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

  • #6,641
  • May 19, 2011 5:31am May 19, 2011 5:31am
Bull looks strong on the H1 chart but facing big resistance at 35.842 & trendline. If it breaks, I aim for next level 38.166.

Bearish outlook will resume upon breaking 34.333.
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  • #6,642
  • May 19, 2011 5:37am May 19, 2011 5:37am
Quoting hareanone
haha interesting. in singapore, we use man or bro or yo. its the first time i am encountering the word "chum". anyway, i wont say that the long term uptrend has resumed but we will see how it goes.
LOL - this is a very English word. But like most English words we have taken it from elsewhere.
It comes from India and is from the time of the British Empire.

It is a little bit old fashioned now and was used by those in a slightly higher class in society. Pal was also used with the same meaning.

"We're having an old chums school reunion"
"He's a pal of mine at work."

Today it has been replaced by mate.
  • #6,643
  • May 19, 2011 6:15am May 19, 2011 6:15am
I havE closed all positions will wait for a CLEAR TREND .
MMMYYYKKK
  • #6,644
  • May 19, 2011 6:32am May 19, 2011 6:32am
Quoting six gun
This is a fork on my 4H chart.

The smaller upfacing fork comes from one beeb posted yesterday I believe.

Price look like the trajectory of a bouncing ball with the bounces getting smaller.

Both forks are upfacing but in the larger and presumably dominant fork price is not getting lower and lower in the fork each time.
From my understanding that is a bearish indicator.
The downfacing fork - price looks like it likes this one.

this is my 240min GC - fairly obvious what needs to be taken out to turn things initially bullish.....

beeb
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  • #6,645
  • May 19, 2011 6:44am May 19, 2011 6:44am
Quoting beeb
this is my 240min GC - fairly obvious what needs to be taken out to turn things initially bullish.....

beeb
I take it you are saying:

The upper parallel of the downfacing fork (which has held price all night) must be taken out - then price would appear likely to move into the upfacing fork for a bullish move.

If price does not break the upper parallel it remains within the downfacing fork and this is bearish for the moment.

however it would then run into the lower parallel of the large (red) fork which is upfacing and there is the potential to move higher.

We are at a fork(s) in the road.
  • #6,646
  • Edited 6:58am May 19, 2011 6:47am | Edited 6:58am
Quoting six gun
I take it you are saying:

The upper parallel of the downfacing fork (which has held price all night) must be taken out - then price would appear likely to move into the upfacing fork for a bullish move.

If price does not break the upper parallel it remains within the downfacing fork and this is bearish.
not bad grasshopper....

i would just caution that imho it is very rare for there to be a "moment" of trend change - more likely a changing of emphasis or likelihood....

beeb
  • #6,647
  • May 19, 2011 7:14am May 19, 2011 7:14am
I am just amazed how stupidly the dollar is moving in zig zags and gold is following every bit of it .
MMMYYYKKK
  • #6,648
  • May 19, 2011 7:24am May 19, 2011 7:24am
Lol this firm is expecting gold to move below 1000$/oz in 2011 haha any comments lol i can just laugh. maybe they should hire one of us and make Money

http://www.commodityonline.com/news/...39141-3-1.html
MMMYYYKKK
  • #6,649
  • May 19, 2011 7:40am May 19, 2011 7:40am
Quoting beeb
not bad grasshopper....

i would just caution that imho it is very rare for there to be a "moment" of trend change - more likely a changing of emphasis or likelihood....

beeb
The upper parallel has held.
Price is moving down - looks like it will hit the up fork lower parallel at around 1487.
If that cracks the safety net is the lower parallel of the large (red) up fork at around 1475 or a bit less (all guesswork really).

That basic lower parallel in various variations of much longer term forks has held for some time now.

If that one goes I see price and the 150ma kissing again and that safety net is high tensile steel.
  • #6,650
  • May 19, 2011 7:51am May 19, 2011 7:51am
Quoting six gun
The upper parallel has held.
Price is moving down - looks like it will hit the up fork lower parallel at around 1487.
If that cracks the safety net is the lower parallel of the large (red) up fork at around 1475 or a bit less (all guesswork really).

That basic lower parallel in various variations of much longer term forks has held for some time now.

If that one goes I see price and the 150ma kissing again and that safety net is high tensile steel.

imo there are a number of other support levels beneath the 1470's....

beeb
  • #6,651
  • Edited 8:18am May 19, 2011 7:58am | Edited 8:18am
Quoting beeb
imo there are a number of other support levels beneath the 1470's....

beeb
True 1430-45 zone presents good support - but by the time price drifted down that far the 150ma could have drifted up that far - the 150ma is now above 1405.

This is some way off and several if's and maybe's so we deal with what is there now.
  • #6,652
  • May 19, 2011 10:05am May 19, 2011 10:05am
Unfortunately we are stuck back in the tringe break was false and we are STUCK
again floating into the center. This may not break for a few more days.

Hopefully not
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,653
  • May 19, 2011 10:19am May 19, 2011 10:19am
Silver may be going down to the highlighted yellow box since the small uptrend line is broken.....

http://i973.photobucket.com/albums/a...rgoingdown.png
  • #6,654
  • May 19, 2011 10:20am May 19, 2011 10:20am
Quoting beeb
this is my 240min GC - fairly obvious what needs to be taken out to turn things initially bullish.....

beeb
beeb,
in your this down fork, why the A point is 1505 instead of 1576 ?
your this A point make the fork make sense. but would like to know how and why you have chosen it in 1505.
many thanks
  • #6,655
  • May 19, 2011 10:24am May 19, 2011 10:24am
Quoting bloks
beeb,
in your this down fork, why the A point is 1505 instead of 1576 ?
your this A point make the fork make sense. but would like to know how and why you have chosen it in 1505.
many thanks

as previously stated it's an unmodified or normal schiff from 1577 high ie the A is moved forward 50% in price but not moved forward in time....the A is 1520.6

beeb
  • #6,656
  • May 19, 2011 10:35am May 19, 2011 10:35am
Quoting beeb
as previously stated it's an unmodified or normal schiff from 1577 high ie the A is moved forward 50% in price but not moved forward in time....the A is 1520.6

beeb
thanks again
  • #6,657
  • May 19, 2011 2:58pm May 19, 2011 2:58pm
What looks to be Break Test Breakout.

Here's the upclose view of the action.

Hope everyone got long at the bottom and first signal
Otherwise any time after a substantial break and correction is usually a good entry.

Or NOW!
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,658
  • May 19, 2011 2:59pm May 19, 2011 2:59pm
Notice the top red line sloping down of the SYM T is now flipped support.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,659
  • May 19, 2011 3:14pm May 19, 2011 3:14pm
interesting to compare approaches - here is GC 20 mirroring the two major forks in my 240 min chart above. have drawn in an internal (red) fork too....

it looks to me as though resistance is still to be overcome.....

http://www.screencast.com/t/IBnPMAjIM7


beeb
  • #6,660
  • May 19, 2011 3:28pm May 19, 2011 3:28pm
Gold will likely produce an inside bar on the daily chart today (35min to close). It also has a lower tail indicating slight bullishness. Its right under 1500 and the 21 and 8 day ema are also in this area. I think if this breaks up above 1502-04 we could see a nice pop up to 1515-1525.

Just my 2 pips worth.

Not sure if I will play this, not much momentum at the moment...
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