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

  • #22,221
  • Jan 10, 2013 4:07pm Jan 10, 2013 4:07pm
Quoting whatfx
ah....finally. longs come our way !
Looks like a positive development over night ( timing from where I live). Till Europe open, silver may escape another rejection at some resistance fork lines, crossing them. Only 23,6% retracement.
  • #22,222
  • Jan 10, 2013 6:20pm Jan 10, 2013 6:20pm
Quoting Bo_fajer
gold break a 50% fib i think next target around 1702 at 32% fib if there is nothing to turn the table around
the mkt has hit a 38.2% extension of 1677 from 04/01/13 low of 1626 to high 1663 next target looking at 1680/88 area should hold 1665/70 level in short term
  • #22,223
  • Jan 10, 2013 11:06pm Jan 10, 2013 11:06pm
Quoting thinkfxpips
the mkt has hit a 38.2% extension of 1677 from 04/01/13 low of 1626 to high 1663 next target looking at 1680/88 area should hold 1665/70 level in short term
Yup, I feel that 1679/1680 would be the next short term resistance and 1665 area would be the next short term support. For the past 12 hrs or so, referring to the hourly charts, it has reached 1679 and bounced down. So please trade safely, people, do not long at anything below and near 1679 (like 1676 1677 1678 ) in my amateur and honest opinion. You will be taking a big risk
  • #22,224
  • Jan 11, 2013 3:17am Jan 11, 2013 3:17am
Am still watching the GC Daily 200 MA - noted the pop and volume yesterday when it was breached. A weekly close above it could be telling.....

beeb
  • #22,225
  • Jan 11, 2013 5:51am Jan 11, 2013 5:51am
https://twitter.com/DEAFElliott/stat...53977794383872


No comment
  • #22,226
  • Jan 11, 2013 6:54am Jan 11, 2013 6:54am
US trade balance will get gold in higher level....
  • #22,227
  • Jan 11, 2013 7:00am Jan 11, 2013 7:00am
Quoting Bo_fajer
https://twitter.com/DEAFElliott/stat...53977794383872


No comment
Well, that's a bold call.
  • #22,228
  • Jan 11, 2013 7:19am Jan 11, 2013 7:19am
The 1666 area is being tested right now as i type this. It has bounced up after hitting 1666 1667 a few times. and OMFG as I typed this sentenced, it bounced up $4.
  • #22,229
  • Jan 11, 2013 7:25am Jan 11, 2013 7:25am
Quoting Pluvius
Yup, I feel that 1679/1680 would be the next short term resistance and 1665 area would be the next short term support. For the past 12 hrs or so, referring to the hourly charts, it has reached 1679 and bounced down. So please trade safely, people, do not long at anything below and near 1679 (like 1676 1677 1678 ) in my amateur and honest opinion. You will be taking a big risk
I think that's a reasonable call. That was confirmed just a moment ago and it's also the range of the bull channel I have it in at the moment though it also has to contend with bear resistance line from the high in November which it's butting it's head again right now. We'll know in a few minutes if that holds or not.
You can always make money tomorrow provided you don't lose it today.
  • #22,230
  • Jan 11, 2013 7:35am Jan 11, 2013 7:35am
Quoting KADC
I think that's a reasonable call. That was confirmed just a moment ago and it's also the range of the bull channel I have it in at the moment though it also has to contend with bear resistance line from the high in November which it's butting it's head again right now. We'll know in a few minutes if that holds or not.
Thank you
  • #22,231
  • Jan 11, 2013 7:36am Jan 11, 2013 7:36am
Quoting jsr
Well, that's a bold call.


It's EW which means it is infinitely adjustable in retrospect and therefore utterly useless to man or beast...... (IMHO)

When EWers explain how they are going to solve the various financial blights they might be worth listening to - until then it is indecipherable mumbo jumbo and deserves to be prodded with a sharp stick.

beeb
  • #22,232
  • Jan 11, 2013 8:18am Jan 11, 2013 8:18am
Quoting beeb


It's EW which means it is infinitely adjustable in retrospect and therefore utterly useless to man or beast...... (IMHO)

When EWers explain how they are going to solve the various financial blights they might be worth listening to - until then it is indecipherable mumbo jumbo and deserves to be prodded with a sharp stick.

beeb
That's a bit harsh. Granted, that chart was absolutely ridiculous. You cannot project Eliot waves out past the "current" count and I don't even know how many counts that chart included.

However, Eliot waves are based on Fibonacci which I find to be a useful analytical tool.
You can always make money tomorrow provided you don't lose it today.
  • #22,233
  • Jan 11, 2013 8:21am Jan 11, 2013 8:21am
For some global perspective, gold and silver spot in Euros are definitely looking more bearish on the daily charts.

Attached Image (click to enlarge)
Click to Enlarge Name: EuroGold - daily.jpg Size: 572 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EuroSilver - daily.jpg Size: 588 KB
You can always make money tomorrow provided you don't lose it today.
  • #22,234
  • Jan 11, 2013 8:25am Jan 11, 2013 8:25am
EW is dangerous voodoo designed to lure the bemused.....

It is always retroactively changed and desperately inaccurate - it's purveyors are charlatans trying to baffle the uninformed

IMHO

beeb

eg Prechter calling gold top for as long as I can remember

http://www.24knews.com/viewtopic.php?f=2&t=220
  • #22,235
  • Jan 11, 2013 8:30am Jan 11, 2013 8:30am
Quoting KADC
For some global perspective, gold and silver spot in Euros are definitely looking more bearish on the daily charts.
strong move up in eur might have something to do with that.....

beeb
  • #22,236
  • Jan 11, 2013 8:32am Jan 11, 2013 8:32am
Quoting KADC
For some global perspective, gold and silver spot in Euros are definitely looking more bearish on the daily charts.

Attachment

Attachment
Cross referencing with other currency pairs involving Euro, the past few days Euro has been very strong. This is because of the ECB news/ Draghi, the interest rates and many other things.. "Among a long list of positives, he pointed to lower bond yields, higher stock prices, record-low volatility, strong capital inflows into the Eurozone, a halt of deposit flight in peripheral countries and a reduction of the ECB’s balance sheet."

I am not able to explain or understand specifically how that news few days ago made EUR/JPY jumped 500 pips from 113. something to 118. something.
Other pairs that had showed significant euro strength was EUR/AUD , EUR/USD. It is notable that for Eur to suddenly appreciate against USD when USD is climbing up shows that Euro is quite strong with that news.

Thus, if metals were to look bearish against Euro for the time being, I really feel its understandable as most of the other pairs are weakening against euro.
  • #22,237
  • Jan 11, 2013 9:41am Jan 11, 2013 9:41am
Anyone knows if there is any global news regarding precious metals? XAU/USD fell $20 in one hour.
  • #22,238
  • Jan 11, 2013 9:53am Jan 11, 2013 9:53am
Read my previous comments - there are certain entities that want to "paint" a negative picture therefore they are attempting to put a weekly close beneath the 200 day MA. That is a very important technical level that many of the large funds and algorithms trade around.

No "normal" trader would unload such a large quantity of contracts so quickly - they would spread their sales - in order to maximise their returns.

beeb

EDIT - 10min GC and SI with vol bars at bottom
Attached Image (click to enlarge)
Click to Enlarge Name: gc10.png Size: 42 KB
  • #22,239
  • Jan 11, 2013 10:00am Jan 11, 2013 10:00am
Quoting beeb
Read my previous comments - there are certain entities that want to "paint" a negative picture therefore they are attempting to put a weekly close beneath the 200 day MA. That is a very important technical level that many of the large funds and algorithms trade around.

No "normal" trader would unload such a large quantity of contracts so quickly - they would spread their sales - in order to maximise their returns.

beeb

EDIT - 10min GC and SI with vol bars at bottom
I see I see, am I right to understand the price is being manipulated to look as if its going down at the moment, but its not?
Sorry if I sound blur !
  • #22,240
  • Jan 11, 2013 12:27pm Jan 11, 2013 12:27pm
This bloody fork for silver on daily I made this morning copying another guys approach to gold worked like a clock today:

http://img59.imageshack.us/img59/404...bloodyfork.png
The whole USD tanking stuff did not help any.
Now the only thing that is stopping it seems to be the longer term silver uptrend, so the bloody fork may paint itself in the corner by January 21st or latest Feb 4th. Hope it does it earlier (since i have problems trading silver short).



Anyhow, there is a possibility now that fork has proved itself that silver tries to go to the median of the fork on Monday which would be around 29,1. As it did previous time during the day, while ending the day higher. Opposed by long term uptrend I have added. But it may shoot through.
So be aware. This one really works. Silver still in bear mode since Nov 27 and actually since the painted payrolls on October 5th.


When will it turn around?
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