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

it's expected. it really needs to do this. i'm eyeing 1795 right now for a possible entry point.

gold has been rising without much profit-taking from investors. big players have been letting gold rise and waiting for the right time to pull out. it just needs some sizeable profit-taking to create a domino effect or to push the gold market into the "fear zone." yesterdays self-off in the asian and european market was probably caused by the rally in stocks. later on the decline in gold was powered by fear.

When the smaller timeframes are getting swamped look to the bigger timeframes........Nobody should have been too surprised by this retracement

beeb

next stop 1780

here you go.. who's buying now?

I'm waiting for the 1720 to buy some more...

IMO wouldnt go long until atleast just above 1730...

Im shorting and keeping my longs open

With my limited experience 1740 area seems reasonable to go long I guess

small short at 1780

took two days to get from 1800 to 1900. took 2 days to get from 1900-1760

GC20 min

http://www.screencast.com/t/hFQTi0Cco

beeb

i am going long at 1775

Hi all,


I added a Gold Technical analysis post to the news section last night after the bearish engulfing candle closed - with associated support and resistance levels. Thought it may be of interest.

http://www.forexfactory.com/news.php?do=news&id=311155

All the best

Nick

I am staying underwater

Can anyone comment on the US data todfay and the effect it might have on QE3 and what effect that might have on the USD and gold?

Was out all day yesterday...

Some nice corrective action going on here.

Keeping an eye on 1750 and 1730

Possible entry areas.

USD just ticked up.

Current Gold H4 bar showing Pin as of yet....

Need to watch PA and see how the outlined support areas react.

May not be done yet....

If we correct further in the next few sessions I am looking at the channel top and (weekly channel) and psyco 1700 (channel top around 1675 ) as strong supports. This might lend the steam needed to push to 2000.

qe 3 should be gold pos

FYI

(Dow Jones) Gold is falling hard and fast, undermining what's become common wisdom in global markets: that you're putting your money in a safe place when you're putting it in gold. Based on the speed of the fall, it appears that much of it is computerized trading based on stop-loss orders. Meaning, investors who got in within the past days are probably cutting their losses. At one point in the day, gold futures were down $97.50 but have since pared losses and recently traded $77.30, or 4.1%, lower at about $1,784 an ounce.

Don't forget that if you have a different broker with timezone shifted by 1,2,3 hours, you'll get a completely different looking H4 candle! One needs to learn what candle equals what candle if it was shifted by time. H1 seems the most universal, because it only shows different to people with +30min shifted timezones. Provided that the broker's hours are not set wide apart +-3 minutes, the H1 should be fairly same for everyone.

I think there is still place to go down for the gold. The current H4 candle is only started 1:27 ago with my broker so it's not mature yet to draw any conclusions imho. Anyways, on silver the current low is just above fibo 38.2 and SMA200 on H4.

Effect of QE3. What do you guess ?

Are you guys going long, short, or waiting?