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

  • #20,461
  • Aug 23, 2012 3:18am Aug 23, 2012 3:18am
well beeb! now that we are ALMOST 35 past 1635 that may be tough... Sticking to the round numbers... 1650............
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,462
  • Aug 23, 2012 3:20am Aug 23, 2012 3:20am
C U Guys in NY, my mind was just blown by a post in the cable thread.

Plus Gold Is performing!!!!!!



Trad3 smart
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,463
  • Aug 23, 2012 3:29am Aug 23, 2012 3:29am
Quoting beeb
Where we close the week will be v important IMHO. It's not so much the breach of resistance that I'm looking for as opposed to where support manifests itself on any retracement....

beeb
This weeks close should give us a good indication of future prices to come, definitely something I'd be looking at.
  • #20,464
  • Aug 23, 2012 3:30am Aug 23, 2012 3:30am
It would be nice and relieving if we could enter again in the uptrend channel, we should pay attention in the near future to the 1695-1700lvl, i think that is a strong resistance giving the fact that it was a fairly good and accurate support for the uptrend channel for 4 years...
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  • #20,465
  • Aug 23, 2012 3:34am Aug 23, 2012 3:34am
Quoting musclemike
It would be nice and relieving if we could enter again in the uptrend channel, we should pay attention in the near future to the 1695-1700lvl, i think that is a strong resistance giving the fact that it was a fairly good and accurate support for the uptrend channel for 4 years...
To me, your channel ceased to exist after it was violated severely over the past 12 months, I wouldn't still use it to analyze today's price action.

Just my 2 cents
  • #20,466
  • Aug 23, 2012 3:38am Aug 23, 2012 3:38am
After breakin' the support on wkly there were 3 candles that touched and failed to enter the channel, maybe is nothing, i'll just keep an eye...not very hard to erase them...time will tell...
  • #20,467
  • Aug 23, 2012 3:50am Aug 23, 2012 3:50am
Quoting longshot_nl
just a simple chart
silver
As my old friend LongshotNL points out in post #20565. silver is nudging the downtrend from the ATH.

However without going over our past discussions, I will disagree with him about the efficacy of EW

beeb
  • #20,468
  • Aug 23, 2012 4:11am Aug 23, 2012 4:11am
Mike hide your order numbers live or demo please.

Profit lots, etc. fine, NO order numbers.

For your own safety.

Quoting musclemike
It would be nice and relieving if we could enter again in the uptrend channel, we should pay attention in the near future to the 1695-1700lvl, i think that is a strong resistance giving the fact that it was a fairly good and accurate support for the uptrend channel for 4 years...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,469
  • Aug 23, 2012 4:13am Aug 23, 2012 4:13am
I hate to say it but EW is for the birds, if you can make it work for you than great, not a system I have any interest in pursuing in the slightest.

To many invariable variables....

Simple Support and Resistance works better for Gold IMVO.

Quoting beeb
As my old friend LongshotNL points out in post #20565. silver is nudging the downtrend from the ATH.

However without going over our past discussions, I will disagree with him about the efficacy of EW

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,470
  • Aug 23, 2012 4:17am Aug 23, 2012 4:17am
You are right in that thought but I think mike has it drawn wrong.

It should emerge in 2008 off something like 1100 and allow for BLOWOUT ON TOP AND BOTTOM, so he may not in fact be too far out.

Plus support and resistance work with gold.

I will make a new one and we will see.

Split, take the 100 week SMA and apply to the weekly spot chart and see the results.

Quoting split_unit
To me, your channel ceased to exist after it was violated severely over the past 12 months, I wouldn't still use it to analyze today's price action.

Just my 2 cents
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,471
  • Aug 23, 2012 4:18am Aug 23, 2012 4:18am
Agreed
Quoting split_unit
This weeks close should give us a good indication of future prices to come, definitely something I'd be looking at.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,472
  • Aug 23, 2012 4:36am Aug 23, 2012 4:36am
Split is technically right: the channel has been breached 2 times so he's right, but after that the price moved to the lower band touching the support (A) almost to the pip and then got back up touching the resistance (B) almost to the pip, after breaching the support the price met resistance in the point (C) and the price responded to the line...now, that might be nothing...we'll see...
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  • #20,473
  • Aug 23, 2012 4:42am Aug 23, 2012 4:42am
Goes to show waiting for a retrace that never happens can cost you money.

I was hoping a pullback at point 1 and now waiting for point 2. No positions at this time. Also we are at resistance on the long term channel and RSI is getting highish.

Looking to load up a long after any retrace, if not I will be crying even more.
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  • #20,474
  • Aug 23, 2012 4:44am Aug 23, 2012 4:44am
Hehe, how's your brother doing...doesn't he "play" with gold?
  • #20,475
  • Aug 23, 2012 4:52am Aug 23, 2012 4:52am
Quoting musclemike
Hehe, how's your brother doing...doesn't he "play" with gold?
He up 65k on this move, I asked this morning he bought way down the bottom 1560 or something. As well as his physical holdings.

On the flip side he closed out 130k loss over the summer by having too much belief, large position size and no stop losses.
  • #20,476
  • Aug 23, 2012 5:09am Aug 23, 2012 5:09am
Quoting Euroscum
Looking to load up a long after any retrace, if not I will be crying even more.
maybe a retrace will happen when majority decide to go long
  • #20,477
  • Edited 5:33am Aug 23, 2012 5:22am | Edited 5:33am
Quoting eugenyk
maybe a retrace will happen when majority decide to go long

Anything is possible but I believe this is part of something bigger based on seasonal factors as well as technical price action. Holding above 1650 is also a bullish sign for entry.

I would think some people to be taking profits here though which hopefully gives me a good entry point.

Rsi is 73 ( the blue line chart at the bottom) but it has been well over 80 in recent times before a reversal so could still be some pump left before we have some fall back.
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  • #20,478
  • Aug 23, 2012 5:48am Aug 23, 2012 5:48am
I beleive US unemployment claim report can give us a momemtum for retrace today. I dont see Gold and Silver going up this week.
  • #20,479
  • Aug 23, 2012 6:13am Aug 23, 2012 6:13am
It's been a good bull run, 1663 might be a bit of an uphill task to breach. I use mostly the 15 minute chart. The US fundamental data coming out at 8.30am EST might bring some retracement. I am planning to close my longs if it falls and closes below 15 min support at 1660, with a possibility to load another long at the previous open at 1655 (white dotted line) or major pivot at 1648ish.
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  • #20,480
  • Aug 23, 2012 7:04am Aug 23, 2012 7:04am
Do you also ride the retracement? I hope you're right where it suppose to retrace, coz I'm short with XAU right now. )
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