Gold and Silver Daily

By Daniel Cronin

Precious metals sold off once again as all commodities came off with the weak US economy and the strong dollar. Gold fell to $1,530 as a liquidation rush fell in the market. Silver fell dramatically as well, all the way under $30 at one point. I believe $1500 is a key level for gold and do believe that this pull back is a huge buying opportunity. Gold has since rebounded to $1,660, so in my opinion $1,600 would be a great entry point to get back into the market. With the double dip fears real, gold could once again flourish.


Copper prices have been very volatile in the last few weeks as prices have fallen more then $1.00 since the start of September. Copper has just traded below $3.00 as this market has been getting spooked with all the bad news out there. If this market gets below $2.75 this could really fall fast as there is huge support at that level.


Best trade to you,

I will be scaling out some held LONG SI positions today with any trade to the 31.800's and above (trailing stop for these runners at 31.400 now). Holding last few runners from a multi-day LONG position trade - 32.800's is my final target level.

32.50 is strong resistance for silver beware

Held SHORT open interest in the SI is a bit excessive right now, so any push towards 33's could trigger heavy SHORT covering acceleration. I agree we are getting close to a very reactive pricing area (upper 32's).

Make or break it area with any trade to 33's - 32.800's and above my final profit taking zone. Once the market trades to 32.800 I will pull stops up to 32.500 and see how that pricing level responds.

STOP now moved to 32.000 - time to push 32.800's and above for final targeted zone or stop me out of last two runners.

Why the TP there? I want to see $34.00

Distance from my cost basis reasonings - just went flat at 32.250 so that is a wrap for me. Time for the weekend.

Hello everyone I am back . Hope you all have done great !

Sorry couldn't keep up here .

Never mind I Will keep up this time.

You all know What happened to gold so no reason discussing it.
Right now its moving in this channel Look to Sell on top and buy on Bottom.

Guyz does anyone here knows how to edit or delete this poll i created. i cant find any option related to this poll

Gold fell sharply today from 1640 area it shows the big bearish trap isn't over .daily candle looks like a very bearish doji . first resistance is 1628 second 1640 first support is 1601-1605 second 1580-1582 .

Personally I am neutral right now .

1616-1619 good area to short with tight stop loss on 1621. just an idea for 100 pips .

100 pips profit secured

yes good call, right now i'm also on the sidelines.

i see a 'potential' H+S bottom on 15min chart, with the neckline/buy stop being about 1617, targetting 1630-1632. I think it's an 'ok' and not a great buy given we're bearish on most timeframes except monthly. But if we get more bottoming formations on the 4H/daily we get become more bullish with monthly support

What do you think?

good trade, i only trade physical so can't short, but am looking for good forex broker so i can play both sides.

Thanks for the post

Yup If we have an hourly close above 1616.50 it should touch 1628.50 (next resistance area )
Well bigger picture is I am fully bearish under 1670 price action between 1800 and 1670 is weighting down. My bottom would be either 1525 or 1480.
I am confident 1560 is not the low.Though It might stay range bounded for some time.

(Today it could be anything we might see a Xmas rally )
Sorry couldn't find that H & S pattern u were referring to.

Thanks

Here it is, sorry for the bad paint job

Oh you meant reverse head n shoulder lol I was looking for a straight one.
Yup its not that strong but its quite valid .
I would be looking for this trade too.

This simple channel is also possible