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

In VSA it might have significance - I have my doubts.

But to me when open and close are so tight it means nothing by itself.

Where it appears in a pattern and in relation to support and resistance levels are far more important.

Euro looks like it's trying to break north.

Gold is bobbing in a 5 USD appx range. Not bad for scalping.

don't u think guys little bit pull back from here....??????

Maybe, good analysis but I reckon just as much chance of going sideways for a few weeks or months. However, of course what the Fed does or does not do as regards tapering will shake things up a little bit. Still, even if they don't taper, it'll probably be a stay of execution.

Doubtful will see much movement today, especially with scant news and U.S. holiday weekend beginning tomorrow.

It would be appreciated if attribution to source was included in copy/paste.

Good to know who said it.

Agreed, and to

Jay_ - Gold has pulled back a bit. Also as we are discussing here, I would not expect too much today either
sure it could go lower, or it could waver, stay on support then rise.

The news should help a bit with direction today.

But all attempts have been rejected so far.

Hi guys!
I believe that gold and miners are the lifetime opportunity at this level. Found some impressive charts on the subject how to catch the bottom and to play the intermediate trend:
http://www.screencast.com/users/Trad...3-a628669993d6
http://www.screencast.com/users/Trad...d-b4bd09480d1c
http://www.screencast.com/users/Trad...f-6123b5681843

i think it should 1402-1403...

http://www.zerohedge.com/news/2013-0...-ultimately-go

gold/short/target@1350~1360.
https://www.tradingview.com/x/ATwC008C/
My ideas https://www.tradingview.com/u/fxPush...blished-charts

https://www.tradingview.com/x/q577HFKK/

Welp if this is any precursor to the day, we will likely close @ the open!
~~

Gold has found a big armchair for a snooze but Silver seems to be itching for a drop. Any analysis on where Silver is headed before heading back up? The technical analysis I have access to shows a rise, but that is not happening. The opposite is.

We need 1398 in the immediate to take over 1405 again.

PERFECTO!!


1398 Gave up 1400 like cake!

Good things come to those who have a bit of patience!!!!!!!

To your other post.

I meant the original source.

going back down again... patience is a must

👍

They're the same Fibs I've been using all along. Here's a zoomed-out daily chart. The May high Fibonacci in blue-grey (numbers far left) and June high Fibonacci in black. May high is 50% of Sep. '12 high and June high is essentially the 76.4% of the May high but difference is useful at the hourly level. If daily RSI does hold at 60 it should turn at the support line. Should the daily support line fail I will change my bias to bearish.




Hourly, I have shifted the move up on the 25th (black) to the move up at US open on the 27th (purple) which provided the reversal at $1434 and also seems to correspond well with downward movement so far. I removed the daily Fibonacci lines for clarity.




I don't normally play the downside in an uptrend but I saw no viable trades elsewhere (though did short GBP.NZD after RSI confirmation shortly thereafter) so I waited for a false break to the upside which occurred at London close corresponding with hourly RSI hitting parallel descending resistance (dashed red) and ascending RSI resistance on the 5-min chart (not shown) and took a small short position at $1401 (when $1403 failed to trigger -- damn eMicros). Stop is placed at break even.

[Update: Hourly RSI broke descending resistance then withdrew. Moved my stop up $1 and am now waiting to see RSI break confirmation. If 50 is breached or ascending RSI support is retested and holds, I may have to consider placing a long order upon 5-min RSI confirmation despite my favouring further downside.]