DislikedThanks for the help guys, And now the only difference I am trying to make is that after price went higher for a while an up-bar pinbar (higher close) is less of a short signal than a downbar (lower close) of the pinbar. In the latter case the sellers were more aggressive so to speak.Ignored
XAU/USD & XAG/USD - Gold & Silver Traders Thread
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- Aug 29, 2013 9:51am Aug 29, 2013 9:51am
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #24,808
- Aug 29, 2013 12:21pm Aug 29, 2013 12:21pm
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Per aspera ad astra 
- #24,815
- Aug 30, 2013 1:51am Aug 30, 2013 1:51am
I find this ~$30 drop in gold then pause quite curious and I'm not much fonder of silver's behaviour. For that matter, nothing is moving in any way that I personally find tradeable.
Gold hasn't pulled back to any long-term key level, though it seems to be still respecting the Fibonacci of its most recent move. It ignored options and futures expiries earlier this week, and there's there's a distinct lack of month-end profit taking so far. There's Euro consumer data at 5 a.m. EST and Canadian data at 8:30 a.m. EST but no risk-changing events unless Bullard says something interesting at 9 a.m. EST though Asian and European markets would started and finished selling off long before he speaks.
Since more gold moves through London than any other exchange, and all metal-related products are available for trading by 4 a.m. EST, I'd say if nothing happens shortly after London opens then a "proper" pull back just isn't going to happen unless it's waiting for late into the US session after all other markets have closed.
Right now gold is butted up against the rising support line of the current bull trending channel so hopefully there will be a breach or bounce shortly to yield a tradeable signal.
However, if you're looking for a definitive answer, from "remaining moderately bullish" (for an entire two days) just a few hours ago, DailyFX has declared gold's bull run is officially over (despite the price having not dropped below it's current range in over 24 hours). Given that they've been making directional calls for gold that are contrary to their own analysis every day for the past few months, I guess they're really saying gold will go up.
Here's the relevant section of their most recent post:
Gold hasn't pulled back to any long-term key level, though it seems to be still respecting the Fibonacci of its most recent move. It ignored options and futures expiries earlier this week, and there's there's a distinct lack of month-end profit taking so far. There's Euro consumer data at 5 a.m. EST and Canadian data at 8:30 a.m. EST but no risk-changing events unless Bullard says something interesting at 9 a.m. EST though Asian and European markets would started and finished selling off long before he speaks.
Since more gold moves through London than any other exchange, and all metal-related products are available for trading by 4 a.m. EST, I'd say if nothing happens shortly after London opens then a "proper" pull back just isn't going to happen unless it's waiting for late into the US session after all other markets have closed.
Right now gold is butted up against the rising support line of the current bull trending channel so hopefully there will be a breach or bounce shortly to yield a tradeable signal.
However, if you're looking for a definitive answer, from "remaining moderately bullish" (for an entire two days) just a few hours ago, DailyFX has declared gold's bull run is officially over (despite the price having not dropped below it's current range in over 24 hours). Given that they've been making directional calls for gold that are contrary to their own analysis every day for the past few months, I guess they're really saying gold will go up.
Here's the relevant section of their most recent post:
Gold Ends Bull Run Below $1,425 as Coordinated Risk Eases, Dollar Gains
Gold’s technical rally has finally come to a close. Having slipped from impressive 3.7 percent, five-day run (matching the longest series of
gains in exactly 12 months), the metal is still trading above $1,400. Now the question is how far this change in tide will be. Will the move prove
only as shallow as the Thursday’s 0.7 percent correction, or will the panic that drove the commodity’s 10-month collapse return to instigate the
next structural bear leg? For immediate comparison...
You can always make money tomorrow provided you don't lose it today.
- #24,817
- Aug 30, 2013 2:35am Aug 30, 2013 2:35am
- Joined Nov 2012 | Status: trend > bias | 2,772 Posts
- #24,819
- Aug 30, 2013 2:58am Aug 30, 2013 2:58am
- Joined Nov 2012 | Status: trend > bias | 2,772 Posts