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  • #5,921
  • May 5, 2011 10:34am May 5, 2011 10:34am
Don't get too comfy mate. That can change on a dime.

Be ready for anything....

The US numbers were NOT good. Market shaken by trichet. Not yet reacted to numbers.

Quoting Euroscum
Silver is just so easy to trade. It never goes up, add a trailing stop loss on short and you cannot lose at the moment.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #5,922
  • May 5, 2011 10:42am May 5, 2011 10:42am
Quoting XTrade
Don't get too comfy mate. That can change on a dime.

Be ready for anything....

The US numbers were NOT good. Market shaken by trichet. Not yet reacted to numbers.
for sure look at the RSI. bounce due. I am ready to play the other way.
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  • #5,923
  • May 5, 2011 10:55am May 5, 2011 10:55am
Quoting XTrade
Don't get too comfy mate. That can change on a dime.

Be ready for anything....

The US numbers were NOT good. Market shaken by trichet. Not yet reacted to numbers.
Whatever but $100 drop in gold price is a MAJOR reversal but it is a good time to add to longs... Oh, wait, I did not buy at $1576 where most people were buying and I shorted gold at $1575 and now, I am adding to my gold longs at $100 cheaper... You see, gold price could go down too, in fact too fast that it threw up everything it gained over a month in a couple of days...
  • #5,924
  • May 5, 2011 10:58am May 5, 2011 10:58am
Quoting Fmfx
Whatever but $100 drop in gold price is a MAJOR reversal but it is a good time to add to longs... Oh, wait, I did not buy at $1576 where most people were buying and I shorted gold at $1575 and now, I am adding to my gold longs at $100 cheaper... You see, gold price could go down too, in fact too fast that it threw up everything it gained over a month in a couple of days...
I sort of agree with you, everyone has been long centric, but for good reason. That said what a mofo move in silver. Look at all that money left on the table. Trade both ways, now the trend is down!

<edit> I should add though, I think we are nearly done but what do I know.
  • #5,925
  • May 5, 2011 11:00am May 5, 2011 11:00am
Quoting Euroscum
for sure look at the RSI. bounce due. I am ready to play the other way.
Haha, right. I am with you on that.

I hope people take a lesson that they could right both ways and make profit in both directions... even with gold and silver.

I am adding to my longs too... gold is cheap(er) now (8-9 %??)like the USD a few days go
  • #5,926
  • May 5, 2011 11:03am May 5, 2011 11:03am
Quoting Euroscum
I sort of agree with you, everyone has been long centric, but for good reason. That said what a mofo move in silver. Look at all that money left on the table. Trade both ways, now the trend is down!

<edit> I should add though, I think we are nearly done but what do I know.
Yes, I feel the bottom for gold as well. I am prepared for another $100 drop but I think $1450-1470 will be the bottom until August. $1600 is a much more likely target now.
  • #5,927
  • May 5, 2011 11:09am May 5, 2011 11:09am
Haha, everyone, almost everyone was making fun of "Bernanke" and now he is laughing at most looking at the USD jumping up despite all US negative news. Oh, boy...

http://www.forexlive.com/185239/all/all-hail-bernanke
  • #5,928
  • May 5, 2011 11:10am May 5, 2011 11:10am
On the chart looking to the left there is a proper support/resistance level at $36.00
Price flat at this level on three occasions in March.
Price bounced at $36.00.
Proper V-shaped bounced at 36.0.
Price will come back at it but may just find buys sitting under 36.00 now.
Some of the crash will be Euroscum shorting the hell out of it and some will be people getting out to lock in profits.

We will see; 36.00 from a chart point of view is a price pivot zone and has the potential to turn price round. BUT there is a hell of a head of steam behind this and if there is any funny business with NFP it is unlikely to be enough to hold up this express train.
  • #5,929
  • May 5, 2011 11:13am May 5, 2011 11:13am
Quoting 4cc
I have to admit it : I shorted gold. While holding onto my longs. Not to hedge, but for profit. I feel like a horrible person now
You should not. You are actually learning how to trade instead of emotionally get attached to gold or anything else.

Just try to learn how to treat long and short positions different as they do not work in similar timeframes.

Congrats!
  • #5,930
  • May 5, 2011 11:13am May 5, 2011 11:13am
My previous silver long got stopped out (-37pips). Fresh longs have been entered at 36.36 looking towards 40.00 as target.
Happy trading!
Meshach.
  • #5,931
  • May 5, 2011 11:15am May 5, 2011 11:15am
Quoting Pratik
Where is the support for Gold...? Where are we headed to..? reached 1480... On any other day it would be an attractive price to go long,, but seeing the current situation i really dunno what to do... So better stay away...
What is the next target guys..?
I am adding to my longs but well FWIW, I do not trade like most people.

If you were buying gold $1570 ish, it is now cheaper almost 100 bucks and we all know that gold is bullish on longer timeframes.
  • #5,932
  • May 5, 2011 11:18am May 5, 2011 11:18am
Quoting Fmfx
Haha, everyone, almost everyone was making fun of "Bernanke" and now he is laughing at most looking at the USD jumping up despite all US negative news. Oh, boy...

http://www.forexlive.com/185239/all/all-hail-bernanke
Hahaha. Maybe he is a Jedi, Obi-Wan Bernanke. He says "there is no inflation" and moves his hand - people with weaker minds believe him and start selling everything off (joining the "Sell in May" team). Trichet is in cahoots with him and says "we won't hike rates so quickly". More sell-offs. At the end, everybody says: "well, the prices went down after all. Ben was right".

It's a good joke.
"The reason I was born and came into the world is to testify to the truth."
  • #5,933
  • May 5, 2011 11:18am May 5, 2011 11:18am
Quoting six gun
Some of the crash will be Euroscum shorting the hell out of it and some will be people getting out to lock in profits.
  • #5,934
  • May 5, 2011 11:18am May 5, 2011 11:18am
Quoting llrickkll
Last big correction in January Gold go bearish from $1424 to $1308 = $116

New low in Gold today = $1479, Which is $ 96 from the top ($1575 on May 2nd)

I have put limit buy order at 1468, 1460.

Anyone doing the same?
Sounds logical but try to manage your risks especially with current downtrend...
  • #5,935
  • May 5, 2011 11:20am May 5, 2011 11:20am
Quoting harvest3r
Hahaha. Maybe he is a Jedi, Obi-Wan Bernanke. He says "there is no inflation" and moves his hand - people with weaker minds believe him and start selling everything off (joining the "Sell in May" team). Trichet is in cahoots with him and says "we won't hike rates so quickly". More sell-offs. At the end, everybody says: "well, the prices went down after all. Ben was right".

It's a good joke.
LOL, yeah a good joke but also shows how things could change when most people do NOT expect it. Look at AUD, EUR, CAD, OIL, etc for example. It is not just gold and silver. The big USD reversal is coming...
  • #5,936
  • May 5, 2011 11:21am May 5, 2011 11:21am
Quoting Razorman
some of the prior retraces on gold were of comparable size if not greater. So the trend is still up. soon there will be a buying opportunity.
Agree. For some this is THE opportunity they were waiting for...
  • #5,937
  • May 5, 2011 11:35am May 5, 2011 11:35am
Quoting harvest3r
for me it's also a superb trading day (week, actually), but only because I've made great profits Well, at least you are having fun...

Oh boy, there we go down again! More orders triggered
Good work Harvest,

When it comes to gold: What goes down must come back up
  • #5,938
  • May 5, 2011 12:00pm May 5, 2011 12:00pm
I'm long from 1480

stop 1474
  • #5,939
  • May 5, 2011 12:02pm May 5, 2011 12:02pm
Quoting Dolph
I'm long from 1480

stop 1474
can't you afford a lower SL? there is NFP tomorrow... well, you still can move it to BE
"The reason I was born and came into the world is to testify to the truth."
  • #5,940
  • Edited 12:31pm May 5, 2011 12:03pm | Edited 12:31pm
Quoting harvest3r
The shop where I use to buy silver is still charging $53 for the cheapest coins! Some other shops are asking ~ $45.

For that price I may buy a few coins and then I'm done with physical silver for the moment - it's time to move to GOLD (if I manage to get so much profit in order to afford it).
im continuing buying physical on our rotation back to resistance and once confirmed going into leveraged buys. Un till then bears have control of daily, weekly, monthly, breaking through quarterly breakout and next is yearly breakout, 34.69
today, picked up ase for $42 today and bullian @$39.
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