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XAU/USD Spot Gold

  • #341
  • Jul 18, 2011 2:47am Jul 18, 2011 2:47am
So people don't think I'm just bullish in all circumstances on every timeframe here is a copy of the message just posted on the "other gold thread":


Just to recap my 240min GC chart drawn in late March:

After the almost perfect catch of the gold swoon in early July, price has powered up through the fork to touch the WL just under 1600.

It does look overbought on many indicators from 240min down and with opex approaching there are reasons to see a pullback. However indicators can stay overbought and markets are stressed so one could see price continue North. If price gets through the WL and then finds support above it the rally could continue. Either way I feel it pays to be cautious at the moment.....

http://www.screencast.com/t/Fzbj6UKg58MX

beeb
  • #342
  • Jul 19, 2011 5:17am Jul 19, 2011 5:17am
Gann S9 is also saying me that XAUUSD will make a turn point soon.

Attached my S9 for Daily and Weekly charts. According to daily next turn points may occur 22.07 and 10.08, according to weekly next turn point will occur 15.08, so total we have that 10-15 August will be important periods for Gold, but i hope we will see mid-term turn point at 22.07
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 190811-W1.jpg Size: 153 KB
  • #343
  • Jul 19, 2011 10:03am Jul 19, 2011 10:03am
Quoting stulic
I will wait for first signs of possible positive debt ceiling outcome, it'll be 1400 here we come
Hi Stulic, i'm sorry but i don't understand your reasoning,
the only outcome will be to increase the limit which means
more printing dollars,and printing dollars is one of the reasons gold is bid.
And lets not forget the new gold and silver exchange soon to open in
Beijing giving many Chinese their first chance to own it,
i say 2000 by christmas.
You can remain irrational longer than you can remain solvent.
  • #344
  • Jul 19, 2011 2:01pm Jul 19, 2011 2:01pm
any idea what caused gold to fall so heavily in the last hour ??

my long took a battering !!

is it on the down now...
  • #345
  • Edited 3:12pm Jul 19, 2011 2:15pm | Edited 3:12pm
Quoting whatfx
any idea what caused gold to fall so heavily in the last hour ??

my long took a battering !!

is it on the down now...
I am in quite the opposite position and sold gold for a number of reasons.

1. Overbought
2. News articles like the following -
http://www.marketwatch.com/story/gol...?Link=obinsite
http://www.bbc.co.uk/news/business-14195981

As soon as I saw those articles and looked at the chart, there was no way I was going to buy gold. I saw weakness on the smaller timeframes and sold. It wasn't a great entry as it came back, but my SL was in the right place, never reached it and then it dropped big time. I was waiting all day for this drop and as I left work, I came home to a nice surprise.

Attached Image (click to enlarge)
Click to Enlarge Name: Gold short.png Size: 55 KB


I have marked off price points where I expect it to bounce. It seems that all the debt problems in the US and EZ have disappeared...lol...for today... risk on!

Long-term I am still bullish on gold and I can't see it breaking $1475 (never say never!), an area where I will be buying again.

It is just a correction... but for how long and by how much... who knows!

Looks like Obama pushed gold over the cliff - http://www.marketwatch.com/story/oba...dist=afterbell

I expect a proper bounce around $1576-1580 which is my target and then I will put my SL to BE and let the market do its thing.
  • #346
  • Jul 19, 2011 6:57pm Jul 19, 2011 6:57pm
Quoting whatfx
any idea what caused gold to fall so heavily in the last hour ??

my long took a battering !!

is it on the down now...
It's normal for the Gold prices to drop $50 to $100 after hitting the record high. The TDI indicator on the daily chart still show overbought situation. Please check the following url:

http://www.kitco.com/reports/KitcoNe...0719JW_pm.html
  • #347
  • Jul 20, 2011 7:47am Jul 20, 2011 7:47am
Quoting kj8
It's normal for the Gold prices to drop $50 to $100 after hitting the record high. The TDI indicator on the daily chart still show overbought situation. Please check the following url:

http://www.kitco.com/reports/KitcoNe...0719JW_pm.html

what is the TDI indicator. can i have the link ?

bbakker

i make you right. but iam still holding my long. see what happens tomorrow. if short continues than i will indeed go short albeit or a brief period...
  • #348
  • Jul 20, 2011 8:57am Jul 20, 2011 8:57am
Quoting whatfx
what is the TDI indicator. can i have the link ?

bbakker

i make you right. but iam still holding my long. see what happens tomorrow. if short continues than i will indeed go short albeit or a brief period...
Download the basic synergy package from http://www.compassfx.com/synergy/, it has the TDI indicator and chart templates.

Checkout the video section on compassfx.com, you'll find some interesting stuff.
  • #349
  • Jul 20, 2011 3:52pm Jul 20, 2011 3:52pm
Quoting whatfx
any idea what caused gold to fall so heavily in the last hour ??

my long took a battering !!

is it on the down now...
Inserted Video


..well i took the fall too, luckily i didnt put s/l so now im break even and going up

W la freedom!
  • #350
  • Jul 21, 2011 3:45am Jul 21, 2011 3:45am
Quoting bbakker
I am in quite the opposite position and sold gold for a number of reasons.

1. Overbought
2. News articles like the following -
http://www.marketwatch.com/story/gol...?Link=obinsite
http://www.bbc.co.uk/news/business-14195981

As soon as I saw those articles and looked at the chart, there was no way I was going to buy gold. I saw weakness on the smaller timeframes and sold. It wasn't a great entry as it came back, but my SL was in the right place, never reached it and then it dropped...

well, iam glad i kept hold of my long position. now gone back up to where i was. so no loss there...phew !


kj8........thanks for the link. i will try it out....
  • #351
  • Jul 21, 2011 4:00am Jul 21, 2011 4:00am
just checked the charts.

gold could be on its way down again.....

closed part of my long position for a profit...
  • #352
  • Jul 21, 2011 4:43am Jul 21, 2011 4:43am
Here's a 240min GC chart going back to the early part of the year for a bit of perspective......New high, opex and some overbought indicators mean a retracement could be in the offing. However there is seemingly good physical buying underpinning the market.

FWIW I use forks to indicate where to lighten longs at resistance and where to add at support..

beeb
Attached Image (click to enlarge)
Click to Enlarge Name: gc240.jpg Size: 89 KB
  • #353
  • Jul 21, 2011 4:55am Jul 21, 2011 4:55am
I try long on h1
http://www.kikkichimoku.com/home/201...ong-su-h1.html
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  • #354
  • Jul 21, 2011 8:48am Jul 21, 2011 8:48am
Quoting kikkofrio
I try long on h1
http://www.kikkichimoku.com/home/201...ong-su-h1.html
what's the update on your long position? Gold's position is tight today and market can take any direction. Weekly ADR is 180 pips, currently the gold is trading between 135 pips. Strong resistance level at 1602.4 and strong support level at 1591. I suggest to close the trade soonest ... thoughts !!!
  • #355
  • Jul 21, 2011 10:26am Jul 21, 2011 10:26am
Quoting beeb
Here's a 240min GC chart going back to the early part of the year for a bit of perspective......New high, opex and some overbought indicators mean a retracement could be in the offing. However there is seemingly good physical buying underpinning the market.

FWIW I use forks to indicate where to lighten longs at resistance and where to add at support..

beeb
beeb,
wat is the first point of this fork?

thx! <3
trading is my zen
  • #356
  • Jul 21, 2011 12:09pm Jul 21, 2011 12:09pm
2 stop today...wonderfull...
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  • #357
  • Edited 4:05pm Jul 21, 2011 1:42pm | Edited 4:05pm
Quoting ShirleyLo
beeb,
wat is the first point of this fork?

thx! <3

it's an unmodified Schiff from the late Jan low...

beeb
  • #358
  • Jul 21, 2011 4:04pm Jul 21, 2011 4:04pm
latest charts ...
Attached Image (click to enlarge)
Click to Enlarge Name: gold-july-21.gif Size: 317 KB
  • #359
  • Jul 22, 2011 1:27am Jul 22, 2011 1:27am
Down down down down
  • #360
  • Jul 22, 2011 8:32am Jul 22, 2011 8:32am
i see a lot of sentiment on down down ?

but i went long on gold today at level 1596. i think the bull run is just resuming again...lets see how long it lasts.

so, long is my sentiment at the mo.
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