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

Silver is forming a Rising Lower TL and Gold is at range top 1545.

For a scalp I would say sell gold for 3 USD to 1542

B U T-

It is very possible that this range is going to break so I will wait and watch PA
already running 3 LT trades.

when scalping Gold always have support and resistance plotted.
Prevailing trend in place.

AND beware of your spread.

On the last post I mentioned a sell from 1545 for 3 bux TP.
This is dangerous.

The better trade/scalp would be to buy AROUND 1540

this way you are WITH THE TREND and the odds are increased you may get picked up into a BREAKOUT through the range top.

Making your measly 3 USD scalp a possible 20 USD breakout......

And there it is. A break of range and pop to 1550.. Great example of why not to scalp against the trend.

My entry maybe a little too low for this AM, But looking at M15 there was a low point close to 1540 only a few bars ago.

Here's an M5 view. already rejecting a break of 1550 we want this for a new high.

1550 as support.

Morning
Still sticking to the yesterdays analysis. Had a long already, looking to reenter, as I see momentum is building for more up.
Have a safe scalping!

Gold Resistance at 1559 - 1560.
Hopefully can break through but London is done
scalped a few pips
got out at 1550 last resistance

Silver flat as a pancake after a nice jump this AM

London sometimes suppresses the price more than helps it IMO.

with a second failed attempt at holding above 1550 for gold and 37.12 for silver, can we expect to see another dip to the lower supports?

Mitch

When do you think we will reach 1600?

I think follwing what happened 30 days ago is a key here, just look the chart, it looks like the investors and fundies wanted to bump GOLD at the beginning of June, to keep their 30 day gold percentage possitive.

I still don't understand why gold is struggling so much with 1545. the data out of the US and all around the world is awfull (cpi, gdp, unemployment). even silver is trading extremely flat and seems to be waiting for its big sister to get off her .

I'm interested in the fundamentals here, all these bad data releases and world events should be launching PM's higher, and everyone knows it. Are big players suppressing the price for a reason? Will end of QE2 (june 30) give direction? Are investors too scared the retracement isn't over yet?

I don't have a live account ATM, but to me, now seems like a perfect time to be buying, and I would if I had the $. The announcement of QE2 ending and a week later we get the worst jobs and employment data all year.

My 2c

Mitch

Hi all, I'm finally a new member of the forum although I've been reading and visiting and semi-stalking this website n forum for years lol

Just went Long on XAG @35.40, my t/p was hit yesterday @37.00. I'm looking at Long again when European market's open.

Gold just has no reason (YET) to go down too drastically. When the world's economy is good, they buy gold as an allocation of assets. When the economy is crap, they buy gold as a SAFETY allocation of assets. That metal surely has its dignity intact!

I'm new to silver, but a lot of its movement has been pretty similar to Gold.

if XAG moves down to low 36 today I won't trade it...around 37.50 the uptrend probably resumes...I'm just a little afraid Euro is dragging it down with their Greece doubt for some short term slump of XAG n XAU

Hi I am a new trader to sliver as well. I am waiting for the price down to 3640ish and go long. How do you think?

Welcome ShirleyLo.

Silver has only begun, after the breach of mega resistance and perhaps unwinding of massive COMEX shorts to move over 1 usd per day.

Look at some older charts to familiarize yourself with it.

You'll see what I mean. A 1 USD move used to be huge for a day. 50 cents was good and 25 ok.

Now we have seen 3+ USD moves. All new to silver.

What are you trying to say here sir? I am unclear. I do not believe FXDD metatrader accounts are STP. I will look into it. Nothing in the conversation posted is clear either.

I have a live account with FXDD and FXCM etc. And there is a HUGE difference in execution between the two. FXCM Acct. NON metatrader.

I actually don't like MT4 at all on any broker. Execution sucks. Scalping is a Nightmare. And there are a slew of dirty little tricks brokers use to get you in and out at unfavorable prices.

Here are a few:
1. Trade context busy
2. Off Quotes
3. Invalid Prices or Price context busy... (How could the prices be damn invalid when THEY ARE quoting them
My personal favorites are
4. Requote - Requote - Requote - Requote - Requote want this price?
by then the price is a buck 50 higher.
And of course
5. 3 to 4 second lag time
6. 100 to 300 pip spikes down in price that NEVER happened to clear stops
and "bucket" the dough. Hence the term "bucket shops."

I deal with it. Don't scalp on it and game the MMs by trading without stops when in front of the screen or extremely wide stops. Also by keeping long term positions.

This way they have an opportunity to offset your positions on the real FX market if need be.
They say scalping is allowed. I guarantee you scalping is nightmarish during a fast moving market.

MT4 was designed to run Expert Advisors or Trading Bots. Not for manual trading or for ECN trading or even STP it is a Market Maker Dealing Desk software. If you are not running an EA. Which most lose in the long run anyway. I strongly suggest looking at other platforms besides MT4 Or just trading long term ie: days - weeks - months.

NO dealing desk likes scalping.

come on euros, bring back the biff. send gold/silver north again.

I know what you mean ey, it's about percentage of value. Like, USD20 change in a 1500USD gold/ounce means nothing comparing to USD3 change in a 36USD silver.

There is this noticeable patterns between EUR and XAG..or even XAU. You know how gold and euro usually move in line w each other..they still do but it's getting weaker by the day. for example today when euro slumped from 1.4640 to 1.4570 (70 pips!), gold went down too..by about 3USD (1545 to 1542?). And it's been like this too often...or it's just me over analysing?

the two usually had similar strength upwards or downwards. the last and closest similarity happened lately only appeared on 05 May 2011 D1 graph.

It's probably nothing, but it's scary that it's gettng harder to predict where commodity is heading..do they now depend on USD price or EUR? Or even CNY?

Fed Chairman Bernanke Speaks what the expectations and what the gold and silver move(bearish or bullish) on the speach time of fed?

Don't get me wrong. Catching a 3.00 USD move on silver is a Great day trade. You will make money. I'm just commenting on the fact that it has only just started to move in the 1.00 USD Plus range.

The summers can be slow for metals. So we may not see much movement from the two until August starts wrapping up and India goes into another buying season.

They depend on all currencies and some countries ie: Australia is a major producer of Copper and Gold. Mexico is rich in silver.

Golds strongest correlation will remain with the USD because it is settled in USD worldwide. So when the USD falls and foreign currencies strengthen, they can buy more Gold with less of their own money.

EUR up GBP UP

Gold still in range.

good to see its still in a very slight uptrend.

hopefully the split second bernanke opens his mouth PM's will shoot off. haha