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

  • #24,441
  • Aug 20, 2013 4:34am Aug 20, 2013 4:34am
Quoting TheArcher
volume not supporting the rise in price ? hence mini divergence ? what will they think of next ? ...... soft landing at 1337 ? Edit : no time to re-draw the lower uptrend line .... kindly make adjustments/re-draw the line to touch the lows {image}

It's still "summer" and many a power trader are not manning their desks yet. Wait until September to see higher volume.

In any case, Volume, does not always make a trend or reversal, we can have super high volume and result in a candle with a top and bottom wick in a day, week,
etc. just for the sheer fact that their is SO MUCH VOLUME and the two sides battle it out, at the end of the day usually reaching a price between the high and the low,
to settle,

COMEX US GOLD settles early in the afternoon, _Futures_ then GLOBEX starts. Yet it's not the same.
SPOT GOLD is always trading, except for the weekend - same as futures, and a brief break daily in the 4:45 pm past 5 daily appx. This will also create gaps. as a new bar starts.

There is also most important to the history and BULLION/JEWELRY Biz's the LONDON FIX - which is a spot price fixed for most of the world "maybe besides some dealers and shops in NYC/NY" that sets the buy sell prices for the DAY no matter what the market does.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,442
  • Aug 20, 2013 4:38am Aug 20, 2013 4:38am
Lucky to get filled @ 1338,

If you think it might happen my VHO and advice is to place two orders, one for the first price around 1346+ and the second @1340.

If you are not so sure, my last piece of advice to the newer traders of Gold and Silver is to LOWER your LEVERAGE and LOWER LOT SIZE,

This way you can be in the market more easily to see if your calls are RIGHT, without blowing up your account in 3 days.

Then once you are comfortable it's like walking a tight rope. 2 feet off the ground or 1000 feet, you are still on the same rope.

Quoting Scalptastic
I will try a long with tight stop from previous resistance zone 1346-1338 if I get a proper signal. {image}
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,443
  • Aug 20, 2013 4:42am Aug 20, 2013 4:42am
Quoting TheArcher
. {image}

Hey Archer, interesting point out of an old slightly rising UTL (Up Trend Line)
any thoughts to go with it? Or just presenting techs?
Curious..

XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,444
  • Aug 20, 2013 4:43am Aug 20, 2013 4:43am
Quoting XTrade
Lucky to get filled @ 1338, If you think it might happen my VHO and advice is to place two orders, one for the first price around 1346+ and the second @1340. If you are not so sure, my last piece of advice to the newer traders of Gold and Silver is to LOWER your LEVERAGE and LOWER LOT SIZE, This way you can be in the market more easily to see if your calls are RIGHT, without blowing up your account in 3 days. Then once you are comfortable it's like walking a tight rope. 2 feet off the ground or 1000 feet, you are still on the same rope. {quote}

Thanks for the advice
  • #24,445
  • Aug 20, 2013 4:52am Aug 20, 2013 4:52am
Welcome,

Any day green is not a loser, you just need to shape and craft your skill.

as I mentioned in this post

I am going to make a learning session with charts and analyzation of what happened and what "might happen" to show
all the budding traders here where and why to place stops in areas that will not get hit on the immediate dip / rise.

Hang in there buddy, we are a bit down still but it looks like orders were filled just above 1350 protecting the area as support.

The test has been made once. If you want to be ultra safe then place buy stops around 1346 and 1338.
Otherwise have your finger on the trigger because the aforementioned price points may not be hit.

Lessen your leverage for gold and silver to 50:1 not 100:1
and lower lot size, allowing you to actually ride these rollercoasters longer (long or short) and feel the pinch of seeing a trade
go against you slightly, ie 10 or 20 USD before moving 80 USD in your direction......


Quoting m3rlin
{quote} Hi XTrade . Thanks for the tip . My stop on silver was at 22.753 ( nearly the same as in the above table ) and was touched today . I can say I'm little upset because I only manage to make few dollars and my TP was not reached , but I'm not . Only take what the market offers you . Now I'm more confidence in my trading strategy because offers me good buying signals and stop lose .
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,446
  • Aug 20, 2013 4:56am Aug 20, 2013 4:56am
Quoting Scalptastic
{quote} Thanks for the advice
Anytime mate!

Please continue to post your, questions, comments, views and opinions.

Nothing is WRONG, what is wrong is not asking or bouncing ideas around.

Welcome!

XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,447
  • Aug 20, 2013 5:03am Aug 20, 2013 5:03am
A test in the waiting...

Need to re - check tomorrow's calendar for US/ other data,

Yet seems the tech support (1350 area +/- 10 bux) has been tested and held AS OF YET....


P.S. - A ten dollar move in gold or a .25 /.50 cent in move for silver is typical of a healthy trading day,
it can be as we have seen 75 USD Gold to 100 or 2 bux for Silver, these are big daily moves in my book.

10 USD back and forth can be expected any given day in trading gold,
the people that scalp this market looking to exploit these minor mini trends - trade Bricks, 10 Standard lots at a clip, in and out all day.
Attached Image (click to enlarge)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,448
  • Aug 20, 2013 5:08am Aug 20, 2013 5:08am
If we see a good week, the above posted chart with a 1385 appx high will be condensed on Friday (maybe thursday) close to test at least 1400 or 1425.

If support @ 1350 should fail, then 1346 is the immediate next support,

otherwise I look @ 1338 and 1315/10.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,449
  • Aug 20, 2013 5:15am Aug 20, 2013 5:15am
gold short entry @ 1366
siver short entry @ 22.90
  • #24,450
  • Aug 20, 2013 5:57am Aug 20, 2013 5:57am
gold weekly chart
Attached Image (click to enlarge)
Click to Enlarge Name: gold weekly.png Size: 21 KB
  • #24,451
  • Aug 20, 2013 7:27am Aug 20, 2013 7:27am
Quoting emirfas1
gold weekly chart {image}

Where are the UPtrEND lines that made your down trend lines even possible?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,452
  • Aug 20, 2013 7:30am Aug 20, 2013 7:30am
Quote
A.M. Kitco Metals Roundup: Gold Steady As Near-Term Price Uptrend In Place

Tuesday August 20, 2013 8:20 AM

[indent][color=#000000](Kitco News) - Comex gold futures prices are trading near unchanged and hovering near a two-month high in early U.S. dealings Tuesday. The bulls have established a price uptrend on the daily bar chart to suggest prices can continue to trade sideways to higher in the near term. December gold was last down $0.40 at $1,365.40 an ounce. Spot gold...


http://www.kitco.com/news/2013-08-20...-in-Place.html
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,453
  • Aug 20, 2013 7:35am Aug 20, 2013 7:35am
MORNING BOARD - Metals.

It is also noteworthy that SILVER has added appx 4 USD in about two weeks. This is not only a great trade, but a possible physical trade even dealing with a spread.

Every OZT bought could have netted the savvy physical trader appx 3.00 USD thus 1000 ozt's = 3000 profit roughly depending on your spread and where you sold.
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,454
  • Aug 20, 2013 7:36am Aug 20, 2013 7:36am
Quoting XTrade
{quote} Where are the UPtrEND lines that made your down trend lines even possible?
i take this chart from a webpage. if admin allows i can write the address.
Attached Image (click to enlarge)
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  • #24,455
  • Aug 20, 2013 7:44am Aug 20, 2013 7:44am
Quoting emirfas1
gold weekly chart {image}

I see you have one, and your "middle downtrend line"
is completely invalid and as it is drawn from no points ie highs or lows,
yet merely through the price action and a bit too convenient that it rests at a current spot price I suppose was
1364 when the bid now is 1369.

so I guess it is broken.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,456
  • Aug 20, 2013 7:45am Aug 20, 2013 7:45am
Quoting emirfas1
{quote} i take this chart from a webpage. if admin allows i can write the address. {image}
I am the admin.

The analysis on this chart is poor at best, I will redo it for you.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24,457
  • Aug 20, 2013 8:06am Aug 20, 2013 8:06am
Quoting XTrade
{quote} I see you have one, and your "middle downtrend line" is completely invalid and as it is drawn from no points ie highs or lows,
firstly i did not draw that chart. i took from a favoritte forex webpage. i don't think that middle downtrend line is invalid. sometimes price goes to oversold or overbought area.it does not mean line become invalid. for many times price turned down after touching midlle downtrend line or waited before breaking it. so it seems it's working.anyway i'm long time trader i just saw it and share. here everyone is sharing daily or hourly charts just wanted to share a weekly or montly chart.
  • #24,458
  • Aug 20, 2013 8:09am Aug 20, 2013 8:09am
Quoting emirfas1
{quote} firstly i did not draw that chart. i took from a favoritte forex webpage. i don't think that middle downtrend line is invalid. sometimes price goes to oversold or overbought area.it does not mean line become invalid. for many times price turned down after touching midlle downtrend line or waited before breaking it. so it seems it's working.anyway i'm long time trader i just saw it and share. here everyone is sharing daily or hourly charts just wanted to share a weekly or montly chart.
it isn't very accurate or well-drawn (by which i mean it's drawn in a fairly arbitrary fashion) - look at the chart in message 24401 for a much better view
  • #24,459
  • Aug 20, 2013 8:18am Aug 20, 2013 8:18am
Quoting cg uno
{quote} it isn't very accurate or well-drawn (by which i mean it's drawn in a fairly arbitrary fashion) - look at the chart in message 24401 for a much better view

yes i saw thank you.
  • #24,460
  • Aug 20, 2013 9:50am Aug 20, 2013 9:50am
No problem mate!

I am a longer term trader as well,

I just don't feel the lines on the chart were drawn very accurately,

Had some computer glitches.

Let me redraw on top for you now.



Quoting emirfas1
{quote} firstly i did not draw that chart. i took from a favoritte forex webpage. i don't think that middle downtrend line is invalid. sometimes price goes to oversold or overbought area.it does not mean line become invalid. for many times price turned down after touching midlle downtrend line or waited before breaking it. so it seems it's working.anyway i'm long time trader i just saw it and share. here everyone is sharing daily or hourly charts just wanted to share a weekly or montly chart.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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