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

I'm in the USA, I currently use Thinkorswim for both forex and futures, but would be happy to open a new account elsewhere. Thinkorswim's forex is part of gain capital, but XAU and XAG are not offered.

THis move is likely to touch 1450 before any real correction.

I am going to take another look at the record highs and the difference in gain between the prior high to next while looking at size of correction after and see what I come up with.

It may take a bit.
.....

yes they do have a bit of a squeeze going on, let them buy as they take cover it helps with the momentum.
There trying to stay ahead of the curve with their big copper buy.
And yes, thats why countries are dumping dollars, what the fed is doing will drive it into the ground..
It is the USD going down that we see not so much gold and silver going up.

buy your food at todays prices, one day we will be thinking back to the good ole days.
there are those that talk of how the stock markets performing well, on the other hand aunt jamimah and uncle ben up in your kitchen cabinet out performed them.

I am tempted to short Swissy...

long on copper will produce jump in electronic prices...
they'' probably fuck up copper as they did with silver....
gold is behaving as usual before crisis...
the big finale: commodities bubble...

JP stole the Christmas, folks.

I didnt think of it but im sure your right as we look at the track record.

That's Great! Too bad I missed the trade. Anyone long?

COMEX is about to B U R S T!!!!

OK - I will be editing this post throughout the night if you are interested at all. refresh. Also* I have not forgotten about the volume and failed H&S explanation either. Hopefully I can get to that to.

I may have some time tonight for some analysis as aforementioned and to start.

We have made a new High in the (spot) Gold price in:
these #s are approximations.

October =.....1386.50 This High came Mid Month
correction = 70 $USD (7000pips)

November =...1423.85 This High came earlier in the month both before the middle.
correction = 94 $ USD (9400 pips) appx

December =...1428.30 This was today. First week very early opening up possibility of a nice swing this month.
No correction yet. THus there is likely a new high still to come and the fundamentals do not support much correction right now either.

So we want to stay on top of the swing and the potentials..

It seems this move has the capability to produce another high perhaps 1450 or 1500 before correction.
then if fundies and techs line up a healthy correction on to another high. Producing 2 records for December. Lets see how it pans out

Ben Bernanke is funny He's saying that he is not printing money

at the movies
http://www.realecontv.com/page/765.html

funny stuff, everybodys buying silver even the muppets.

, just tried another shot, short at 1422, after double top with tight stop.

I still hold my Long

Gold may breakout here

Thks XTrade

http://www.ritholtz.com/blog/2010/11/brodsky-on-gold/

yes. The only question is: in which direction?

The price is consolidating around $1423, so it doesn't seem to fall so easily and a breakout to the north is imminent. The press finally realized that California is doing as bad as Greece, so the speculators' focus may shift from EUR/USD to XAU/USD

By the other hand, some "big guy" may decide to take profit and bring the rated again below $1400

Unbelievable... for the second time there is a breakout while I write to this thread. New all-time high, here we go

OK. Sorry I didn't post the setup I didn't have time.

If you are familiar with the thread you'll know I like to play these symettrical triangles with Gold. THey always produce a breakout.

This one is perfect. They can go either way, but here you can see the triangle was broken once. Tested, consolidated slighlty, created a fractal at the intersect and broke out 500 pips so far
Here I left the indicators on. It is clear that the price and MA's get wound up like a corkscrew then Burst.

To answer the which way question, in the past they have been usually bullish for gold. at least the ones I post and play have.

ALso dips are being bought. Silver is @ 30 the PA did not offer correction after hours of range. This suggest no one is selling. Thus we can lean towards a north break. Also there is no news or fundie to support gold dropping right now. TA on a chart is not a valid reason for a correction in this market ATM.

The Gold bull is roaring right now on the way to 1500.

Next time I will make sure to post the setup.
X

What you can do with these if you are unsure of the break as such.

Place limit and stop orders (buy limit)above (sell stop) below
(so if it breaks north you get picked up and likewise if it is south. )
with a TIGHT stop on the other side. BUT not tooooo tight.

As you can see there were two breaks. If you do this kind of trade and get a false breakout which the first would have been if the pattern failed. you run the risk of getting stopped into the opposite side.