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

good numbers in US, Trichet is signaling higher interest rates (huge spike in EURUSD)

we are going down... the question is: for how long?

i'm long from 1425. Small position as i think we could drop some more yet.

i missed the spike down to 1420 which is where i planned to get long from.

see what happens over next few hours if it follows the trend line i will add in the rest, if not i'm keeping a tight stop.

Daily rsi divergent so i'm a little concerned in the short term, we may see 1410 again if oil keeps falling. but i'll add in again at 1410 if we revisit.

GC looks to be still in a short term downtrend - am thinking about another $10 or so as that would take it to the LP of the fork I've previously posted - but watching to see what happens after the fix.....want to see a break of the downtrend before looking for longs.

beeb

We are approaching the bottom of the current channel.

I put a buy limit in. The dollar is getting a little play today.
Tomorrow it should be crushed. We'll see.

Euro exploding this AM after Trichet comments.

If we break the channel I MAY take profit and decide what to do with my order afterwards.

I will anticipate more sideways movement if the channel breaks.

Higher Euro = lower USD = Higher Gold.

One way it could go.

Crude prices holding above $100 level and Brent holding $114 level with some movement back higher in last hour or so.

Come on the bulls.

I don't think it's that simple. Higher interest rates for EUR and GBP mean that the economy may be recovering - the market may take more risks and leave gold aside -> XAU goes down.

Another way to understand is: those folks will have to increase rates because the FED + investment banks flooded the entire world with money and that's the only reason for inflation (I could see Hayek smiling at me right now ). The inflation will affect the gold rates as it will affect everything else -> XAU goes up, until everything collapses (new crisis)

We may have a mixture of both as well. In this case, we may get locked inside a range, unless the FED decides to keep printing USD and kick XAU up again!

Just some thoughts.

I have taken a very small long at 22 SL 09, No PA for me but there is the 1418 level. time to see.

good timing

i hope.

No Gold is not that simple, yet,

Just because some countries may or may not raise rates, does not mean we
as a global community are anywhere close to repairing the jobs market, and all the other damage that has been done through the recession and various financial crisis' around the world.

Combating inflation may bring the price of gold down a bit but as you said it's not that simple.

Today's Gold price has far more factors driving it than inflation and a weak USD.

i believe inflation takes some time to work it's way into the system therefore with rising commodity prices there is far more inflation yet to come....

beeb

edit- its actually buy at 1421.08. my mistake. if it were to close below 1418 on the 4hr i would probably just get out. its supposed to be my week off!

Nice hourly 2 bar reversal. That will keep me in. Question is, do i add the rest on a 50% retracement. Questions questions!

look at the history of price spikes and reversals around nfp. conspiracy theorists would reckon that is evidence of the cartel hitting the market.....personally am playing it very canny for the rest of this week...

beeb

Beeb, good idea. I'll do some back testing.

Hi Guys, I am looking for feedback on work I am doing on fib timing. The red marks on the chart represent clusters of timing signals when they turn green they coincide with bollinger band contraction. This indicates a change in the market to tighten stops or look for an entry trigger.

What do you think?

Here is the same work for silver

pending long filled at 1414.
lets see what happens...
careful traders; money management is vital.....

good luck for all

Stopped out at 1414. If i had stuck to my original plan i'd have been OK. Lesson there.

now glad i did'nt add more in at 1422.

I'll now wait for PA around 1410. but i won't be surprised if we see 1400 again soon.

Hope you had better luck highlander2.