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

  • #20,521
  • Aug 24, 2012 2:15am Aug 24, 2012 2:15am
I've been reading he's last book, listening him over almost 3 years since i'm trading gold and i can say he IS one of the best analysts out there...and yeah, i trust him because of the reasoning he gives for everything he says, now it's up to you if you wanna do the opposite, in the end, someone has to lose money in order for me to win them.
  • #20,522
  • Aug 24, 2012 3:21am Aug 24, 2012 3:21am
Closes are going to be interesting - especially with Monday being a bank holiday in London...

beeb
  • #20,523
  • Aug 24, 2012 4:15am Aug 24, 2012 4:15am
Quoting Mehrdadovic
gold
Can you please explain this

Thanks

beeb
  • #20,524
  • Aug 24, 2012 7:15am Aug 24, 2012 7:15am
Interesting Read.

Although it's been a great run, I personally don't see Gold rising above 1700 without Fed /ECB action.

http://www.reuters.com/article/2012/...8JO3KW20120824
  • #20,525
  • Aug 24, 2012 7:23am Aug 24, 2012 7:23am
Hey guys ,
Nice day to all of you
I am so confused about the retracement of gold , any idea please .
  • #20,526
  • Aug 24, 2012 7:50am Aug 24, 2012 7:50am
Quoting Peet91
Hey guys ,
Nice day to all of you
I am so confused about the retracement of gold , any idea please .
The market is extremely bullish at the moment -- unless fundamentals begin to mitigate the sentiment of further Fed action. Dollar selling over the last few days has been huge. That's due [as well as Gold] for a correction so be patient.
  • #20,527
  • Aug 24, 2012 8:25am Aug 24, 2012 8:25am
I have always found it's wise to pay attention when the weight of options changes direction.

http://www.reuters.com/article/2012/...8JO3KW20120824

That being said, the options aren't definitively bearish the same way they were in February, so I'm just making a mental note at the moment. The area around $1636 has been support/resistance so many times since January and it coincides with the 61.8% Fibonacci retracement from the February $1800 high to the $1535 low in both January and May, so that's my current "key" support level that I'm watching.

Gold made a full run from $1535 to $1775 in January with virtually no retracement on the daily charts, then the bearish options started when we saw that retracement to $1718 and continued to accumulate as it made the run to $1800 before falling, so I'm not thinking about shorting until I see some strong signals that it's time to do so.
You can always make money tomorrow provided you don't lose it today.
  • #20,528
  • Aug 24, 2012 8:25am Aug 24, 2012 8:25am
XAU doesn't seem to follow EUR.
  • #20,529
  • Aug 24, 2012 8:26am Aug 24, 2012 8:26am
Quoting Kadc
I have always found it's wise to pay attention when the weight of options changes direction.

http://www.reuters.com/article/2012/...8JO3KW20120824

That being said, the options aren't definitively bearish the same way they were in February, so I'm just making a mental note at the moment. The area around $1636 has been support/resistance so many times since January and it coincides with the 61.8% Fibonacci retracement from the February $1800 high to the $1535 low in both January and May, so that's...
Sir, where were you an hour ago.. (
  • #20,530
  • Aug 24, 2012 9:51am Aug 24, 2012 9:51am
double top silver?
we'll see.
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  • #20,531
  • Aug 24, 2012 9:57am Aug 24, 2012 9:57am
Quoting longshot_nl
double top silver?
we'll see.
I'm not gonna read much into a 5 min chart.

I think today's close and Monday's action (London Bank Holiday) in relation to the daily downtrend resistance are going to be more telling....

beeb
  • #20,532
  • Aug 24, 2012 10:02am Aug 24, 2012 10:02am
Quoting beeb
I'm not gonna read much into a 5 min chart.

I think today's close and Monday's action (London Bank Holiday) in relation to the daily downtrend resistance are going to be more telling....

beeb
my view if current level holds..
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  • #20,533
  • Aug 24, 2012 10:05am Aug 24, 2012 10:05am
Quoting longshot_nl
my view if current level holds..
IMHO that sums up the problem with EW perfectly

beeb
  • #20,534
  • Aug 24, 2012 10:29am Aug 24, 2012 10:29am
Hello again guys.

I find this thread extremely helpful, and I wish to thank you all for that.
Now, I drew some fibo and some resistance/trend lines on daily gold chart, so I would like an opinion if something is wrong with my "drawings". As I stated in the first post, I'm quite a newb and all critique is welcome.

A

http://i.imgur.com/aiPET.jpg
  • #20,535
  • Aug 24, 2012 10:44am Aug 24, 2012 10:44am
Trendlines like you made for your top line, ignoring the wicks might work.
They are called price action trendlines.
When i draw trendlines i tend to connect the extremes though.

When you draw a fib, draw it over the last wave, not over the one before that like you did.

If you make a chart, make a point with it.
Look for points where more indicators come togetter and form a possible turning point.
This is called confluence, one of the most important words you must know in charting.
Like if price touches a fib level and a trendline at the same moment.
That is not the case in your chart.


Quoting Aretta
Hello again guys.

I find this thread extremely helpful, and I wish to thank you all for that.
Now, I drew some fibo and some resistance/trend lines on daily gold chart, so I would like an opinion if something is wrong with my "drawings". As I stated in the first post, I'm quite a newb and all critique is welcome.

A

http://i.imgur.com/aiPET.jpg
  • #20,536
  • Aug 24, 2012 11:00am Aug 24, 2012 11:00am
Check out this thread if you want to learn how to chart well.
TheLastCoke (TLC) is the master of masters in charting.

http://www.forexfactory.com/showthread.php?t=222441


Quoting Aretta
Hello again guys.

I find this thread extremely helpful, and I wish to thank you all for that.
Now, I drew some fibo and some resistance/trend lines on daily gold chart, so I would like an opinion if something is wrong with my "drawings". As I stated in the first post, I'm quite a newb and all critique is welcome.

A

http://i.imgur.com/aiPET.jpg
  • #20,537
  • Aug 24, 2012 11:11am Aug 24, 2012 11:11am
Thanks a bunch, longshot.
  • #20,538
  • Aug 24, 2012 11:14am Aug 24, 2012 11:14am
QE3 coming soon?

http://www.goldalert.com/2012/08/ber...deral-reserve/

Quote
The broader equity markets turned higher in mid-day trading on Friday after the release of a letter by Ben Bernanke to congressman Darrell Issa in which the Fed Chairman stated that “There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery.”
  • #20,539
  • Edited 10:58pm Aug 24, 2012 1:10pm | Edited 10:58pm
I think it being past noon and only the NYC boyz still trading (oh and chicago and etc.)

That the price is flirting with 1674 is a good sign for a nice bullish close.

This shows an almost zero profit taking decline.... I won't speak too soon, but half these people are probably home already (market movers)

so we rest on the techs.

Let's see where price is at 5 pm for a phenomenal week.

EDIT 1670 CLOSE
http://www.kitco.com/images/live/nygold.gif
Quoting beeb
I'm not gonna read much into a 5 min chart.

I think today's close and Monday's action (London Bank Holiday) in relation to the daily downtrend resistance are going to be more telling....

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,540
  • Aug 24, 2012 1:15pm Aug 24, 2012 1:15pm
The top you are charting is short, thus pull your bottom trendlines from a longer area and see the change in result.

for fibs. it is always swing low to swing high for retrace down
or swing hi to swing low for retrace up. simple.

I always if not most of the time cut the wicks off the candles with my trendlines as they are reaction highs and lows, not where the price actually closed the candle.

Sure some of them are important in a range bound market to see where the resistance is, yet in a trend they can easily blast through lines.

Sometimes I combine the TOP HIGH with cutting all the rest...


Quoting Aretta
Thanks a bunch, longshot.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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