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

  • #1,301
  • Sep 22, 2010 11:54am Sep 22, 2010 11:54am
I tried to post a long scalp yesterday but the site was down.

Deepak. There is talk of 1350 during this rally.

You may be ok on a scalp.

What I don't understand about people is this,
we are in the largest Gold Bull run in history and people are looking to pick off small shorts instead of looking for entries to go long. Why?

There is no sign of reversal, nor are there supporting fundamentals. Therefore the bull run will continue. 1350 before year end.

On the last dip to 1150 one could have started building a decent position for medium to long term. When we do hit 1350 that will be a 200 $ move.

Not to mention LOOK at SILVER!!! Record highs.

Where is everyone who called for gold to stop and reverse at 1265? not happening.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,302
  • Sep 22, 2010 11:58am Sep 22, 2010 11:58am
No not a bargain, yet, it will be more expensive at 1400.

I guess it boils down to what "ones" purpose of trading gold is. I still maintain, when in a massive bull run as we are now, buying dips will provide more profitable trading than, selling short for a few pips.

Gold has taken the top off 1265. we are primed to go higher.

Shorts are against the trend. Trend is your friend. By all means there may be a short, yet it is harder to determine right now. We have set 3 record highs in a week. So be careful picking a top!

Quoting fammira
no, it's just dollar weakness after the Fomc meeting

area 1298 - 1305 is an even better sell opportunity

we can't call gold a bargain at 1270 USD...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,303
  • Sep 22, 2010 12:00pm Sep 22, 2010 12:00pm
Quoting deepak79
I have short gold from 1285 so I want to advice of seniors.. now is 1292
hard to pick a top here, but I don't think we are very far

USD weakeness may continue for some time, supporting gold

note that gold is not making new highs against yen and euro...this means something

let the option expire (Sept. 26 and try to add or double above 1300 if we go there in the next days).
Don't hurry, by year end I think we should be below the previous highs at 1265

don't forget that every time gold makes a new high (the process can last for some sessions), an important profit taking retracement follows, I don't have reasons to doubt this will happen again

I am flat now but will short again above 1300 or after Sep 26
  • #1,304
  • Sep 22, 2010 12:07pm Sep 22, 2010 12:07pm
Quoting XTrade
No not a bargain, yet, it will be more expensive at 1400.

I guess it boils down to what "ones" purpose of trading gold is. I still maintain, when in a massive bull run as we are now, buying dips will provide more profitable trading than, selling short for a few pips.

Gold has taken the top off 1265. we are primed to go higher.

Shorts are against the trend. Trend is your friend. By all means there may be a short, yet it is harder to determine right now. We have set 3 record highs in a week. So be careful picking a top!
never fight the trend you are right

but I'd also avoid being long at current levels, you also know that when profit taking starts on a commodity, it's hard to stop it

I believe we could see more highs in the coming days and maybe all below 1300, but they will be good sell chances on for the medium term

just note that we are already 7 USD below today's high
  • #1,305
  • Sep 22, 2010 2:22pm Sep 22, 2010 2:22pm
By the end of the week there should be some profit taking. Light profit taking.

Prices are seasonally high. Indian buying is in full swing as well. Add all the QE falling dollar and financial market (global) / economic uncertainty, and we have just some of the main driving factors behind Gold's price.

It seems some forget that after the second attempt (just this summer) to break 1265, we corrected. The correction was appx $100 bringing us down to 1150.

Now we are back up, through the record and then some.
Gold can be extremely volatile during the LDN / US cross session and around news. It is just my advice to those looking for entries, to assess the trend, and not try to outsmart the market, by taking shorts in hopes of a reversal.

More often than not right now, the real money will come from longs.
Sure, catching a $30 swing south is great, yet why not look for the next $50 to $100 move North? Especially for those new to trading Gold.

Quoting fammira
never fight the trend you are right

but I'd also avoid being long at current levels, you also know that when profit taking starts on a commodity, it's hard to stop it
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,306
  • Sep 22, 2010 6:24pm Sep 22, 2010 6:24pm
SALUTE ...Iam one of those noobs have the shorts in play from 86 but at any price below 88 i shall clean the bad trade..

I agree with you ..
and end week profit theirs is also a contract expiry on 25 or 26 ...guess so


Quoting XTrade
By the end of the week there should be some profit taking....
We cannot direct the winds but we can adjust our sail.
  • #1,307
  • Sep 22, 2010 10:36pm Sep 22, 2010 10:36pm
I remember just a couple time ago silver 16-17-18... this is moving quick ! People are realizing that the US Dollar is trash and that fiat money are inflated...

Folks are understanding that gold and silver are money too
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,308
  • Sep 22, 2010 11:00pm Sep 22, 2010 11:00pm
"some" are, but my friend I promise you the "majority" are not.

Forget about what all these "bloggers" and "news talking heads" say
about gold being a bubble waiting to burst. The stock indiceis will burst. I will be still holding gold when this happens.

Metals are tangible, functional assets of real value, albeit sometimes distorted value due to manipulation by large banks.

How's this for an "I remember"

I remember in 2008 loading up on AG because it was down of a high in the "20 area, and spot for physical was about 7/8 plus a buck or 2 for premium,
so now, my stash has doubled in value.

Platinum dipped below Gold when it made it back up above $ 7 0 0 an onz TROY.

700 dollar gold... We have not seen 1000 since 2009.
700 dollar gold... Equals what will be soon TRIPLE your money.
You want dividends??? Sell a few Grams and buy baack on a dip. There are your dividends.

Gold cannot be printed out of thin air. Contrary to the ridiculous claims of some that used to post in this thread. Until they had to be given an "unwanted" vacation.

Welcome aboard bootlegger, nice sig.
X

Quoting Bootleger
I remember just a couple time ago silver 16-17-18... this is moving quick ! People are realizing that the US Dollar is trash and that fiat money are inflated...

Folks are understanding that gold and silver are money too
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,309
  • Sep 22, 2010 11:25pm Sep 22, 2010 11:25pm
Thx Xtrade
Attached Image (click to enlarge)
Click to Enlarge Name: eur.JPG Size: 65 KB
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,310
  • Sep 23, 2010 10:55am Sep 23, 2010 10:55am
Attached is monthly XAUUSD chart showing that price has nicely bounced off the 50 fib @ 1156. The Highs & Lows for this are 1265 & 1045. Minimum target imho would be the 138.2 extension @ 1348 before any major correction takes place.

DYODD before trading.
Attached Image (click to enlarge)
Click to Enlarge Name: gold-monthly.gif Size: 13 KB
  • #1,311
  • Sep 24, 2010 12:53am Sep 24, 2010 12:53am
How high XAU will go? Some analyst said 1330, the other one said 1350.
1300 is a psychologic price. If XAU touch 1300, will it free fall?
  • #1,312
  • Sep 24, 2010 1:24am Sep 24, 2010 1:24am
I think we're gonna through that 1300 whether there is a pullback at 1300 or above... For the moment, we didn't see any big pullbacks but just a pretty fairly upside trend growth. It seems like there is more upside potential...
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,313
  • Sep 24, 2010 2:49am Sep 24, 2010 2:49am
Silver 21.30... Gold willing to get that 1300 at 1295.8... Looks good
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,314
  • Sep 24, 2010 10:49am Sep 24, 2010 10:49am
This pullback is just profit taking after $1300 target. Potential to go up.
  • #1,315
  • Sep 24, 2010 2:18pm Sep 24, 2010 2:18pm
December Gold futures hit it first then spot followed.

http://www.kitco.com/images/live/nygold.gif

Not much profit taking here.

Next stop 1350 with resistance at 1325. We may see some pullback early next week. Nothing is certain!
X
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,316
  • Sep 24, 2010 2:28pm Sep 24, 2010 2:28pm
Welcome Bootlegger, Funny sig.

How is your "stack" coming along.

I may sell some physical silver this weekend. Just grabbed a bunch of Silver washington quarters last week.

THey are very cool.

Quoting Bootleger
I think we're gonna through that 1300 whether there is a pullback at 1300 or above... For the moment, we didn't see any big pullbacks but just a pretty fairly upside trend growth. It seems like there is more upside potential...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,317
  • Sep 24, 2010 2:29pm Sep 24, 2010 2:29pm
1300 is nothing more than psychological.

A longer term goal is 2500 USD per troy oz.

Quoting kandi
How high XAU will go? Some analyst said 1330, the other one said 1350.
1300 is a psychologic price. If XAU touch 1300, will it free fall?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,318
  • Sep 25, 2010 7:17am Sep 25, 2010 7:17am
Quoting XTrade
1300 is nothing more than psychological.

A longer term goal is 2500 USD per troy oz.
why not 50,000 ?


please be serious, I agree that there could be more upside on the short term, still convinced that all this upside will be a sell opportunity becuase the downside potential is quite much.

consider that on 2011 we'll be start talking about higher rates, also consider that on a day like Friday, with equities positive (though maybe topping on the short term...), EUR, AUD and GBP up 1% or more, gold did not actually gain much after making the fourth new high in three weeks.

as I explained, gold often retrace after new highs, it may still not be the case but this time it did not happen.
but when it will, this increases the chance that the drop will be extended...1295 to 1350 is a very good selling area to my eyes, and for sure not a buy at such a high levels.

remember what happened to oil two years ago.
almost the same, and for the opposite reason, could happen to gold
  • #1,319
  • Sep 25, 2010 10:23am Sep 25, 2010 10:23am

Trade with the trend!!
Look at the GOLD, the trend is up. While all the indicators are shown it will go down,reverse,4H or daily chart. If you see the MFI (6), it is about 100. RSI, so high. Still the price is going up.

Always remember, trade with the trend.
I cannot see the top, not yet.
  • #1,320
  • Sep 25, 2010 4:28pm Sep 25, 2010 4:28pm
Quoting fammira
why not 50,000 ?
Not 50K but certainly 5K in longer term is very possible.

Oil and Gold two different instruments in many ways, While oil price based on mainly real supply and demand, on the other hand gold price is based on speculation - greed and fear.

In any case I never base my trades on predictions or indicators. I just follow the PA in "Present Time" with the help of TL, S&R and MM.

If it's going up, why not just follow it until it hits the ceiling, rather than trying to predict a ceiling price. Before shorting, I'd prefer to see that solid ceiling first.
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