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

  • #3,761
  • Edited 4:14am Mar 22, 2011 4:02am | Edited 4:14am
what have i started lol......

beeb


btw i've removed the fork shown in comment 3879, as there were over one hundred views and no comments - didn't really think it was worth bothering...
  • #3,762
  • Mar 22, 2011 4:25am Mar 22, 2011 4:25am
Quoting beeb
btw i've removed the fork shown in comment 3879, as there were over one hundred views and no comments - didn't really think it was worth bothering...
When I tried to open it yesterday, the link was not working. That could be the reason.

Scythes, forks... is there any "bazooka" or "rocket-launcher" tool?
"The reason I was born and came into the world is to testify to the truth."
  • #3,763
  • Mar 22, 2011 4:30am Mar 22, 2011 4:30am
it was working - otherwise it wouldn't have shown the number of views

not a big deal - just having a bit of a grump

beeb
  • #3,764
  • Mar 22, 2011 7:58am Mar 22, 2011 7:58am
What is happening to Gold...? Almost 10 Dollars off the days high... Any news or just normal volatility...?
  • #3,765
  • Mar 22, 2011 8:06am Mar 22, 2011 8:06am
In my view it looks like it's going to close the Sunday gap which it just did on my broker.

I thought this would happen. I am thinking maybe a tad more dip to maybe 1415
support area.

Then resumption up. It certainly isn't USD strength!
Or we may turn here.....

There is an entry today long.

Quoting Pratik
What is happening to Gold...? Almost 10 Dollars off the days high... Any news or just normal volatility...?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,766
  • Mar 22, 2011 8:07am Mar 22, 2011 8:07am
Quoting Pratik
What is happening to Gold...? Almost 10 Dollars off the days high... Any news or just normal volatility...?
Maybe the red fork is taking over?
Attached Image (click to enlarge)
Click to Enlarge Name: fork.jpg Size: 30 KB
"The reason I was born and came into the world is to testify to the truth."
  • #3,767
  • Mar 22, 2011 8:08am Mar 22, 2011 8:08am
10 dollar swings are normal. Gold hit a bit of resistance around 1430.

THere was a gap and sometimes prices need to come down a bit to attract buyers, before they rise gaining power. I wouldn't worry too much.

However they did say that the Japanese reactor situation is getting more critical.

If that thing goes, all markets will sell off.

Edit add: the latest move up was a bit steep and needed a bit of correction. I am still setting sights for 1500
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,768
  • Mar 22, 2011 8:12am Mar 22, 2011 8:12am
Or can it be heavy selling before the NY session..?
  • #3,769
  • Mar 22, 2011 8:38am Mar 22, 2011 8:38am
My gap order just got hit. By the looks of the current H4 candle there were other resting buys in gap area.

Any one else?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,770
  • Mar 22, 2011 8:39am Mar 22, 2011 8:39am
Quoting Pratik
Or can it be heavy selling before the NY session..?
No. the spot gold price is only off or -1.80 currently from NY open

Heavy selling would be a $50 buck dip

Pratik you need to start looking at longer term charts. all that noise is messing with your head
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #3,771
  • Mar 22, 2011 8:45am Mar 22, 2011 8:45am
Quoting XTrade
My gap order just got hit. By the looks of the current H4 candle there were other resting buys in gap area.

Any one else?
At what rate..?
  • #3,772
  • Mar 22, 2011 9:28am Mar 22, 2011 9:28am
fwiw for 240min GC am seeing support at 1420 level and resistance around 1433. If we push through that would like to see a close over 1439 to get my juices really flowing......
  • #3,773
  • Mar 22, 2011 9:30am Mar 22, 2011 9:30am
Quoting XTrade
My gap order just got hit. By the looks of the current H4 candle there were other resting buys in gap area.

Any one else?
what is this "gap area"?

I have longs at 1421, 1426 and 1431. Waiting to take off.
"The reason I was born and came into the world is to testify to the truth."
  • #3,774
  • Mar 22, 2011 9:30am Mar 22, 2011 9:30am
Quoting riko2705
my imagination or h&s ?
edit: pending long at 1420

pretty good call so far.
  • #3,775
  • Mar 22, 2011 9:41am Mar 22, 2011 9:41am
gotta say i don't much like h&s and riko's one is a perfect example...price breached the shoulder line then immediately reversed and is now pushing higher....

if you like them i suggest you look at the 240min GC chart going back to October where you could argue we are just starting to form the right shoulder of a big inverse h&s. personally i wouldn't try and look at it like that....


beeb
  • #3,776
  • Mar 22, 2011 10:43am Mar 22, 2011 10:43am
I am now at a break eve stop at 1407. I am still think the trend is going to continue. We had a pretty nice rally from 1390 to 1435, not surprised to see profit taking, and a retrace. This seams to be te way with gold, steady progress, then a sharp correction, followed by more steady progress. not like other currencies.
  • #3,777
  • Mar 22, 2011 11:03am Mar 22, 2011 11:03am
Quote:
Originally Posted by riko2705 http://www.forexfactory.com/images/buttons/viewpost.gif
my imagination or h&s ?
edit: pending long at 1420


pretty good call so far.


gotta say i don't much like h&s and riko's one is a perfect example...price breached the shoulder line then immediately reversed and is now pushing higher....

if you like them i suggest you look at the 240min GC chart going back to October where you could argue we are just starting to form the right shoulder of a big inverse h&s. personally i wouldn't try and look at it like that....


beeb


ı was expecting small pulback; max 1415 /ıt would fill the gap at the same time /.
trend is bullish.

good trading for all fellow traders
Attached Image
  • #3,778
  • Mar 22, 2011 11:51am Mar 22, 2011 11:51am
I will play the opposition this time...

No bullish signs. Quite the opposite.

Considering the correction from the last 24 hours, we touched 62% Fib at 1429... and bounced back below 1425. Now we are sitting at 50% Fib ~1427.

I'm not sure about the terminology: it seems that we are having "Lower Highs" and "Lower Lows" -> pointing DOWN.

The "down" fork is holding on the upside. Probably we will need fresh news, otherwise gold will slip back to the 1410s before the uptrend resumes.

Anyway, that's just what I see at the moment. If the moon gets blue or all the chicken start talking, we may see some panic rally again we never know
"The reason I was born and came into the world is to testify to the truth."
  • #3,779
  • Mar 22, 2011 1:39pm Mar 22, 2011 1:39pm
I started selling Silver already with target at 35.2, I think it can retrace a little bit. And also when looking at correlation, eur usd seems to be in quite a critical point for bears to kick in. weekly tl + resistance + psychological barrier + AB=CD pattern suggesting the usd may gain some strength soon
  • #3,780
  • Mar 22, 2011 2:05pm Mar 22, 2011 2:05pm
Quoting risk
I started selling Silver already with target at 35.2, I think it can retrace a little bit. And also when looking at correlation, eur usd seems to be in quite a critical point for bears to kick in. weekly tl + resistance + psychological barrier + AB=CD pattern suggesting the usd may gain some strength soon
risk - there are plenty of bulls here. you're going to have to explain that in a bit more detail....

beeb
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