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

Right now GMT +2 20:09,

Gold jumped up 700+pts, 3 minutes later jumped back down 700+points to initial position. Hopefully none of your SLs got eaten guys...

Wish I could tell you but I have no idea . . . .

yea. SL not, but my long entry got triggered ;- ) @ 1,675.50
Let's see if we get some sort of reversal to 1,685-90.

Anyone know if the recent spike was valid? Have it on one broker but not the other and no sign in Reuters

by the way, fxcm had not such a spike to the upside. Maybe an error of your broker?

Had the same spike on my broker too but not on FXCM data feeds which I use for charting.

There was no spike on USD spot, Dec GC, or Dec MGC ...your broker is playing games.

Definitely broker shenanigans!

Sorry

beeb

EDIT - you could check out Paul Coghlan's webinar on Monday :

http://www.coghlancapital.com/node/4554

Usual discliamer - no financial or other interest blah, blah, blah......

If Obama wins it will be bullish for metals. If Romney wins it will be short term bearish but ultimately metals will still be bullish in my opinion.

Hope some people find this piece interesting.....

http://www.jsmineset.com/2012/11/02/...t-perspective/

beeb

hopefully during asian time will push gold price..just wait and see..but now i put sell stop at 1668

just chipping in some bits ...(after reading beeb's jsmineset ) ...... hope don't get 'short-circuited' by info overload ... ha ! ha ! ha !

Some Incredible Gold Charts

How high will the gold price go this time?

In order to match the 2006 advance, price could reach $2740; to match the 2007 performance gold would top out at $2640, but in the event that gold matches the performance of 2011 we could see gold trading at $3,330.

According to Mark Twain 'history does not always repeat, but it often rhymes.'

But what about the fundamentals? After all we need two wheels on the cart for balance. The energy for the current bull market in gold comes from several sources:

 

1. Budget deficits.
2. Negative interest rates (CPI higher than short-term interest rates).
3. Increasing money supply, (more dollars and Euros chasing a limited amount of gold ounces.

http://www.gold-eagle.com/editorials...aaf103112.html

Silver is looking more and more attractive at these levels. I would wade in in .25¢ increments and get long.

I’m posting this as I’ve received a number of personal messages from people asking what they should do or what is going to happen…..


Please understand that I do not know your personal circumstances, your objectives or your risk tolerances so, even if I wanted to, I cannot properly give advice. What might be a good measured trade for me might be a massive gamble to you. If you are unsure of your own trading/investing strategies perhaps you should not be risking your capital in the markets……


Nobody knows what a market is going to do next. Anybody that says that they do is lying. I have no idea whether we have bottomed yet – for example, gold could be $200 higher or lower by the end of the next day’s trading. The best we can do using technical analysis is to look at the evidence and come to a conclusion as to what is the most likely outcome and then act accordingly. Remember that "not having a position" is a position too


I use forks on different timeframes to give me likely areas of support and resistance as well as to show increasing and decreasing strength of trend. I consider them to be the most powerful tool that I have found over many years of trading. The lines they give are not gospel – if a line is breached it tells me as much as if it remains inviolate.


Trading is about not becoming wedded to an idea but about evolving to see opportunities as the market progresses. Yes, I remain a long term precious metals bull based on fundamentals (nothing has changed) but that does not mean I will always trade long. Likewise I can often be long and short at the same time but based on analysis from different timeframes.


I wish everybody good trading and apologise for not answering people individually – hopefully XTrade is well and will be back to the thread soon…..


beeb

30-35 pips upward move ?

Forks?

Maybe bluff to 1700 back or opening with GAP, goal should be 1640.... just my 2cents

Short for Andrew's Pitchforks.

Just a reminder if you want to find out more about forks there is a free webinar today by Paul Coghlan :

http://www.coghlancapital.com/node/4554

Usual discliamer - no financial or other interest blah, blah, blah......

beeb