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

  • #3,581
  • Mar 15, 2011 6:35am Mar 15, 2011 6:35am
Quoting highlander2
Pretty much in a situation where anything can happen.

No idea where this is going, 1400 breaking could be pretty bearish, just have to wach and wait for a setup...long or short....
Yeah... some are shorting, others are adding SLs. One bigger short and all the stop losses will fall like a domino.
"The reason I was born and came into the world is to testify to the truth."
  • #3,582
  • Mar 15, 2011 6:41am Mar 15, 2011 6:41am
Quoting Dolph
I'm increasingly becoming a fan of trailing a stop on a relevant time frame and just allowing the market to take me out. This eliminates greed.
very right
  • #3,583
  • Mar 15, 2011 7:12am Mar 15, 2011 7:12am
closed for a nice 7000 dollar profit. That was fun.
  • #3,584
  • Mar 15, 2011 7:19am Mar 15, 2011 7:19am
ı keep drawing line to cut its path but seems ıt wont help

good luck
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  • #3,585
  • Mar 15, 2011 7:36am Mar 15, 2011 7:36am
Wow, overnight selloff. I have a buy that just got triggered at 1380...
not sure if I'll hold it yet. We could see further reactive selling.

http://www.kitco.com/reports/KitcoNe...3015JW_AM.html


"A.M. Kitco Metals Roundup: Comex Gold Sharply Lower as Markets Spooked, Investors Liquidating Assets for Cash
15 March 2011, 8:03 a.m.
By Jim Wyckoff
Of Kitco News


(Kitco News) -Comex gold futures prices are trading solidly lower Tuesday morning, as investors worldwide are focused on the potential for nuclear reactors in Japan producing catastrophic meltdowns. This high anxiety has caused most markets worldwide to sell off, save for U.S. Treasuries and the U.S. dollar index. Comex April gold last traded down $29.00 an ounce at $1,395.00. Spot gold last traded down $33.00 at $1,396.25.

Japan’s stock market dropped by around 15% at one point Tuesday and liquidity in many markets worldwide appeared on the verge of getting seriously tight. Japan’s stock market did rebound off its daily lows but was still sharply lower on the day. The crisis in Japan has spilled over into extreme uncertainty in most markets worldwide. “When in doubt, get out” is the old trading adage that investors are invoking Tuesday, as they move out of perceived riskier assets and into cash and U.S. Treasuries.

The U.S. dollar index is trading solidly higher Tuesday morning, amid the Japan crisis. It can be argued that the dollar index had been overdone on the downside recently and was due for a good upside corrective bounce any way, and the nuclear worries provided the greenback the opportunity for a short-covering bounce. Key for the dollar index is whether it can show that important follow-through strength the rest of this week. At present, dollar index bears still have the overall technical advantage, which continues to be an underlying overall bullish factor for the precious metals markets."
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,586
  • Mar 15, 2011 7:37am Mar 15, 2011 7:37am
stopped out 90
good luck
  • #3,587
  • Mar 15, 2011 7:39am Mar 15, 2011 7:39am
I'm staying in with a tight stop. Not enough to change bias.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,588
  • Mar 15, 2011 7:48am Mar 15, 2011 7:48am
Should make for an interesting day...

Pinbar forming. up 10 bucks off low...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,589
  • Mar 15, 2011 7:50am Mar 15, 2011 7:50am
Quoting LasVahGoose
I'm short from 1425 and looking at 1380 - 1365 for TP and reverse. Already at BE, so I don't care what happens now.
I thought it would take a few days to get to the 1380-1365 level... Crazy move today and U.S. session isn't even open yet.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #3,590
  • Mar 15, 2011 8:13am Mar 15, 2011 8:13am


Now waiting for daily reversal at support.
  • #3,591
  • Mar 15, 2011 8:16am Mar 15, 2011 8:16am
Fun is over for now. I have to go swimming with my kids. I want to stay for the US session but family first and it is has been quite a good day so far.

Some food for thought I posted previously about silver tops previously. I am ready with the shorts after a rally.

Silver plunged over 35% in just over a month, a mind-blowing selloff. And lest you think that’s extreme, it really isn’t for silver. Its average post-top correction ran about 30% over a span of less than a month and a half. Yes, under 6 weeks
  • #3,592
  • Mar 15, 2011 8:24am Mar 15, 2011 8:24am
Quoting Euroscum

Silver plunged over 35% in just over a month, a mind-blowing selloff. And lest you think that’s extreme, it really isn’t for silver. Its average post-top correction ran about 30% over a span of less than a month and a half. Yes, under 6 weeks
I think you need to go back to your calculator - 36.75 to 33.57 is not a 35% decline......

beeb
  • #3,593
  • Mar 15, 2011 8:30am Mar 15, 2011 8:30am
Good day for laying waste ones account, remember the gold market will be here in a months time, if its not obvious then dont trade.

1400 broken, it will be interesting to see if it acts as resistance if it retraces back, may be a short here but Ill just have to wait and see..
  • #3,594
  • Mar 15, 2011 8:34am Mar 15, 2011 8:34am
Quoting beeb
I think you need to go back to your calculator - 36.75 to 33.57 is not a 35% decline......

beeb

in 6 weeks. NOt one day you muppet
  • #3,595
  • Mar 15, 2011 8:39am Mar 15, 2011 8:39am
Quoting highlander2
1400 broken, it will be interesting to see if it acts as resistance if it retraces back, may be a short here but Ill just have to wait and see..
I was wondering about that, too, since it did not offer any resistance on the way down, which was a bit odd.
  • #3,596
  • Mar 15, 2011 8:45am Mar 15, 2011 8:45am
Quoting Euroscum
in 6 weeks. NOt one day you muppet
You said "Fun is over for now. I have to go swimming with my kids. I want to stay for the US session but family first and it is has been quite a good day so far.

Some food for thought I posted previously about silver tops previously. I am ready with the shorts after a rally.

Silver plunged over 35% in just over a month, a mind-blowing selloff. And lest you think that’s extreme, it really isn’t for silver. Its average post-top correction ran about 30% over a span of less than a month and a half. Yes, under 6 weeks"




Firstly - I'm not a muppet and secondly could you kindly explain what you mean because you APPEAR to say that silver has declined 35%. It patently has not....

beeb
  • #3,597
  • Mar 15, 2011 9:09am Mar 15, 2011 9:09am
Quoting Euroscum
in 6 weeks. NOt one day you muppet


The high was 36.72. A fall to 34.19 cannot be 35%.

Changing the subject a bit... after a huge earthquake, a tsunami, thousands of deaths and a nuclear tragedy, I just hope that nobody will arrive here and say: "I told you, I told you, gold/silver was going down! I knew it!"
"The reason I was born and came into the world is to testify to the truth."
  • #3,598
  • Mar 15, 2011 9:11am Mar 15, 2011 9:11am
Quoting Euroscum
Silver plunged over 35% in just over a month, a mind-blowing selloff. And lest you think that’s extreme, it really isn’t for silver. Its average post-top correction ran about 30% over a span of less than a month and a half. Yes, under 6 weeks
Are you talking about a previous selloff as I think a few people are confused?

highlander2
  • #3,599
  • Mar 15, 2011 9:15am Mar 15, 2011 9:15am
Quoting 4cc
I was wondering about that, too, since it did not offer any resistance on the way down, which was a bit odd.
after Nikkei closing around -10,5% I am surprised that the sell-off stopped at 1380 at all.

In gold, the 50% Fib from Jan 28th low to the all-time high is ~1378. It bounced back nicely and we are approaching 1400 again. I'm still out. I would have some profitable trades, but I'm out for today.
"The reason I was born and came into the world is to testify to the truth."
  • #3,600
  • Mar 15, 2011 9:24am Mar 15, 2011 9:24am
This turned out to be right on target.

You never know what but it's always something.

Debating on whether to add or not. I'd say the selling is over for today...
Unless something horrible happens.

Swissy has dipped into the 9100s. Rejected at 9350 then 9250 fell out yesterday!

Quoting XTrade
I cashed in my other longs and was flat. Yesterday I decided to buy around levels we are at now.

1405 triggered and 1412.

Minor resistance for "right now" comes in at 1416/17 area.

Seems as though support area 1400 / 1405 intact for now.

If it breaks buys set for 1380
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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