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

  • #21,261
  • Oct 16, 2012 2:21pm Oct 16, 2012 2:21pm
Looks like it might be ready to climb though the next sessions...

Live chart - price appx 33.0 @ time of post

http://www.kitco.com/images/live/nysilver.gif
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,262
  • Edited 2:35pm Oct 16, 2012 2:33pm | Edited 2:35pm
US gold failed to reach yesterday's high despite the falling US dollar and Euro gold fell yet again. Daily RSI has fallen below 50 for the first time since Dec GC broke above $1620 in August and it has not broken bearish RSI trendline resistance. The indicators for silver are even weaker.

To me, these are clear signs that the correction has not yet ended. I believe it is almost a certainty that $1730 will be retested, though I still think $1720 and $1700 will be revisited before the bull market resumes.
You can always make money tomorrow provided you don't lose it today.
  • #21,263
  • Oct 16, 2012 4:46pm Oct 16, 2012 4:46pm
As I keep saying it is essential to understand the effect of the London physical market and to be aware that the the gold and silver markets are more than just the Comex....

http://kingworldnews.com/kingworldne...Is_Fierce.html

beeb
  • #21,264
  • Oct 16, 2012 7:03pm Oct 16, 2012 7:03pm
edit: "just part" in title was in reference to what I had cut and pasted from the link. not allowed...

London, is the center of the physical market.


COMEX gold is only a fraction of what goes on in world gold. AND only revolves around supposed metal....

I can't say that there are not manipulators in London, but I've been waiting for the COMEX to literally "blow up" on taking delivery and the
frying or crushing of the naked US shorts that push gold around daily.

There simply does not seem to be enough PHYSICAL GOLD to meet what the COMEX and GLD have in their "vaults" to not cause a massive disruption should such an event take place. The open interest is the key...

Quoting beeb
As I keep saying it is essential to understand the effect of the London physical market and to be aware that the the gold and silver markets are more than just the Comex....

http://kingworldnews.com/kingworldne...Is_Fierce.html

beeb
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,265
  • Oct 16, 2012 7:50pm Oct 16, 2012 7:50pm
AusAsia session-

Call was 1747- for the scalp, with warning to hold. Thus below charts are the proof...

Quoting XTrade
I take it you are non-US based..


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!
Attached Images
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,266
  • Oct 17, 2012 12:06am Oct 17, 2012 12:06am
No sooner had I posted that gold hadn't broken yesterday's high than it went ahead and closed above yesterday's high. If it breaks the 38.2% retracement which coincides with a minor resistance level at $1756 spot price I'll have to concede that the upward momentum has resumed and abandon my hopes of seeing a $1720 or better re-entry point, but if it's rejected at $1756 I'll be shorting heavily.
You can always make money tomorrow provided you don't lose it today.
  • #21,267
  • Oct 17, 2012 3:14am Oct 17, 2012 3:14am
Morning all!

Haven't been round here for a while but I bought yesterday's inside bar so thought I'd hang out here for a bit and say hi the to the gang
Anything can happen.
  • #21,268
  • Oct 17, 2012 4:12am Oct 17, 2012 4:12am
Be careful with loading anything too "heavy"

1800 needs to go and the best I'm thinking to the downside, "MAY" have just passed...

Lookout for 1745 and 1735. A break on the latter could spell 1720. Yet your looking for a 30 USD drop as of now.

News out later and most days this week - check those too!

Quoting Kadc
No sooner had I posted that gold hadn't broken yesterday's high than it went ahead and closed above yesterday's high. If it breaks the 38.2% retracement which coincides with a minor resistance level at $1756 spot price I'll have to concede that the upward momentum has resumed and abandon my hopes of seeing a $1720 or better re-entry point, but if it's rejected at $1756 I'll be shorting heavily.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,269
  • Oct 17, 2012 4:12am Oct 17, 2012 4:12am
Hey welcome back buddy!

Quoting ddinnov
Morning all!

Haven't been round here for a while but I bought yesterday's inside bar so thought I'd hang out here for a bit and say hi the to the gang
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,270
  • Oct 17, 2012 4:42am Oct 17, 2012 4:42am
GC 5

http://www.screencast.com/t/3iVJlwR3

beeb
  • #21,271
  • Oct 17, 2012 4:43am Oct 17, 2012 4:43am
I'm reading Dec GC resistance at $1755 as rejected with minor support at $1749 is now being tested. Euro spot is simultaneously retesting major support at €1333 and I will be short or long Dec GC pending a confirmation move in either direction.
You can always make money tomorrow provided you don't lose it today.
  • #21,272
  • Oct 17, 2012 4:46am Oct 17, 2012 4:46am
Quoting Kadc
I'm reading Dec GC resistance at $1755 as rejected with minor support at $1749 is now being tested. Euro spot is simultaneously retesting major support at €1333 and I will be short or long Dec GC pending a confirmation move in either direction.
Time of day might imply some fix painting....

beeb
  • #21,273
  • Oct 17, 2012 6:08am Oct 17, 2012 6:08am
Both US and Euro gold bounced off support so now I'm waiting to see what happens at $1755 again.

Here's some food for thought from the Moneychanger. http://silver-and-gold-prices.goldpr...remain-in.html
You can always make money tomorrow provided you don't lose it today.
  • #21,274
  • Oct 17, 2012 6:10am Oct 17, 2012 6:10am
Funny I just drew a line with 1755 as the end point for H1 resistance.
Not too worried about it though.

Euro looks like a bull flag to me - thus I looked at gold and there is a similar flag formation on the H1

Here is the chart. Upper horizontal line would be the target. ODDLY ENOUGH right at potential resistance and OLD SUPPORT of appx 1773 Not necessarily for this session cause' it is a 20 USD move...

She is testing the top now.....

Quoting Kadc
I'm reading Dec GC resistance at $1755 as rejected with minor support at $1749 is now being tested. Euro spot is simultaneously retesting major support at €1333 and I will be short or long Dec GC pending a confirmation move in either direction.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,275
  • Oct 17, 2012 6:12am Oct 17, 2012 6:12am
We can see that 1747 seems to be flipped to support.

I'm a tad more concerned with 1780 on the way up than 1755 as the latter is only an H1 TL
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,276
  • Oct 17, 2012 6:23am Oct 17, 2012 6:23am
Here's part of an article re: why gold was pushed down at $1800 (not that everyone doesn't already know the fuse gets lit at $1800). http://kingworldnews.com/kingworldne...s_Advance.html
You can always make money tomorrow provided you don't lose it today.
  • #21,277
  • Oct 17, 2012 6:33am Oct 17, 2012 6:33am
From the article - thought it was worth posting - due to the fact that there is a regular definition as well..


Definition of 'Capitulation'
When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into less risky investments. True capitulation involves extremely high volume and sharp declines. It usually is indicated by panic selling.

The term is a derived from a military term which refers to surrender.

Investopedia explains 'Capitulation'
After capitulation selling, it is thought that there are great bargains to be had. The belief is that everyone who wants to get out of a stock, for any reason (including forced selling due to margin calls), has sold. The price should then, theoretically, reverse or bounce off the lows. In other words, some investors believe that true capitulation is the sign of a bottom.


Read more: http://www.investopedia.com/terms/c/...#ixzz29YSwg7lY
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,278
  • Oct 17, 2012 7:16am Oct 17, 2012 7:16am
Quoting XTrade
I'm a tad more concerned with 1780 on the way up than 1755 as the latter is only an H1 TL
$1756 is the 38.2% retracement of the pullback to $1730 and also right in the middle of where Dec GC rested on the way down, as well as where it bounced yesterday which is why I'm looking at it.

Jim Wyckoff agrees with you saying $1777 is more significant resistance, but if I had to pick my next resistance target it would be $1772.50 which is the 61.8% retracement and in the middle of the choppy $1760-$1780 area, but first we need to breach the bearish trend line of this pull-back after which I'll feel better about being bullish.

What I expect above all else is some clear upward momentum once the market decides this correction is well and truly over, at which point we won't be talking about resistance levels but rather how high gold will go before it stops. My only hope is I've satisfied myself with making a little extra profit while looking for an optimal long entry point before that happens.
You can always make money tomorrow provided you don't lose it today.
  • #21,279
  • Oct 17, 2012 7:30am Oct 17, 2012 7:30am
GC 240 - price has slowly stepped down in the green fork and is now looking to regain the green WL.

I've been watching the red fork since the perfect touch and bounce on the LP on the 26th. Having been supported by the UP it fell through and found a perfect bounce at the ML. Additional validation was given by the quartile action. Am now seeing price stepping up and one bar of support can again be seen at the UP.

Forks give a great idea of where support and resistance are likely to appear in future given what has previously happened....

beeb
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  • #21,280
  • Edited 8:00am Oct 17, 2012 7:55am | Edited 8:00am
Quoting beeb
Forks give a great idea of where support and resistance are likely to appear in future given what has previously happened....beeb
I love forks, but sadly the software from my broker (Interactive Brokers) doesn't support them (nor Fibancci extensions nor all sorts of other standard technical tools). Fortunately the free spot charts do, but it would certainly be nice if they spent some of the $173M in profit they made this quarter alone to enhance the software, and by enhance I don't mean like how in the last two versions they've changed it so all technical drawings aren't saved when you close a chart window. Technical support actually argued with me when the previous version came out how this is a new "feature" before admitting that they've gotten more complaints about this than anything else ...then proceeded not to revert to saving chart data in the new version. It took 90 minutes before they'd tell me how to restore to an older version, and hours after they told me they removed that option from the website (though the link remains valid).

[gripe mode off]
You can always make money tomorrow provided you don't lose it today.
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