XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 303 | Metals Mine

Options

Go to
Permalinks
Print Thread

Related Instruments

Gold/USD, Silver/USD

Similar Threads

Gold futures & XAU 78 replies

GoldenEuro Cross (XAU/EUR) GoldenAussi Cross (XAU/AUD) 51 replies

Daytrade - XAU/USD & XAG/USD 14 replies

XAU/JPY & XAG/JPY 13 replies

Successful XAU/USD traders 7 replies

Attachments: XAU/USD & XAG/USD - Gold & Silver Traders Thread
Exit Attachments

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

  • #6,041
  • May 7, 2011 9:44am May 7, 2011 9:44am
It will go to 2000 and I will be along for the ride.
We can remember this post.
Markets correct, it's not brain surgery, silver was screaming for a correction.

Fact remains, a few weeks ago we would be saying "so the price has now settled at 1300"

Yes there was a correction, risk off, profit taking, dip, etc.
Bottom line is price is basically 1500. To me that is higher than the weeks of past.

We may correct a tad further say 1450. Currently price is consolidating at 1500 area. Next week should provide some more direction.

No one said we were going from 1500 straight to 2000. There are always ups and downs, and nothing goes straight up. And BTW you can only edit posts for a about a day. 2000 is a long term target. Just the same as 75 to 100 for silver - long term.

We are still in a massive bull run -

Year 2006 - Price of Gold $550
Year 2011 - Price of Gold hits +$1550

In the scheme of things 100 usd correction is minor.

I love it when the price makes a record high and people come on here bragging about how they shorted the top.
Want a trophy?

Keep in mind these are London Fixes Not - NY spot NOTICE the extra digit.....
http://www.kitco.com/LFgif/au2006.gifhttp://www.kitco.com/LFgif/au2011.gif

Quoting Fmfx
As far as I remember most people here were saying gold will ONLY go up with maybe some MINOR corrections and some were even seeing $1600-$2000 in near future!!!

If those posts are not edited or deleted, it is fairly easy to check posts from last 2 weeks.

I, for one, was being questioned why would I want to even short gold and now we have the answer: To have a nice ride from $1575 to $1465!!!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,042
  • May 7, 2011 10:38am May 7, 2011 10:38am
Silver move up was especially over stretched, so that kind of correction (30%) is normal... we're still up 15% since the beginning of the year. This is clearly good as we can now have a better and solid base to attack again eventually the 40-50 area and +. Still, summer trading is different so we'll see how it goes this year. Maybe Gold and silver will get more quiet for a couple of time but prepare yourself for next September to December as always.

I wish everyone already got physical gold and silver as our purchasing power is being crushed everyday. Inflation is there if you go to the grocery store, have a car and can open your eyes. Protect yourself against paper currencies.

Finally, just want to say that I'm leaving for China this Monday for 3 weeks, anyone been in China before to see the dynamism over there ?
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #6,043
  • May 7, 2011 11:16am May 7, 2011 11:16am
Im not into fundies and i really have no clue if gold will go to 2000 or 1000, i dont try and make forcasts.

But whatever happens risk control is by far the most important thing to remember. If you were long silver from 48 then it doesnt matter that you were wrong so long as you used decent MM.

I was speaking to a non trading freind yesterday and i showed him the chart, he said that "i should be glad i wasnt in silver", i said it wouldnt really have mattered if i had, because i would have used proper risk control and the move would not have bothered me.

being right or wrong has very little bearing on trading success, in fact i dont use the word right or wrong, because i mearly expose myself to market movement. Other traders have to move the market.

If you are new to trading i sugest you forget about systems and strategies, just use your gut and practice trading using MM until its second nature to you, then think about adding an edge later.
  • #6,044
  • May 7, 2011 11:24am May 7, 2011 11:24am
Quoting highlander2
Im not into fundies and i really have no clue if gold will go to 2000 or 1000, i dont try and make forcasts.

But whatever happens risk control is by far the most important thing to remember. If you were long silver from 48 then it doesnt matter that you were wrong so long as you used decent MM.

I was speaking to a non trading freind yesterday and i showed him the chart, he said that "i should be glad i wasnt in silver", i said it wouldnt really have mattered if i had, because i would have used proper risk control and the move would not have...
Good point! no point to forecast. you won't get a trophy for that.
  • #6,045
  • Edited 3:32pm May 7, 2011 3:03pm | Edited 3:32pm
Quoting lilpip
she closes like she wants to continue, will have to watch day to day but looking for correction @ 32.40- 3460 area, if not lets double last years range again this year which will put us at $51.00 area.
last years 15.00 area (yearly pivot) is $23.40 area this year, and lets hope it gets that low so we can buy a bunch more otherwise at this point Im looking at $26-27 before we get there.
The markets owner gave us just about everything he could this week to make this expected move south from 50 something to remember.
the propaganda to the public 2 weeks ago @ the closing bell that silver is now the hot item.
the deception, with a fake breakout of golds projected yearly highs 1551 while sending silver the opposite direction from its extended yearly highs of 51 area.
the changing of the market rules 3 or 4 times.
and of coarse big time selling.
we have to be aware of yearly timeframe (major)and quarterly timeframe(secondary) to have a better feel for the market.
thur. close at yearly breakout 34.69 was noted along with the move up on friday.
we will take it a day at a time on the daily charts as we keep in mind that the quarterly trend guide is 31.05 .
the last time we were at the quarterly trendguide was at 26 during the 1st quarter.
the correction is better late than never at 32.40-34.60
This cannot be all they have, it would be to easy, either way we will sock it to them as we have them right where we want them and know exactly where we are at whithin this bulls trend.
mm is the #1 rule

golds move up above monthly pivot 1485 is noted.
  • #6,046
  • May 7, 2011 11:54pm May 7, 2011 11:54pm
what are you guys finding the best indicators for trading xag or xau.

So far i like using RSI but i wonder what are the best buy signals - or even if there is any premium indicators for this ?

thanks you very much in advance
  • #6,047
  • May 8, 2011 3:12am May 8, 2011 3:12am
After the last long hit sl avoided trading this & concentrated only eu shorts with huge candle down .

breaks 1476.30 confirmed further down & from lower tf it seems more to go down also . though 1528.60 limit for a smaller retracement before down but probable failing at 1488.50 up & continue towards next limits 1447.51 and or 1444.76 . I think this enough for wave a down for a 4th wave .Up b & retest as c down & if not stop & breaks those cardinal levels then a disaster further possible as end one 5th to down towards 1226.26 to 1005.40 gate open again . too early to have it down that much .lets see if can try scalping again next week.
Bull still intact after all this happen down this week or so .
fontu
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 13 KB
Click to Enlarge Name: eu3.gif Size: 8 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #6,048
  • May 8, 2011 3:29am May 8, 2011 3:29am
At the moment I am out of the market but I am looking to go back in soon. I really really really really (x1000) enjoyed that $40.48 down slide on the 5th AND the $10 rally on the 6th. I tell you my heart was pumping hard. I made $39k in two days. (How I made 38k was I brought early in the morning I set a stop loss and I THOUGHT I had set a take profit, but I didn't, so I went to school and when I returned I almost fell out of my seat I immediately got out) and the next day one of my signals told me that yesterday's slide down made gold go into the oversold section for the 4 hour chart so I brought into the sell and got out when it rallied up $1.00 (which is $1000). So yeah that's it right now I'm sitting on the sideline waiting for something to catch my eyes.
  • #6,049
  • May 8, 2011 3:59am May 8, 2011 3:59am
Quoting stevy
what are you guys finding the best indicators for trading xag or xau.

So far i like using RSI but i wonder what are the best buy signals - or even if there is any premium indicators for this ?

thanks you very much in advance
reading the thread will probably answer your questions....

for my LAST response to this see post #5920....

beeb
  • #6,050
  • May 8, 2011 5:57am May 8, 2011 5:57am
I agree with XTrade.

And I think its always funny that everytime there is a correction, people come here and say that gold is now in a bearish trend and so on.
The Black Swan: The Impact of the Highly Improbable
  • #6,051
  • May 8, 2011 10:44am May 8, 2011 10:44am
Support and Resistance - simple - old - most useful
price action
News / economic health

Quoting stevy
what are you guys finding the best indicators for trading xag or xau.

So far i like using RSI but i wonder what are the best buy signals - or even if there is any premium indicators for this ?

thanks you very much in advance
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,052
  • May 8, 2011 10:45am May 8, 2011 10:45am
Agreed LP

The bigger picture is far more important.

Quoting lilpip
The markets owner gave us just about everything he could this week to make this expected move south from 50 something to remember.
the propaganda to the public 2 weeks ago @ the closing bell that silver is now the hot item.
the deception, with a fake breakout of golds projected yearly highs 1551 while sending silver the opposite direction from its extended yearly highs of 51 area.
the changing of the market rules 3 or 4 times.
and of coarse big time selling.
we have to be aware of yearly timeframe (major)and quarterly timeframe(secondary) to...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,053
  • May 8, 2011 11:14am May 8, 2011 11:14am
Watching this GC 240min fork

http://www.screencast.com/t/tP0stt90

beeb
  • #6,054
  • May 8, 2011 11:50am May 8, 2011 11:50am
It get's old doesn't it?

I mean come on already. Just like we buy in an up market we sell in a down market.

Look if I am scalping I could care less what the daily chart is doing at that moment. Yet I will still know what the direction of the market is and base MOST not all, but most of my scalps in that direction.

Sure I may sell. But I am always looking to enter the next great position to ride. If the market turns and starts plowing through supports, moving averages, trendlines and the US national debt, Euro problems, UK issues, terrorism and the threat of inflation disappear soon or "fix themselves" then we may have something to seriously worry about.


Quoting MapleLeaf
I agree with XTrade.

And I think its always funny that everytime there is a correction, people come here and say that gold is now in a bearish trend and so on.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,055
  • May 8, 2011 11:52am May 8, 2011 11:52am
One could have called a short simply on price reaching the outer trendline.

Look at the reaction, next the close.
Attached Image (click to enlarge)
Click to Enlarge Name: gold current wweekly chan viwe.GIF Size: 37 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,056
  • May 8, 2011 1:38pm May 8, 2011 1:38pm
Quoting MapleLeaf
I agree with XTrade.

And I think its always funny that everytime there is a correction, people come here and say that gold is now in a bearish trend and so on.
WRONG!

Some people, including myself were talking a correction in gold price is due when it began going up too fast with no significant correction. You could check the DATES of the posts and they go a few weeks back before the correction happened.

In fact, seeing this coming was not that difficult unless you ONLY see the gold price going up (which some here persist!). Gold price always corrects after a few months of going up.
  • #6,057
  • May 8, 2011 2:02pm May 8, 2011 2:02pm
Quoting Fmfx
WRONG!

Some people, including myself were talking a correction in gold price is due when it began going up too fast with no significant correction. You could check the DATES of the posts and they go a few weeks back before the correction happened.

In fact, seeing this coming was not that difficult unless you ONLY see the gold price going up (which some here persist!). Gold price always corrects after a few months of going up.

Quote
Gold price always corrects after a few months of going up.

...... show me one guy who predicted a 33 % drop on silver within 5 days
Hero calls followed by margin calls...
  • #6,058
  • May 8, 2011 2:05pm May 8, 2011 2:05pm
Currently Dollar index is rallying and closed at 74.89. MR1 is 75.48. Once we reach that level (886 bankers level as well) we will continue downwards, resulting in stronger metals performance. From 75.48 we could see USDX drop to 71.80, which is MS1 and pretty much all time low since 2008. Once that happens a cycle change is expected on USDX, however time-wise it's more like end of May, so meanwhile I expect metals to at least keep above recent lows and quite possibly attempt to negotiate at least recent highs, however once USDX id at lowest point, risk aversion will start to kick in + seasonal factor on commods, and we will see lower gold/silver through end of summer.

Check your charts and confirm that summer time is consolidation/decline on commods more than 75% of the time.

Also currently USDX gains are short-lived due to panic risk-aversion across options/futures traders on EU. However fundamentally no reason to call USD a better currency than EU right now, and no reason to call a new USD bull rally just yet. Just FYI my 2 cents.
  • #6,059
  • May 8, 2011 2:20pm May 8, 2011 2:20pm
Here is the weekly.

Notice the flips of various S/R levels....

Next I will add horizontal supports. Then we'll start getting some really great position trade order entry.

Line chart added as well to erase "reaction highs".'

------------------

Notice how the lines drawn hold true to S/R with the line chart?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: XAU_fun_lines 1.GIF Size: 22 KB
Click to Enlarge Name: XAU_fun_lines 1_lc.GIF Size: 19 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,060
  • May 8, 2011 2:22pm May 8, 2011 2:22pm
running out more later
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
97 traders viewing now