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

buy gold. buy buy buy buy !!

For those who aren't familiar with you (as an intelligent contributor), it might be nice if you added a bit more to this post.

Really?? Why? Looking at the daily and 4h I don't see a reason. What am I missing?

buy later...now sell first....

What do you think, where is the next support for silver?

you will see a reason in the next few days.

its a swing trade i have taken, i leave open for a few days. i add to my position if market falls....

of course , not a good idea to buy if trading intraday.

It's interesting that overall gold investment has declined as noted in an article in Minyanville today.

I was also looking at Sunshine Profit's correlation matrix (the author of the above article's website) in this Seeking Alpha article and I thought I'd create a quick spreadsheet to demonstrate more visually the uselessness of his correlation matrix. I used to keep a more extensive list of correlations myself years ago and in hindsight I think the correlations might have been more significant if I'd kept it and broken it down into periods of risk-on and risk-off instead. If anyone makes a risk-on/risk-off correlation chart for gold or anything else, I'd be very interested in seeing it.



Correlations greater than 66% are green (good), 50-66% are yellow (meh), and below 50% are red (useless).

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It's worth pointing out that Przemyslaw Radomski (the article's author) makes the rookie mistake in the first article of identifying an inverse head-and-shoulders pattern in his EUR/USD chart where clearly price action did not continue into the first shoulder but in fact reversed into it. Despite that, his articles are generally worth reading from a "grander scheme" point of view; however, avoid his videos.

Here's an actual inverse head-and-shoulders from the USD/JPY weekly chart. Note that price action continues into the left shoulder which is an absolute requirement for any head-and-shoulders pattern. As expected from a proper head-and-shoulders, the reversal is maintained for the distance from the bottom of the head to the neckline from where the right shoulder crosses through the neckline. [Because of seasonality, the usual secondary condition of decreased volume going away from the neckline into each shoulder and head and increased volume going towards the neckline does not apply for charts in very long time frames such as this one.]

Don't count on the price of gold to skyrocket based on the US Treasury not having anywhere close to what they are supposed to have, and don't count on ever knowing either.

Confirming the existence of the schedule for only 5% of the total US gold reserves is as much an audit as calling the person who wrote this fluff piece in the L. A. Times a journalist. An actual audit would confirm that every ounce of gold that is supposed to be there actually is. Checking the purity of gold (as reported in the L. A. Times article but not mentioned anywhere in the actual report by the Treasury Department) without an actual inventory is pointless.

Considering that every single Walmart in the world can manage a far more complicated inventory at least once every single year, surely that is not too much to expect from the US Treasury.

Like him or not, James Turk's response is right on the money.


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http://www.latimes.com/business/mone...,2393718.story

http://www.treasury.gov/about/organi...s/OIG13031.pdf

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

I do find the correlation between gold and silver to be interesting. The only plausible explanations I can imagine don't go far enough to support the correlations cited in the previously attached matrix.

Just a reminder that there will be;

1. FOMC minutes 20th Feb 2013 2 PM USA time for the meeting on Jan 29 and 30th 2013 , probably silver and gold will drop further ( it usually does). But I do not trade what I feel just before such events ( big gamble, shit may happen in the opposite direction). I wait for it to happen.
   
2. 21/02/2013 Governing Council meeting of the ECB in Frankfurt. Euro up or down? Shit may happen if one bets it to go up but Druggy talks it down and vice versa. This has an indirect impact on the prices of silver and gold.
   
3. (Free) Public Charting Session with Coghlan Capital Monday, Feb 25, 2013 12:00 PM - 1:00 PM EST, anyone interested to listen?
   

Perhaps whatfx is seeing a bullish butterfly pattern and we are headed towards D?

Hammer time.

Current bar created a nice hammer, if the price pushes 10 pips above go long to next support, in this case the dark blue line in the image.
Not the best hammer as i prefer it to be larger than several previous bars, and its not..

My disaster... I have a few long positions costing my equity a large chuck. I stupidly bought and added to the barrow. A recent post gives me hope it could swing back so ill stay along for the ride, especially with tonights news. live trades. red lines are more trend more obvious on second screen shot.

My best solution, for these long runs is wait for a daily pivot to be higher than a previous and then wait for a few decent 1 hour bars. I may return to post when the setup happens.

Ok NY, bounce up from 1585-87 area noted, eyes are on sis's 29.27-28 area response for a heads up northbound as both are projected lows for the week.
Silver projected feb low is 28.87 area.

Eyes open to 28.87 and 1585-87 response

I'm long as well on silver, was bad idea...

simple wave count for this downside wave D1 TF.
We still need at least one wave up (iv) and finishing (v) to the downside.

If we`re building wave C (and not wave 2 (alt. count) in a new uptrend (in main wave 5)), there is possibility that we`ll go under 1500 to 1450 or even 1360. At this point that kind of a huge fall is less than possible imo. If we manage to hold levels above 1520, potential reversal points might start around 1560 (but only if the missing waves count will confirm that).

BR,
S.

http://f.cl.ly/items/1q3q0Q0F0j0H1z3...09.54%20PM.png

image link: http://cl.ly/image/3O1O3m083y1z/o

I know beeb is going to be working here and I just got sent a link to a free gold and silver webinar at Coghlan Capital in about an hour

https://www1.gotomeeting.com/register/662247945

just for your info......

Gold is hitting some critical support today, so reversal is possible, however nothing indicates it has to be a trend reversal from October. Correction may easily go on into summer.

http://imageshack.us/scaled/landing/...riticasupq.png

enjoy the spike

1) Indeed, XAG dropped from 28.68 to 28.35 and XAU dropped from 1580 to 1565. Saw a possible retracement or opportunity seekers doing a quick scalp up. . Hope you guys profit from the spike. Even if you had taken a long during the spike, the chances are that you have gotten away with a break even or even a small profit/loss (Especially for silver which went back up to 28.62!!!).

2) ECB session tomorrow, please take note.

3) Hey did anyone attended the webinar couple of hours ago by Coghlan Capital? It was finished earlier than expected in about 30 minutes instead of 1 hour (didnt go thru currencies). Maybe he was rushing off to trade as well. Haha.