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

  • #14,781
  • Dec 22, 2011 12:44pm Dec 22, 2011 12:44pm
Quoting Sreym33
very true. Market analysts have attributed this to liquidity-selling off gold as the Euro drops. Will this correlation change soon due to the cash injection yesterday?
Whatever the reason, mirroring the Euro is very bearish sign.

Honestly think this is a higher TF correction. For now gold is still bullish because it bounced off of the rising weekly trend line. But it is really not getting that much traction.

From a retail perspective I can't imagine people are lining up to buy. The people I know with gold are all wondering if they should sell.
Kill the ego, or it will kill the mission.
  • #14,782
  • Dec 22, 2011 1:17pm Dec 22, 2011 1:17pm
Quoting hermanforex
Its just how my strategy works. I dont short gold I only buy and if it drops another $100 or even $150 it gives me an even cheaper price to buy again.

What goes down must come up sooner or later
this Reminds old me.Like month before =)
waiting to price rising may be long bro.
Trade more supply/demand and yours trades will give you 10times more money because you will have good short term calls.
this Only buying is not good.I was doing it too.
Not good for your capital.It hurts =)
  • #14,783
  • Dec 22, 2011 1:24pm Dec 22, 2011 1:24pm
Hello friends, I see no reason to long gold on account of yesterday's spike. Yesterday's candle was actually a doji and, please notice the point of that doji formation....... the 200SMA.
I think that the most probable direction in the interim will be south with a likelyhood of approaching the recent lows of 1550ish. Could go further down seeing the price action is now fairly below the 200SMA.
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  • #14,784
  • Dec 22, 2011 1:25pm Dec 22, 2011 1:25pm
Quoting AaronWard
Whatever the reason, mirroring the Euro is very bearish sign.

Honestly think this is a higher TF correction. For now gold is still bullish because it bounced off of the rising weekly trend line. But it is really not getting that much traction.

From a retail perspective I can't imagine people are lining up to buy. The people I know with gold are all wondering if they should sell.
but still bounced only because euro bounced =)
  • #14,785
  • Dec 22, 2011 3:11pm Dec 22, 2011 3:11pm
Hi everyone, have just entered a long position @ 1604.65. I think we could perhaps have a bounce before heading south??? SL 1596.00 TP 1622.00
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  • #14,786
  • Edited 5:54pm Dec 22, 2011 4:12pm | Edited 5:54pm
Below is the current weekly chart and notice the nice doji forming for this week. We are obviously in a long term consolidation and judging from this, midrange should be around 1650. I am long here, targeting the top of the triangle at 1720, then head back down to 1600 before the breakout. Which way for the breakout? Your guess is as good as mine, but I'm bullish going into 2012.

EDIT: additional - want to see who owes who in the world?
http://www.chrismartenson.com/blog/worse-2008/67136
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  • #14,787
  • Dec 22, 2011 6:09pm Dec 22, 2011 6:09pm
Quoting Tsotsi
Interesting. I was also born & raised there, my parents still live there. Don't know about generation number but my lineage is from Swaziland. And we also had a school principal nicknamed "Dogbreath"!
hehe....cool.....would not be me.....I was a naughty boy at school
Life's a bitch....so be a dog and cover it!
  • #14,788
  • Dec 22, 2011 6:31pm Dec 22, 2011 6:31pm
Just broken through trend line resistance
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  • #14,789
  • Dec 22, 2011 6:44pm Dec 22, 2011 6:44pm
Quoting Walt
I don't know how fundamentals play these days but technically we have 3 factors that point north...

Just my 2 cents...

Walt
nice input...thxs Walt.
Life's a bitch....so be a dog and cover it!
  • #14,790
  • Dec 22, 2011 8:26pm Dec 22, 2011 8:26pm
Euro Bailout - An Animated Explanation :

http://hereisthecity.com/2011/11/01/...d-explanation/
  • #14,791
  • Dec 22, 2011 8:35pm Dec 22, 2011 8:35pm
Quoting SunTrader
Euro Bailout - An Animated Explanation :

http://hereisthecity.com/2011/11/01/...d-explanation/
Hilarious!!
  • #14,792
  • Dec 22, 2011 10:13pm Dec 22, 2011 10:13pm
First hurdle will be 1616 by my analysis. Waiting for solid close above 200MA or above 1626 before re-entering.

If it manages to break and close above 1626 I'm looking for 1675 as the next resistance level and then about 1720 around the upper side of the triangle. I'm anticipating some correction at 1675, maybe even back to recent lows. If it tests 1675 and bounces up I'll probably enter again.

Weekly chart looks set for a bull run next week. It's apparent that the ECB will print as much money as necessary.

Merry Christmas to all of you, take some time off staring at the charts and spend some time with your loved ones!!!
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  • #14,793
  • Dec 23, 2011 12:02am Dec 23, 2011 12:02am
Moved position 1 SL to 1608.00 and position 2 SL to breakeven
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  • #14,794
  • Dec 23, 2011 12:33am Dec 23, 2011 12:33am
Just taken a short position on the break of trend line. Short 1609.60 SL 1615.00 open TP at this stage
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  • #14,795
  • Dec 23, 2011 12:52am Dec 23, 2011 12:52am
Closed both my long positions at 1611.00 up from 1604.65. About 64.0 pips profit. I now have 2 positions short from 1609.60 SL 1615.00 (hopefully I didn't make a mistake )
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  • #14,796
  • Dec 23, 2011 1:47am Dec 23, 2011 1:47am
Quoting Sreym33
Below is the current weekly chart and notice the nice doji forming for this week. We are obviously in a long term consolidation and judging from this, midrange should be around 1650. I am long here, targeting the top of the triangle at 1720, then head back down to 1600 before the breakout. Which way for the breakout? Your guess is as good as mine, but I'm bullish going into 2012.

EDIT: additional - want to see who owes who in the world?
http://www.chrismartenson.com/blog/worse-2008/67136
I like this from the article

"It will most likely end in a concerted devaluation of the world's currencies, in an attempt to inflate away the worst of our debt burden. And if that happens, there's one asset in particular that you will want to be holding."

and for me That's GOLD
  • #14,797
  • Dec 23, 2011 6:42am Dec 23, 2011 6:42am
Quoting fuse
Closed both my long positions at 1611.00 up from 1604.65. About 64.0 pips profit. I now have 2 positions short from 1609.60 SL 1615.00 (hopefully I didn't make a mistake )
nice work on the longs. I am looking at pivot to be around 1607. Price dropped to around 1604 which is 50% pullback of 1592-1614. For me, 1604 was a buy point. time will tell.
  • #14,798
  • Edited 7:24am Dec 23, 2011 7:02am | Edited 7:24am
Quoting Sreym33
nice work on the longs. I am looking at pivot to be around 1607. Price dropped to around 1604 which is 50% pullback of 1592-1614. For me, 1604 was a buy point. time will tell.
you have Sl.There is no mistake.
Now i am opening trades only when i am sure with entry points.Like it was 1640 supply.That was rly nice short.
break thru 1642 up. 1640 will become new strong support
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  • #14,799
  • Dec 23, 2011 8:06am Dec 23, 2011 8:06am
Quoting CathS
Bad luck, usually it's just me that has this effect! I was with you but thankfully hadn't had enough study time to be comfortable pulling the trigger yet.

If I have learnt one thing from this thread and from watching the markets over the last few months, it's that the correlation between news and logical price movements seems to be pretty non-existent - it's very hard to tell how much of any news announcement has already been priced in and as a result price often seems to move the opposite way we would expect.

Better luck next time.
cheers
cath...
Yeah...that fact has really messed with my scalping.....used to wait for bad news for USD then go long on gold....fat lot of good that does nowadays....hopefully once euro settles and is priced it....things will get back to normal.
Life's a bitch....so be a dog and cover it!
  • #14,800
  • Dec 23, 2011 8:45am Dec 23, 2011 8:45am
Quoting Sreym33
Hilarious!!
Ya know....all the smoke n mirrors just highlights what a bunch of con artists the central banks are!
sick individuals.
Life's a bitch....so be a dog and cover it!
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