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

they're gyrating Pratik - the news needs to be digested....you really can't read anything into the smaller charts yet imo. i expect some people will say that silver is an "industrial metal" and therefore more correlated to stock market moves...

beeb

Yes, I noticed this. Gold is the true safe haven and they are a bit out of kilter today.

They are somewhat correlated, but since when does 0.25% during the day mean anything ? The general direction on H1 is still up, look at those looooong lower wicks.

Can we expect some correction at this stage..?

hourly, daily or weekly?
anything is possible at any time...
c'mon read the thread - try post #4902 - use the charts



beeb

PS I don't want to appear rude but people take the time and effort to write their thoughts and analysis and it seems that you don't pay attention to anything which doesn't say "BUY NOW" or "SELL NOW"........quite frankly if that is what you want you might as well just flush your money down the toilet and stop worrying

It's raining pips, hallelujah! Limit orders getting triggered over and over again, up and down. It was fun!

The battle for 1500 is almost over. Then we should prepare for the roller-coaster around the Option Expiry, next week - right beeb?

I feel a correction in Gold is around the corner, specially if we hit the big $1500... My sell account is getting ready for the ride

You have been saying this from the last so many days.. Every time we touch a new high, u feel correction is around the corner, and then again we touch a new high..

When is the options expiry..?

Well, FWIW I am long GOLD in two of my accounts and buy in dips pretty much everyday but also enjoy riding down the corrections in an account I have only for shorting metals.

Do you recall the fall from 1431 to 1308 two months ago?

I guess, we just have to wait...

Wait and hope we say in Italy!
We are not going to see 1450 again for sooooooooooo long!

http://gold.goldprice.org/2011/02/go...ns-expiry.html


http://seekingalpha.com/article/2601...ect-volatility

Does not matter really as my LONG accounts are the ones that pay my bills

But still, if it was only to buy gold, why would even be a SELL button?

Apparently, they "revised" part of their initial statement.

BS artist talking heads. Sure did move the market though.

Gold paring gains once again.

Yes it's called correction.

There is NOTHING signalling entry of a lasting short in Gold or silver at the moment.

I do not consider 10 or 20 usd swings anything more than day trade scalps. Which mind you can rake in the dough. With enough lots even a 3 USD move is great.
Now as you mentioned below, a 100 USD move is something to look at.

We are out of the old structure of record high 100 USD correction, record high
correction, etc. It's all on the charts.

My title means USD is in the dump, yet the Euro has it's issues just as well. Lesser of two evils really.


Moody's downgrades Irish banks to junk
The credit ratings of all Ireland’s major banks have been downgraded to junk status by Moody’s after its decision to cut the country’s sovereign rating earlier this month

http://www.telegraph.co.uk/finance/n...s-to-junk.html

I just wanted to make a few comments as there has been so much chat about picking the tops of the bull markets in gold and silver.

It takes a very special trader to call the exact extremes of any market – and quite frankly if any of us were able to do that regularly we would not be sitting here, we would be running a hedge fund or a proprietary trading desk....

Know your limitations – you don't have to pick the very top or the very bottom of every move. The easiest way to make money is to trade with the trend and to remember the old adage that “a trend is a trend until it changes....”

Obviously what is a trend depends on what timescale you are using – gold and silver on the dailies are both in strong trends. IMO there is no indication on these daily charts that the metals have reached the end of their trends. Yes, they are overstretched but until they start retracing, their trend is still up. People thought gold was overstretched at plenty of lower prices but it still powers on.

Any number of indicators can be used, but ultimately the only arbiter of price and trend is the price itself. No matter what the indicators say the market can stay “wrong” longer than you can stay solvent....lol

What I use to tell if a trend is changing are the shorter timeframes. If a change in the daily trend is occurring it will become apparent beforehand in the 240min chart and before that in the 20min chart etc etc.....If you are intent on shorting a market that is in a daily uptrend then you should be looking at the lesser charts and perhaps taking an entry (and using a stop) commensurate with that timeframe. So if what you thought was a change of trend was in fact only a blip in the uptrend you are not left stranded as the daily trend continues.

A position taken in a 20min timeframe can evolve into one taken in a 240min timeframe and so on (and of course it can be built upon). It is perfectly normal to trade in the lower timeframes against the trend of the bigger timeframes as long as your objectives and risk management are in tune with the lower timeframe that you have entered.

Please think about trading with the trend – you can scalp against it – but your likelihood of succeeding regularly is far less than trading with the flow of the market.


Just my opinion – I could be completely wrong....


beeb

Junk means increased chances of default but not for certain. Many entities have come back from junk status.

In the meantime it is just another lower level/greater risk rating causing the borrower to pay more in interest.

Kwik snapshot of spot gold

Well put.

Especially the part about scalping. Sure it is great, sometimes when you are right. But the nature of scalping in and of itself is taking a lot of trades intraday. The fact here is the more trades with smaller targets the more probability of failure.

Now, I too could be wrong, But I am pretty certain there are some that took a short once they saw the price falling a bit, maybe a decent size trade, hey looked like a small pullback right? Then BOOM! the price takes out what "you" thought was the "top" crushing any tight stop one may have had in place.

You need to be prepared for these things.

ADD: not only did it crush the resistance it is has settled a bit over 10 bucks above it. Now if you bought the dip :idea: instead and followed the trend with your scalp, then BOOM you are sitting on a NICE $20 USD day trade. Could be 20 bux, / 200 / 2000 all the same a winner is what we want.