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

  • #6,221
  • May 11, 2011 8:35am May 11, 2011 8:35am
the real question is.. how the hell is the usdx rallying with terribad news.

im confused

edit; possible strength coming back to gold, 1508 seems to have held somewhat for the time being. fingers crossed, dont want to have to close my long
  • #6,222
  • May 11, 2011 8:43am May 11, 2011 8:43am
wkly trend guide and daily highs noted lets see how 36.77 responds she as she rotates back to daily pivot.
silver daily
3966
36.77
33.88

bias is down from the stronger weekly trend 39.37, however looking at the daily bias is up from 36.77
  • #6,223
  • May 11, 2011 8:48am May 11, 2011 8:48am
Quoting Mitchoss
the real question is.. how the hell is the usdx rallying with terribad news.

im confused
we may be witnessing a "correction of the correction". Just look at gold in the H4 chart. It moved almost in a straight line since last week's low (1462). I didn't check other instruments/currencies, but maybe some (or most) of them are in the same situation. Some people will use the opportunity to take some profit. Eventually some stops will be triggered, some traders will get scared and close their longs, adding even more to the correction...after everything stabilizes a bit, we MAY see the uptrend resuming.
"The reason I was born and came into the world is to testify to the truth."
  • #6,224
  • May 11, 2011 8:51am May 11, 2011 8:51am
Trade balance widened. Not positive.
Crude oil inventories up next.

DXY did hit a new 2.5 year low last week. Likely speculation.
Plus renewed worries about Greek debt etc. GBP got a nice boost overnight.

I wouldn't close anything yet. I just added.


Quoting Mitchoss
the real question is.. how the hell is the usdx rallying with terribad news.

im confused

edit; possible strength coming back to gold, 1508 seems to have held somewhat for the time being. fingers crossed, dont want to have to close my long
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,225
  • May 11, 2011 8:58am May 11, 2011 8:58am
I see all those points as a reason for gold to continue its uptrend, not correct $20 in 2hrs. I guess the market will be the market though. I havn't closed my long, my account is safe but I don't like what im seeing.

Money management is working for me since last weeks mishap

Mitch

Quoting XTrade
Trade balance widened. Not positive.
Crude oil inventories up next.

DXY did hit a new 2.5 year low last week. Likely speculation.
Plus renewed worries about Greek debt etc. GBP got a nice boost overnight.

I wouldn't close anything yet. I just added.
  • #6,226
  • May 11, 2011 9:01am May 11, 2011 9:01am
Commods and Stox in the red. Looks like risk off.

Might be a good day to scalp. Greece seems to be the main concern again today.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,227
  • May 11, 2011 9:10am May 11, 2011 9:10am
the move up this week was very controlled, to controlled and with that in mind my biasfor daily up from 36.77 can easily flip to down from .

watching that 1508-09 area also.
  • #6,228
  • May 11, 2011 9:17am May 11, 2011 9:17am
The problem is when risk comes off and the dollar strengthens it can hurt the price of Gold. Also other commodities selling pressure can hurt gold.


In any case. Usually these are just nice buying opps.

Just grabbed silver at 37.25 let's see how things go.

Quoting Mitchoss
I see all those points as a reason for gold to continue its uptrend, not correct $20 in 2hrs. I guess the market will be the market though. I havn't closed my long, my account is safe but I don't like what im seeing.

Money management is working for me since last weeks mishap

Mitch
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,229
  • May 11, 2011 9:33am May 11, 2011 9:33am
out with 10 pips.

Staying away from silver for now. Looks like it may fall further;

Lil Pip what is your downside target.
??
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,230
  • May 11, 2011 9:39am May 11, 2011 9:39am
AUD / USD extremely oversold......
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,231
  • May 11, 2011 10:04am May 11, 2011 10:04am
As general care though working fine shorts yet closed most scalping positions because eu not seems so good right now , may do different with possible camel action next , even if it does a bear continuation .

to watch more if any bounce even to top again . just possibility not the fact yet .short still in favour though & may retake scalping at above if .

fontu
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #6,232
  • Edited 10:16am May 11, 2011 10:05am | Edited 10:16am
Quoting XTrade
out with 10 pips.

Staying away from silver for now. Looks like it may fall further;

Lil Pip what is your downside target.
??
bias was achieved today on move from 39.37 area.
1509 and 36.77 will show us the direction for now on daily, I never know, I just follow her.
weekly trend guide is down from 39.37
weekly guide for gold is 1509, however stronger monthly trend is up from 1485.
  • #6,233
  • May 11, 2011 10:10am May 11, 2011 10:10am
They may be giving support...
"The reason I was born and came into the world is to testify to the truth."
  • #6,234
  • Edited 12:08pm May 11, 2011 11:02am | Edited 12:08pm
Quoting XTrade
out with 10 pips.

Staying away from silver for now. Looks like it may fall further;

Lil Pip what is your downside target.
??
35.33 next area of interest.
its a retest of the single year breakout.
34.60 is of more important, 3 year or (3timeframes) as i use to keep pulse of rotations, breakouts, and trending of each time frame.
last weeks daily close at 34.69 on thur.and hold of 36.60 and move up on friday was first test to yearly breakout.
  • #6,235
  • May 11, 2011 11:03am May 11, 2011 11:03am
Hi all,

What is the avg or best available spread on XAUUSD and XAGUSD, i see silver is quoted in 4 decimal places like 36.1225 with avg spread of 3 cents when i asked my broker they told me its cleared through STP with banks, so i am little confused now even for spot gold and silver ECN / STP kind of stuff do exist?
  • #6,236
  • May 11, 2011 12:09pm May 11, 2011 12:09pm
Avg Spreads
50 cents XAU
5 cents XAG

If you are trading with an ECN they will charge commissions on trades so their spreads are supposed to be better.

You'd have to check the broker and do the math.

Quoting amarfx
Hi all,

What is the avg or best available spread on XAUUSD and XAGUSD, i see silver is quoted in 4 decimal places like 36.1225 with avg spread of 3 cents when i asked my broker they told me its cleared through STP with banks, so i am little confused now even for spot gold and silver ECN / STP kind of stuff do exist?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,237
  • May 11, 2011 12:10pm May 11, 2011 12:10pm
Thanks for your detailed post.



will keep an eye out. Right now not in silver -

Quoting lilpip
35.33 next area of interest.
its a retest of the single year breakout.
34.60 is of more important, 3 year or (3timeframes) as i use to keep pulse of rotations, breakouts, and trending of each time frame.
last weeks daily close at 34.69 on thur.and hold of 36.60 and move up on friday was first test to yearly breakout.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,238
  • Edited 12:31pm May 11, 2011 12:17pm | Edited 12:31pm
Quoting XTrade
Thanks for your detailed post.



will keep an eye out. Right now not in silver -
although the girls told us they wanted to go south it is a good day to buy physical, 3x order at 30.00 and 9x @ 23 @ yearly trend guide if we have to until trend up is confirmed when we can go leveraged.
last week test of 34.60 told us to go north.
lets see what 35.33 has to say.
  • #6,239
  • May 11, 2011 12:36pm May 11, 2011 12:36pm
Looks like next stop may be 1496 again....

Dollar having a little rally today.

Need to run out.

Anyone trade USD/NOK?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,240
  • May 11, 2011 12:41pm May 11, 2011 12:41pm
True.

Few days old but still valid. Chinese buying silver Indians buying Gold.


Commodities "Panic" Subsides, Indians Rush to Buy Gold, Chinese Buy Silver on 31% "Dip"
"Dollar prices to Buy Gold whipped in a $10 range Friday morning in London, trading up to $1488 per ounce - some 5.5% below Monday's record-high spike - as European equities and global commodities stemmed their losses.

Silver Bullion rallied from a drop below $34 per ounce, the fifth daily plunge running and some 31% below last Thursday's new three-decade high.

US Treasury bonds ticked lower for the first time this week as new data showed a surprise jump in job creation but a rise to 9.0% in the United States' unemployment rate.

The Dollar was left little changed by the news, helping the price to Buy Gold for Euro investors rise 1.6% from yesterday's 3-week low of €32,380 per kilo.
Quoting lilpip
although the girls told us they wanted to go south it is a good day to buy physical, 3x order at 30.00 and 9x @ 23 @ yearly trend guide if we have to until trend up is confirmed when we can go leveraged.
last week test of 34.60 told us to go north.
lets see what 35.33 has to say.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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