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

just to celebrate gold's new ATH here's a 5min spot chart instead of my normal GC one. Circled are two perfect two-bar entries for longs.....

beeb

Chart:

NY spot XAU

http://www.kitco.com/images/live/nygold.gif

Y'know... It's never a bad thing when you are "In Sync" with a market.
You obviously are.
1,638-9 to dip to now.

Been a blast. Take care.

B
Outta here.

If you want to be Happy at Christmass;
Buy Gold NOW.
Adjust MM during to late September.
1,550.00 is gone. Done & Dusted.
1,600 may be challenged again but that will be naught more than an opportunity.

B

buying gold at 1641.78?

Silver...Im going bearish/bullish. These dips are consistent today.

ok now gold is beyond my expectation. 1660. question is.... where is this headed now? is gold going to drop soon or will it persist towards 1700

opened short @1655 Target 1530

Myk, why did choose to short XAU at 1655?

You were perfectly right here. It did move down but just $4 or something. Counter-trend trades are more stressful and short lived. Wonder how you can maintain a constant look on the trend. Every time Gold moves too much on one side I start looking at the reversal. Been the reason for most my losses in Gold in all these years. When the trend starts my account moves to a gain of 20% and then comes back to 5% .

I hope(thread rule not to write this but still...) you can guide me here with some advice on how to identify strength in a trend.

Thanks

for further increase more than 1670 lets say or even here it will have to break the 3 year old trend channel its currently at the most extreme of that channel all indicators are very much over bought plus a spike like this mostly bring a bigger spike down next day so .

Gold is quite easy - you just look at a ten year chart lol



beeb

BTW here's my trusty old GC 240 with current high on a sliding parallel from the old high

http://www.screencast.com/t/Njo6IcIs6zZ

beeb

so do some people STILL think gold will go to 1600 before it breaks 1700 ?

The fall in Wall Street today was -2.2% dow jones and nasdaq -2.8, right?

Spain country risk was the highest today.

was all that, the reason of the GOLD BUMP today?

Oh boy,sliver is at the gate,this is getting very bullish looking.

Tilf.

Trading Gold takes PATIENCE not exactly the same as currencies. For instance, you can be up 100 pips Euro than in the same day down 200.

Right now the currency market is soooo choppy that unless you are well positioned from months ago and have the ability to Hedge only winning trades, it is hard to position oneself.

You are looking for a reversal that is just not there.
Fundamentally not a chance.
Where do I start? Euro Zone crisis? Bailouts, The US raising it's so called "debt ceiling" more like an excuse to open up the old press "good old boys "
grease her up and let's literally make some money. Their answer, inflate ourselves out of this. Well guess what? All the bonds that other nations buy are supposed to be backed by a currency worth getting paid in at a later date. IF we are downgraded in credit. Whoa. Look out below for the dollar.

Prime example - EUR/CHF USD/CHF and the POG and PO Silver.

Technically Gold is steamrolling through 1600. Now with a high at 1660.
People are saying when do we hit 2000 not 1000.

Hold your longs, sometimes you need to let an entry come almost back to zero or even dip below before it takes off. Yes it's hard to watch, but where were we a few month ago. 3 0 0 USD cheaper.

Go ahead and look for the shorts, just know there are a slew of people whether trading gold chains in India, in the COMEX gold pit or trading spot on Globex waiting to snatch up that dip.

@ Bemac, I agree, if you wan't Gold for Christmas, buy now. We could be at 2000 come Jan 2012 if not sooner.

Raising the debt ceiling fixes nothing, it is just a way of prolonging debt.

Actually the thread rule says if you don't know ask. There is nothing there about guidance. We are all here to exchange info.

Part of the answer is in your question/statement.

worth a read imo

beeb


http://traderdannorcini.blogspot.com...inning-to.html

Are you still in this? What warrants a 125 USD drop? Those days seem to have passed.