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

  • #6,661
  • May 19, 2011 5:02pm May 19, 2011 5:02pm
My resistance is clearly broken. Plotted twice.

Keep in mind we are comparing GOLD futures to OTC or "spot XAU.

The two (if discussing the most actively traded contract) can be off by a buck or two from my studies.

Quoting beeb
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
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,662
  • May 19, 2011 5:04pm May 19, 2011 5:04pm
Quoting XTrade
My resistance is clearly broken. Plotted twice.

Keep in mind we are comparing GOLD futures to OTC or "spot XAU.

The two (if discussing the most actively traded contract) can be off by a buck or two from my studies.

good point...

am off to bed - look after the markets for me ....lol

beeb
  • #6,663
  • May 19, 2011 5:20pm May 19, 2011 5:20pm
Quoting lilpip
silver move from 34.44-60 and retest is noted.
daily
38.66
34.60
32.54
with eye on 35.79 and 33.75
yesterdays move down from 35.79 area is noted.
looking for direction out of 34.79
friday.
36.52
34.79
33.06
  • #6,664
  • May 19, 2011 11:10pm May 19, 2011 11:10pm
please keep this in mind.

Gold Daily
Attached Image (click to enlarge)
Click to Enlarge Name: 1,600 dollar gold daily may 19 11.gif Size: 28 KB


B
  • #6,665
  • May 19, 2011 11:40pm May 19, 2011 11:40pm
We are out and rising. 1496 popped - next stop 1500/

I would like to sustain 1500 through overnight trade and pop 1507 by morning.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,666
  • May 19, 2011 11:45pm May 19, 2011 11:45pm
I have to look at it a bit more closely but there may be an inverse Head and shoulders (small) that formed inside the triangle.

If it is in fact correct we are at the neck line now.

Breach of neck would put us at appx 1520/24 as the measure from head to neck is appx 24 from extension to 20 USD from candle top w/o wick.

Not to mention measuring the broken (BULLISH) symettrical triangle.
Which I will analyze further as well.

May not be tonight though. Getting tired....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,667
  • May 20, 2011 4:38am May 20, 2011 4:38am
GC looking to hold above 1500

Remember today is options expiry - that will weigh on GLD/SLV etc and accordingly on futures and cash precious metals

beeb
  • #6,668
  • May 20, 2011 5:07am May 20, 2011 5:07am
Quoting beeb
GC looking to hold above 1500

Remember today is options expiry - that will weigh on GLD/SLV etc and accordingly on futures and cash precious metals
Isn't it on next Wednesday?
"The reason I was born and came into the world is to testify to the truth."
  • #6,669
  • May 20, 2011 5:36am May 20, 2011 5:36am
Quoting harvest3r
Isn't it on next Wednesday?

GLD and SLV are equities - sorry should have made myself clearer...

beeb
  • #6,670
  • Edited 6:07am May 20, 2011 5:53am | Edited 6:07am
Wow, forgot about options exp today, im long from 1494 but wasn't looking to sell. Like the long side but opt exp are always so so bad for the metals. Maybe not such a smack down tomorrow since they have been down so much in the last few weeks and we hold 1500 or 1492? I gotta roll to bed, and unsure what the play is... eeeek

I guess the last 10 min---- 7 buck of sell off to 1495 answers that question
  • #6,671
  • May 20, 2011 6:53am May 20, 2011 6:53am
http://www.zerohedge.com/article/chi...d-ownership-ri
  • #6,672
  • May 20, 2011 8:02am May 20, 2011 8:02am
very bored..why silver so slow?
  • #6,673
  • May 20, 2011 8:16am May 20, 2011 8:16am
so trade currencies for a bit.

Is that account with the silver long at 50 you posted a demo?


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


In any case a little road bump this AM but now back above 1500
Quoting kamen
very bored..why silver so slow?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,674
  • May 20, 2011 8:20am May 20, 2011 8:20am
Quoting kamen
very bored..why silver so slow?

how about you spending your time learning different methodologies - look at GC 20 min chart - perfect entry off the red sliding parallel......

beeb

ps can't be bothered to tidy the chart up - apologies
Attached Image (click to enlarge)
Click to Enlarge Name: gc20_001.jpg Size: 110 KB
  • #6,675
  • May 20, 2011 8:29am May 20, 2011 8:29am
wow what a stupid weak bull run
MMMYYYKKK
  • #6,676
  • May 20, 2011 8:36am May 20, 2011 8:36am
Quoting XTrade
so trade currencies for a bit.

Is that account with the silver long at 50 you posted a demo?
it is real account.. still can survive due to small position..
  • #6,677
  • May 20, 2011 8:36am May 20, 2011 8:36am
Quoting beeb
how about you spending your time learning different methodologies - look at GC 20 min chart - perfect entry off the red sliding parallel......

beeb

ps can't be bothered to tidy the chart up - apologies
beeb ur fork is already broken
MMMYYYKKK
  • #6,678
  • May 20, 2011 8:52am May 20, 2011 8:52am
If we see the weekly chart, silver should not drop more than 32.30..(based on the trendline).yesterday i watch the news,they said silver could end the correction around 33-35.what your comment?
Attached Image (click to enlarge)
Click to Enlarge Name: silver.gif Size: 16 KB
  • #6,679
  • May 20, 2011 9:06am May 20, 2011 9:06am
Quoting kamen
If we see the weekly chart, silver should not drop more than 32.30..(based on the trendline).yesterday i watch the news,they said silver could end the correction around 33-35.what your comment?
I dont want to make u change ur mind i know u have positions but it can go to 28 or even 25 but i will advice u to hold it if u can coz i see it above 50$ atleast this year
MMMYYYKKK
  • #6,680
  • May 20, 2011 9:06am May 20, 2011 9:06am
Quoting myk
beeb ur fork is already broken

it was a 20min fork for a scalp - risked $2 and made $9 ....



beeb
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