • Aug 3, 2010 8:32am Aug 3, 2010 8:32am
JPY dives through 86 level again today following fall in yield on two-year notes to record low of 0.5301 on speculation that Fed will restart the quantitative easing program next week.(Action Forex)

could support gold.
I have no enemy; I make Incautiousness my Enemy.
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