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

  • #21,241
  • Oct 16, 2012 6:46am Oct 16, 2012 6:46am
Quoting beeb
GC Daily


http://www.screencast.com/t/0CQtyRjf

beeb
Quoting musclemike
... it would be nice a re-test of that support around 1734-1745 ... so it can make me really believe in that channel again...

Now it would be nice for that support to resist...we'll see...


P.S. Sorry for the double post...
  • #21,242
  • Oct 16, 2012 7:21am Oct 16, 2012 7:21am
Delivery,

Up during Asia past my bottom resistance (potential)of 1741.....


Let's see if the Cross session will push it up.

Quoting XTrade
I'm thinking she's going to make a run on 1741 for the remaining NY session

edit: looking slow, let's add asia into that claim

reasoning: test of broken support area.
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,243
  • Oct 16, 2012 7:30am Oct 16, 2012 7:30am
Ideally I'd like to see a clear of 1747/8 today and then a push to 1761 area in upcoming sessions (if not today's) as shown below

simple H1 S/R
Attached Image (click to enlarge)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,244
  • Oct 16, 2012 7:37am Oct 16, 2012 7:37am
Tricky news.

Core CPI below forecast
CPI above
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,245
  • Oct 16, 2012 8:03am Oct 16, 2012 8:03am
  •  KADC
  • Joined Apr 2012 | Status: Be unreasonable. | 897 Posts | Online Now
Quoting XTrade
Tricky news.

Core CPI below forecast
CPI above
The DailyFX live analyst David Song (not my favourite DailyFX analyst to be sure) kept repeating his answer "We don't," to people repeating the question over and over again "How do we trade this news?"

Looking across all the pairs, et al, if there's no decisive action from the 9:15 announcements either (none of it is major news so that seems likely), it will probably be a choppy, sideways-moving day across all markets in which case I'll stand aside, place a dreaded stop on my gold short (the only trade I have in play at the moment) just in case, and go back to bed.
You can always make money tomorrow provided you don't lose it today.
  • #21,246
  • Oct 16, 2012 8:25am Oct 16, 2012 8:25am
I take it you are non-US based..

Yes, chop is what it did.

The initial CPI may have boosted the price and the second CPI pushed down, regardless there was not much of a significant change any way, nor even though FF has it as "red" it is NOT as important as an NFP or Unemployment.

For the scalpers I see a potential opportunity here,Buy NOW 1741 Close 1747 or a buck or two higher, if she breaks 48, see if there is a breakout and let the scalp ride as a day trade, till around noon or sowhen profit taking starts. If it looks really good hold till five.....

Usually I wouldn't give so much info on a scalp but I see a 5 buck move or 5000 pips... at least

Market can and will do anything, no guarantees, yet last two calls were right on.. TRADE AT OWN RISK!


Quoting Kadc
The DailyFX live analyst David Song (not my favourite DailyFX analyst to be sure) kept repeating his answer "We don't," to people repeating the question over and over again "How do we trade this news?"

Looking across all the pairs, et al, if there's no decisive action from the 9:15 announcements either (none of it is major news so that seems likely), it will probably be a choppy, sideways-moving day across all markets in which case I'll stand aside, place a dreaded stop on my gold short (the only trade I have in play at the moment) just...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,247
  • Oct 16, 2012 8:26am Oct 16, 2012 8:26am
correction made, CPI NOT as important as Unemployment or NFP at least in my trading.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,248
  • Oct 16, 2012 8:45am Oct 16, 2012 8:45am
  •  KADC
  • Joined Apr 2012 | Status: Be unreasonable. | 897 Posts | Online Now
Quoting XTrade
I take it you are non-US based..
Yes, but I'm in Ontario, so I'm in EST but I've always preferred nights to days since I was little. That works out very well for trading as most of the action (at least so far as setting up positions) takes place at night and early morning when the markets overlap. Generally speaking, I do most of my trading between 3am and 9am, but what I love about trading for a living is I can keep whatever hours I want with no-one to answer to but myself.
You can always make money tomorrow provided you don't lose it today.
  • #21,249
  • Oct 16, 2012 8:50am Oct 16, 2012 8:50am
EURO UPSKI and on 3050 resistance (possible)

27.50 support HOLDS Silver SPOT

Gold up three bucks from last post
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,250
  • Oct 16, 2012 8:55am Oct 16, 2012 8:55am
I certainly prefer nights to days and usually am up late and most of the time up for or before NY open.

I have seen MANY, MANY, Many a dull London session where pairs move 50 pips or so.

So I don't know if it is conclusive to say that "all" of the moves happen at night.

My favorite is and always has been the NY / London cross session, or what I call the power hours.

Sometimes out of the NY gate pairs move 100 to 150 pips in an hour or two, I usually do not see this during London, unless there is substantial move and a push started in Asia.

For instance gold moved 16.50 or so yesterday NY london cross.

It moved 7+ overnight

optimal hours 5am to get ready to 11:30 Am or simply 8-12
Quoting Kadc
Yes, but I'm in Ontario, so I'm in EST but I've always preferred nights to days since I was little. That works out very well for trading as most of the action (at least so far as setting up positions) takes place at night and early morning when the markets overlap. Generally speaking, I do most of my trading between 3am and 9am, but what I love about trading for a living is I can keep whatever hours I want with no-one to answer to but myself.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,251
  • Oct 16, 2012 9:13am Oct 16, 2012 9:13am
Quoting XTrade
For the scalpers I see a potential opportunity here,Buy NOW 1741 Close 1747 or a buck or two higher, if she breaks 48, see if there is a breakout and let the scalp ride as a day trade, till around noon or sowhen profit taking starts. If it looks really good hold till five.....
Jeez XTrade - anyone would think you know what you're talking about....



beeb
  • #21,252
  • Oct 16, 2012 9:38am Oct 16, 2012 9:38am
Quoting XTrade
I take it you are non-US based..

Yes, chop is what it did.

The initial CPI may have boosted the price and the second CPI pushed down, regardless there was not much of a significant change any way, nor even though FF has it as "red" it is NOT as important as an NFP or Unemployment.

[b]For the scalpers I see a potential opportunity here,Buy NOW 1741 Close 1747 or a buck or two higher, if she breaks 48, see if there is a breakout and let the scalp ride as a day trade, till around noon or sowhen profit taking starts. If it looks really good hold...

how do you get such a good observation? thanks for your tips, i closed at 4dollar profit
  • #21,253
  • Oct 16, 2012 10:05am Oct 16, 2012 10:05am
Quoting ivy wong
how do you get such a good observation? thanks for your tips, i closed at 4dollar profit
XTrade is our Guru here....no doubt about it.
  • #21,254
  • Oct 16, 2012 10:15am Oct 16, 2012 10:15am
LOL

Quoting beeb
Jeez XTrade - anyone would think you know what you're talking about....



beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,255
  • Oct 16, 2012 10:18am Oct 16, 2012 10:18am
Experience helps. Years of following the price.

On the news it's simple. Familiarize yourself with what the report is about and how it might affect gold.

Then look at one or two forecasts, I usually just use FF.

If you are aggressive, you might make the play before the release on anticipation or other knowledge.

If you are safe you wait for the release to drop, see how the price starts to react and jump in.

Quoting ivy wong
how do you get such a good observation? thanks for your tips, i closed at 4dollar profit
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,256
  • Oct 16, 2012 10:19am Oct 16, 2012 10:19am
Great!



I should start taking 5%!



glad to help.

Quoting ivy wong
how do you get such a good observation? thanks for your tips, i closed at 4dollar profit
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,257
  • Oct 16, 2012 10:40am Oct 16, 2012 10:40am
USDX made two failed attempts at breaking above 80.00 so far...... let's see if she slides down in upcoming sessions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,258
  • Edited Oct 17, 2012 12:21pm Oct 16, 2012 1:49pm | Edited Oct 17, 2012 12:21pm
1746 and slow, yet here is a reminder of what a 10,000+ pip trade (or 100 USD +)

Looks like and where it started...

patience...
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,259
  • Oct 16, 2012 2:11pm Oct 16, 2012 2:11pm
from Jim Wyckoff:


P.M. Kitco Metals Roundup: Gold Ends Higher on Short Covering, Bargain Hunting; Weaker U.S. Dollar Supportive, Too

"Tuesday October 16, 2012 1:57 PM

Comex gold prices ended the U.S. day session moderately higher Tuesday, boosted by some short covering and bargain hunters stepping in to buy following the recent dip in prices. A weaker U.S. dollar versus the other major world currencies was also supportive for the precious metals Tuesday. The gold and silver market bulls needed to step up and show some strength in order to avoid serious chart damage being inflicted. Gold and silver bulls still have some more work to do in the near term to shore up their markets from a technical perspective. December gold last traded up $8.50 at $1,746.10 an ounce. Spot gold was last quoted up $7.40 at $1,745.25. December Comex silver last traded up $0.177 at $32.92 an ounce."
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,260
  • Oct 16, 2012 2:14pm Oct 16, 2012 2:14pm
Yeah! Start buying!!!!

But D A M N - shelling out 1700 Plus out of pocket cash is Surely expensive for one ozt of the yellow metal!

Welp, don't cry when she's at 2500 and you say the same....



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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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