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

  • #5,821
  • May 4, 2011 12:00pm May 4, 2011 12:00pm
Quoting LasVahGoose
I call it a healthy retracement of 38% so far from the major move up (50% would be amazing). This is great news because folks were worried that Silver was going to go parabolic.
Agreed... I do not trade silver but am adding to my long GOLDs...
  • #5,822
  • May 4, 2011 12:10pm May 4, 2011 12:10pm
GC 240 min

http://www.screencast.com/t/zZPqgkIEOR

a bit of context

beeb
  • #5,823
  • May 4, 2011 12:16pm May 4, 2011 12:16pm
Looks like the risk aversion selling has cooled off for the day....


Hmmmm.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #5,824
  • May 4, 2011 12:28pm May 4, 2011 12:28pm
$1507 might provide support for near-term. Tomorrow London will decide I guess.

Added longs from $1507...
  • #5,825
  • Edited 1:32pm May 4, 2011 12:39pm | Edited 1:32pm
Quoting FX4Newbies
Just throwing a thought out there...

I think another bullish move is in the works, but first...

Per the attached chart: If price moves up and tests the teal L-MLH shown by the red arrow, and finds resistance, then the blue HL/WL (warning line) area around 1523.97 could be the next stop. From there (if price goes there) we can see if another bullish setup appears.

Fwiw...

FX4
The Aftermath...

Price tried to go toward the red arrow...teal L-MLH, but ran into sellers (and/or news) at the WL (blue arrow). Fell from there through 1523.97 with force and got caught at another WL. Will it go lower to he 1496 area? If price can't seem to get above 1523 area and stay there, with NFP coming, no telling where things could go .

FX4
Attached Image (click to enlarge)
Click to Enlarge Name: xau-usd may 4-11.gif Size: 31 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #5,826
  • May 4, 2011 12:44pm May 4, 2011 12:44pm
Quoting beeb
GC 240 min

http://www.screencast.com/t/zZPqgkIEOR

a bit of context

beeb
Beeb,

I think your second SH coincides with the blue HL I have drawn around 1496.

Let's see if price agrees .

FX4
Trade what you see, not what you think or feel. Let the market come to you.
  • #5,827
  • May 4, 2011 12:47pm May 4, 2011 12:47pm
Quoting FX4Newbies
Beeb,

I think your second SH coincides with the blue HL I have drawn around 1496.

Let's see if price agrees .

FX4
abcd's point to about 1491 - may need to add WL....

beeb
  • #5,828
  • May 4, 2011 1:26pm May 4, 2011 1:26pm
XAU USD quick update:

this week strong support:


1482
1504

Only upon triggering of the support we will see a rebound, meanwhile gold will continue to slide lower on weaker price action on june light crude futures.

right now previous support area at 1518-1522 will become resistance, so could be probably used to shortl sell with a tight SL for 1504.
  • #5,829
  • May 4, 2011 1:33pm May 4, 2011 1:33pm
Quoting ruffryders
XAU USD quick update:

... meanwhile gold will continue to slide lower on weaker price action on june light crude futures.
What has oil got to do with gold?

The price of oil and gold go up when the dollar index goes down as they are both priced in dollars.
If the absolute value of the dollar falls it takes more dollars to buy 1 oz or 1 barrel.

Not aware of any other relationship.
  • #5,830
  • May 4, 2011 1:36pm May 4, 2011 1:36pm
Quote
Not aware of any other relationship.

good for you mate.
  • #5,831
  • May 4, 2011 2:09pm May 4, 2011 2:09pm
Quoting beeb
abcd's point to about 1491 - may need to add WL....

beeb
What does 'WL' mean/stand for? I've seen it a few times since I started reading this forum.

Thanks in advance.
  • #5,832
  • Edited 3:01pm May 4, 2011 2:19pm | Edited 3:01pm
Quoting lilpip
may monthly silver
52.83 with eye on 51.31
41.88
30.93
week
50.86
45.82
39.78
weekly lows area noted @ 39.78, lets see if we work our way back up.
eyes are open to the weekly close as the push down from the 2nd quarter breakout area at (41.46 on the quarterly charts).
and the monthly pivot 41.88 was noted also.
the way 39.78 is responding she acts like she want to continue south.
  • #5,833
  • May 4, 2011 2:32pm May 4, 2011 2:32pm
All shorts 1570 to 1540 closed with Green/Happy Pips.

Now Start working on new Strategy.


Upper Targets:

1st- 1520~1530
2nd- 1540
3rd- 1560
4th- 1600 (Far)


Lower Targets:

1st- 1500
2nd- 1480~1490
3rd- 1425~ 1430
4th- 1400 (Far)


I started tanking, add long arround 1510
Trade what you see, Not what you think.
  • #5,834
  • May 4, 2011 3:47pm May 4, 2011 3:47pm
Looking @ a 1hr Gold chart, does anyone else see a double top formed at 1574-1576? To me, points to at least a pullback to 1505, or possibly lower. Any USD traction may also throw Gold back under 1500, towards 1480-1460.

I'm playing the short side with a tight SL around 1524 and TP around 1505 for now.
  • #5,835
  • May 4, 2011 4:48pm May 4, 2011 4:48pm
Silver, Gold Futures Dropping as Soros Reported to Have Sold


http://www.bloomberg.com/news/2011-0...us-metals.html
  • #5,836
  • May 4, 2011 5:02pm May 4, 2011 5:02pm
Just got back from the coin shop with my mouth watering over a stack of 10 10 oz engelhard loaves!
http://bullionbargains.us/images/10-...-engelhard.jpg http://lynncoins.com/credit-suisse-o...silver-bar.jpg

Someone had just sold in... It looked Like a late 80's buy, probably bought in at about 4 bucks an oz. Saw 50 turn to 40 and got a bit scared... Never know.

It's truly great when the stuff sitting in the attic comes out.

I got some beautiful 1 oz Credit Suisse Bars. Perfect condition and nice toning.
In bullion terms Engelhard, Johnson Matthey, Credit Suisse and PAMP are considered "premium" while say Sunshine mint or any old one ozt round are "generix."


If we dip to 30 - I will go back and scoop some loaves...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #5,837
  • May 4, 2011 5:07pm May 4, 2011 5:07pm
Quoting ruffryders
XAU USD quick update:

this week strong support:


1482
1504

Only upon triggering of the support we will see a rebound, meanwhile gold will continue to slide lower on weaker price action on june light crude futures.

right now previous support area at 1518-1522 will become resistance, so could be probably used to shortl sell with a tight SL for 1504.
Being a both-way trader of gold, I would not short at those levels, at least until next week.
  • #5,838
  • May 4, 2011 5:08pm May 4, 2011 5:08pm
Quoting lilpip
noted --
she acts like she want to continue south.
She does. But get ready for renewed buying.
Risk waned today, and although a safe haven Gold and Silver still have risk attached.

Let's see what the london boyz do tonight and how ny responds tomorrow.

I have been trading london with orders and NY live. It's hard to switch the time frames with other responsibilities.

Sometimes I prefer Asia / Euro / London Cross session than
LDN x US....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #5,839
  • May 4, 2011 5:09pm May 4, 2011 5:09pm
Quoting PhilaTr8er
Looking @ a 1hr Gold chart, does anyone else see a double top formed at 1574-1576? To me, points to at least a pullback to 1505, or possibly lower. Any USD traction may also throw Gold back under 1500, towards 1480-1460.

I'm playing the short side with a tight SL around 1524 and TP around 1505 for now.
See my previous post please.
  • #5,840
  • May 4, 2011 5:22pm May 4, 2011 5:22pm
Quoting Fmfx
See my previous post please.

Thanks Fmfx. Any reasoning?
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