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

Also meant to comment that support and resistance obviously vary from timeframe to timeframe - whereas I'll close a position if it reaches resistance or breaches support on a 10min timeframe I'll probably let it run on a daily....

I expect to make more on a position on a daily chart than on a 10min one....

THis is true and not. (not geared to you beeb just commenting)

If you trade a 10 minute chart all day, yes if we are in a say a $20 usd range
the top and bottom S/R may hold for that day. Or not, but there should be no surprise when the 10 minute support is broken.

Yet go up to the H1 H4 and daily and your support and resistances are practically non existent.

If you want major support and resistances draw them on the daily chart using
a line chart. This will get rid of all the reaction highs and lows,

then drill down to the hourly and fill in the blanks with medium term or intraday support and resistances.

Just my take.

The rule of thumb is higher term chart = stronger S/R

But if you like try it. draw a S/R on a five minute, then look at them on the daily!

Silver 30 Year HIGH -

http://www.bloomberg.com/news/2011-0...st-unrest.html

G-20 Metals Outlook
http://www.kitco.com/reports/KitcoNe...B_outlook.html

Mining New Eldorado Gold Targets
http://www.miningweekly.com/article/...ons-2011-02-19

Xtrade - I agree with what you are saying and maybe I was being too brief

Talking GC - I tend to scalp 10min charts for a few bucks here and there - but I use daily charts for significant swing trades where I won't be bothered by a $20-30 move one way or the other. I don't get what you mean about support and resistance not being there on 60min 240min or daily - unless you mean the 10min resistance, in which case I agree.

beeb

"The goal in trading is not to be “right” but to make money. Everything else is noise."

It's a pity that my time is not enough to read all the other stuff... I didn't even finish Babypips yet

Talking about Babypips, I was playing with Fibonacci extensions on silver today. If I drew it correctly, the movement in January (from 31.13 to 26.36) will bring silver to 34.07 - that would be the 162% level. Personally I expect a smaller retracement before that, tough.

I don't trade trends, but slowly I'm getting convinced of this uptrend in silver. If it retraces to 30.50, I may enter some longs.

@highlander2: gold just had a correction in January, hit its resistance and is moving extremely slow, with many small consolidation periods. I don't expect a correction before the all-time high is reached again. I bet at a rally to 1465 and finally to 1507 (127% and 162%, if my Fibonacci draws are correct). Still, if you have such feelings, we all should be alert!

I'm watching "Pirates of the Caribbean 3". The initial scene made me think about the gold/silver traders



"Yo, ho, haul together,
hoist the colors high.
Shall they [the market makers] curse us,
never shall we die."

And the silver coin falls from the boy's hand. So inspiring

P.S.: I chose the German version. It's more dramatic

weekly area of interest
1402
1368
1333
slvr
33.26-64
31.00
28.32

mon.
bias for mon. up from 31.75-90.
33.26
31.75
30.60

gold
up from1377
1397
1377
1358
eye on 1370

The Asians starting this 3rd week of February with silver above 33$ and Gold at 1395, 5 bucks away from 1400. Let's see how this week comes out !

so much for gut feel!

I have exited my second third at 98, genuinely surprized to find it has reached here so soon, the bulls are firmly in control.

as for the last third- loking to gamble a bit, lets see how far i can let it go.

bounce noted @ 33.26 and 1397 lets see how 33.64 and 1402 responds and maybe a possible scalp.

Perhaps I should post this in the broker section but can any of you recommend a good broker to trade silver? Ideally Uk regulated and an ECN but doesnt have to be...also MT4 not important.

Many thanks

Hi. As i published gold forecast last week i am going to put this week forecast too i hope it is useful. Still i beleive Gold is going to follow downtrend for next months and it is in the entry zone but it is better to wait for forming technical signs to get into market. you can read the analysis below:

Good Luck.

Last Week:
=> Rising to 1391.66
=> Price entered into the sell zone as it was forecasted

Part of sell orders on 13/01/2011 at 1373.27, are closed on 25/01/2011 at TP2 with +43.65 $, some on 27/01/2011 at
TP3 with +59.27 $. Rests of them are on 15/02/2011 with no loss.

Analysis:
Rising according to valley at 1307.951 support zone
Rising to 1391.66 by break of 1366 resistance and 61.8%3 retracement Hence consolidation at 50%2 retracement during 5
days and WEMA (21) dynamic support
=> According to break of 1366 resistance until price is below #24 down trend current trend would be range bond
=> Until 1430.755 resistance is not broken, down trend resumption is expected

Important Notices:
RSI:
=> Curve is raised by break of #3 down trend and depicted down trend from DIV
=> It is getting close to beginning of the over bought zone

WEMA21:
=> Price is above WEMA (21)
=> Dynamic support against decline

Trading Suggestion is to “Sell”:
=> Price is in the sell zone -1380.756 to 1430.755
So traders should attention to technical parameters and sell indications to get into the market by sell orders. Alsosome orders could remain open with no take profit to reach long term targets.
Technical Points:
1. 1307.95 is valley on 28/01/2011
2. 50% retracement of 1423.77 to 1307.95 is at 1366. Also 1366 had been TP1. It is acted as resistance after breaking
3. 61.8% retracement of 1423.77 to 1307.95 is at 1380
4. #2 down trend is depicted from 1430.76 to 1423.77
5. 1430.75 is end of the sell zone which is peak on 07/12/2010
6. 1380.75 is beginning of the sell zone which is peak on 24/11/2010

Short term targets (sell orders on 13/01/2011):
TP1 (ignored) is at 1366.00 which is 23% retracement of 1157 to 1430.75
TP2 (closed with profit) is at 1329.60 which is valley on 17/11/2010
TP3 (closed with profit) is at 1314 which is valley on 22/10/2010
TP4 is at 1291 which is 50% retracement of 1157 to 1430.75
TP5 is at 1265 which is 61.8% retracement of 1157 to 1430.75
TP6 is at 1238.15 which is valley on 10/09/2010 and 03/09/2010
TP7 is at 1212.50 which is valley on 24/08/2010
TP8 is at 1157 which is valley on 28/07/2010
TP9: in break of 1157

Sell orders were set on 13/01/2011 at 1373.27 according to forming sell indications.

Short term targets (sell orders on 04/01/2011):
TP1 (closed with profit) is at 1366.00 which is 23% retracement of 1157 to 1430.75

Part of sell orders on 04/01/2011 at 1380.30, are closed on05/01/2011 at TP1 with +14.3 $. Rests of them are closed
on 10/01/2011 with no loss.

Short term targets (sell orders on 07/12/2010):
TP1 (closed with profit) is at 1361.60 which is 23% retracement of 1157 to 1424.20

Some opened sell orders on 07/12/2010 at 1401.76 are closed on 16/12/2010 with +35.76. Rests of them are closed
on 28/12/200 with no loss.

Old Targets (buy orders on 29/07/2010):
TP1 (closed with profit) is at 1180.80 which had been support since 19/07/2010 till 26/07/2010 and acts as resistance
after breaking on 28/07/2010
TP2 (closed with profit) is at 1212.50 which is the average of resistances from 05/07/2010 to 16/07/2010
TP3 (closed with profit) is at 1265 which was peak on 21/06/2010 and resistance on 28/06/2010

I don't have a clue what you're trying to say

Here's an update on the 20min GC Mod Schiff Fork with the A on 28th Jan

beeb

Hey Buddies!

Little party this morning!

Back above 1400 USD!


This will be the move to take out all the highs....

BY THE WAY US BANK HOLIDAY.

I'm surprised the EURO is not a bit higher this morning. a decent amount of positive news last night.

I would be careful putting on any major shorts. I do not agree with your graph either. we are 25 dollars below a new record high for gold.

The trend and demand is too strong to crumble and simply retreat what would be now on your graph.

We have already corrected and lower prices clearly rejected as of now.

Nor do the technicals support a reversal at this point, in fact the opposite
more a resumption of upward move.

Why do you believe the price is falling when it is clearly rising?

Gold =1400 above currently 1401
Silver= 33.47
Platinum = Pushing 1900 trading around 1850
Palladium = $862

http://www.kitconet.com/charts/metal...r-6m-Large.gif

I'm with you XTrade

Today should be slow it is a US Bank Holiday.

Crude oil lot higher at 90$(WTIC) right now , great move up !