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

hi

we are expecting some downword correction in the current possition of gold it cold b some near to 1380

I hope it will fall even lower, id say arround 66 mark. I would buy some there

End I hope !!!!!! to buy there...

Guys, don't always count on major corrections right now.

I looked AGAIN. For the 5th or 6th time at the potential head and shoulders on the daily and EVERYTHING is wrong.

On the SPOT or "XAU/USD" gold price the volume does NOT support the pattern,
nor does the Price Action now.

The right shoulder is non=existent as of yet, thus there is no neckline, yet rather trendline support along with multiple Moving Average (MA) supports.
AND horizontal resistances now turned supports.

The $100 USD correction has come and gone. I am looking for new highs and thinking about potentially looking for a monthly position trade depending.

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Now, on A different note, Gold has been moving UP,
A. It has moved upwards with the USD (past couple days - we have seen this odd correlative structure before when the EUR tanked into the 1.1s.
B. Gold has moved UP while the USD falls and the EUR rises as well, seen in today's price action.

So, we can deduce,
a. a very weak Euro may create higher GOLD. (As we have seen in the past)
b. weak USD is customary for Higher Gold. (As we Know)
c. Gold cannot be tied to a correlation of currencies at all times. It will go where it needs to and usually looking at other PMs and Commods like oil, silver, platinum, etc. can lend a better barometer of where the P O G (price of gold) may go.

So gold will have new high?
Where is the target?
It will go up to 1400-1424-1468-1517?
I wonder....

Next LONGER TERM TARGET

$1500 USD

or as some may say holy $!%))

http://www.marketwatch.com/story/chi...teid=rss&rss=1

China gold imports headed for big rise


HONG KONG (MarketWatch) — China’s gold imports are on track for a sharp increase this year, with data for the first 10 months showing bullion shipments up more than four times amid rising interest among investors seeking out a hedge against inflation.
Bullion imported into China in the January-to-October period totaled 209.7 metric tons, compared to 45 metric tons in all of 2009, according to reports Thursday citing figures announced by Shanghai Gold Exchange Chairman Shen Xiangrong.
If current trends hold, China’s gold imports could rise nearly sixfold by the end of the year, according to calculations based on monthly averages.

I love you guys more and more each day )

My Gold H4 Analysis.

Check out Support level at 1381, 1370
Can consider Long around this 2 level

Gold is looking to recapture the psycho level 1400 on this current rally

This is EXACTLY the push through 1390 I was looking for.

Above 1390 / 1400 resistance is light.

Potential Resistances medium term to light.

1412 and 1423 areas

After that 1425/50

Good little short just happened... good little resistance at 1400 for the moment.

Can it be translatead as weaknes that it failed to toche 1400 mark ? twice on 3h chart. At least OANDA has high of 1398.4.

No cahnge for me anyway, wait'n for retrace to buy in. this is too high

It is profit taking a half hour before the FUTURES market closed.

This is not a big deal, some correction is always healthy, it $2 south of 1400 appx.

1400 is not really a big resistance level. It is far more psychological.

THe bigger resistances were 1383/13923 areas and 1422 now. The old high.
We may catch some around 1415.

All other PMs were up today.

Due to gold's role as more of a financial instrument it closed basically unchanged.

P.S. that is a HUGE move for PD - palladium

We can see that the price was only cents shy of 1400.

Silver touched 29 again. Longer term GOALS for silver are 35 USD and the big
FIFTY yes, $50.00 USD per troy ounce.

50 may take a two years...... When we get there. remember to post here;.

We have already touched the 61.8 / (1392.xx mark) of today's swing high and low.


I am looking for a new high this tomorrow.

BUT. tomorrow is NFP and it is usually unpredictable how the market will react.

If the number is low or even lower than the estimate we should see higher gold.

YET, on another note, Gold HAD BEEN trading in unison or "slight correlation" with the recent USD rise and EURO fall. Now that the USD is lower, Gold is rising alongside EURO. ---I prefer to Not correlate Gold to any specific currency these days, it seems gold has taken on a larger role as a reserve currency.

SO, basically be careful. If there is an upset in the jobs number we should see some sparks fly in both directions.

Silver will go up to 34,which is the next target.
For the long, it will be up to 100 US $.
Maybe it's better for us to trade silver.
It's Friday today.
Waiting for US Empolyment data.
What will happen ?
Christmas is coming.
How is the trader's phsychology?

Jobs disappointing for US. What A surprise!

Gold rockets! Euro UP - GBP UP - AUD - UP

Below the piercing of 1400 can be seen.

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