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

Daily Pivot Point

Thank you! Im french so english abbreviation are hard to
understand for me!

You are welcome. It is a pitty: I can not speak French

Do you have Pivot and its supports and resistance lines on your chart?

http://i52.tinypic.com/2z5uoa8.gif

not sure if i plotted it correctly. looks like a diamond top formation.

Looks like trendline from bottom should draw upto double top, but I'm not much of pattern trader myself.

I may be wrong, but I think a diamond top is plotted over a longer period of time (forms over months).

Yes i have Pivot and S and R on my charts! I have the DPP! lol

yeah i guess you're right. just researched it. probably it's just me, frustrated, trying to make sense of the market lately.

You're welcome

Gold is one of the few things you can trade, knowing it will always go up. Just look at the history of things like forex, commodities, everywhere are new all-time highs and new all-time lows.
Gold doesn't have any all-time lows. It only has all-time highs.
That's also why traders see gold as the "save haven", you can be quite sure it will go up.
Sure there will be dips, some smaller, some larger (up to a couple of hundreds in a bad case) and that's where things like leverage and money management come in.
Anyway, don't get me wrong, you can still bust your account going all-out on buying gold and ending up in a down trend.
But if you trade wisely, it's simply said always worth buying gold.

While I may be 100% wrong, my fund/tech(limited) analysis remains bullish.

On the daily chart, we can see a massive pennant forming.

I expect a new high before the end of this month, but there is no telling.

This market is manipulated to the extreme. Even as the swiss franc dropped, the Euro and USD remained in a pile of trouble, gold somehow dropped simultaneously.

Making sense of PM markets is difficult. Just look at the MASSIVE drops. If that isn't intentional coordinated action to move the price downward, then we live in a mystical fairy tale land.

As you know, some traders are trying to sell against this massive bull trend, but there is no way to predict when the bank traders decide to set their software to bring price down. A safer bet (if you don't live in the US) is a small long bet hedged with sell stops below taking profits before the next sell stop is triggered. Keep a tiny buy bias, but not much of a bias so you can survive a drop to 1500 (at least) with most of your initial account in tact.

De-hedging is the tricky part, but it is always best to exit your sells at a profit. Therefore, this is a very hands-on strategy.

If you want to be a risk taker, you can gradually and incrementally (VERY gradually) add to your long position as the market heads south in corrections.

This brings your account to new highs as it retraces upward, or even breaks through to a new top.

With this strategy - you are happy if the market moves up (you can profit), but just as happy if it moves south. You profit on sell-stops and can potentially add to your position. Worst case scenario is if you are hedged with a slight buy bias and market heads upward. This leaves you with the option of taking a loss or adding your buy position (risky business).

That's my two cents. I'm not a pro or an expert so do not take this advice.

Although gold is in a massive bull run which might (nothing is for certain but "death and taxes") last many more years, for anyone who believes Gold will always go up deserves to lose every penny they have.

So newbies beware these kinds of statements.

what do you mean?

I for myself think it will go up at least up until some stability arrives (which I don't think will happen in at least 2 years)

Gonna try again......

GC 10 min chart that might have made you some money / kept you out of trouble the last few days.

I am posting it to show the kind of charting and analysis that can be done rather than to point things out after the event......

If it's useful use it - if not, just put me on ignore



beeb

Well, I agree and I dont agree with you:sure, nothing's forever and there will be a time when the gold will also be in a bubble when everyone of us will own some kind of gold and everyone else in the streets is talking about owning gold,but besides us: traders, investors etc, i really dont see any of my friends talking about gold or anyone else for that fact, now it's certainly not the time to draw attention to this kind of warnings, sure, when the world's economy starts to show ANY signs of recovery we will sure be "here" to signal that and "help teaching" our forum-friends to take cover and keep their heads down.

P.S. As gold goes up, higher and faster the retracement will also be violent and i think we will have some violent highs and down because gold doesn't bother going up 50$ and retrace 10-20, "he" is going up 300-400$ and retracing 150-200$, THIS is what we should be carefull at...


I have to thank to Beep... i love "his" forks, made me draw my first one...

You might be right. But NOTHING in trading is for certain.

And the more I see people who think this the more I start to believe a top might (there goes that word again) be getting closer.

Than we have already seen?

Oh baby.

Maybe a chart might make my point better. Spot :nerd:the wide range days with volume almost double the historical average?

How's everyone doing? Anyone holding long or short thru the weekend?

I have been out all day and I see (obviously tracking price every hour via phone)
we settled at

1885.75 according to my market maker....


Time to read. Will be here all night to discuss analysis and fundies if anyone likes.

You guys pushed her over the edge!

I'd say that's noteworthy, not that its anything but a number.

Keep it up!

X

What's the prediction on Monday?

I play on Long and keep it for GAP.

From what I can see last night is a correction and stop at 1828 and now closed at 1856.

Sadly I can't do any stop Loss, so I keep my eye on monday morning.

Thanks