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

  • #25,021
  • Edited 1:36pm Sep 4, 2013 1:21pm | Edited 1:36pm
mind blank .... no thoughts ... just posting
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  • #25,022
  • Sep 4, 2013 3:08pm Sep 4, 2013 3:08pm
Senate votes yes to limited US military strike on Syria.

Inmediate reaction/rise in gold prices, it will be very short lived imo
  • #25,023
  • Sep 4, 2013 3:28pm Sep 4, 2013 3:28pm
Quoting GqOrlando
Senate votes yes to limited US military strike on Syria. Inmediate reaction/rise in gold prices, it will be very short lived imo
It's the Senate Foreign Relations Committee that's voted, not the Senate per se.

There's a Senate vote next week, apparently.
But presumably (with my sketchy understanding of the US political system) even if that gets through there will need to be a House of Representatives vote thereafter.
I have no clue what I'm talking about.
  • #25,024
  • Sep 4, 2013 4:03pm Sep 4, 2013 4:03pm
Quoting GqOrlando
Senate votes yes to limited US military strike on Syria. Inmediate reaction/rise in gold prices, it will be very short lived imo

so nothing to do with pre-nfp and jobless claims gaming then?
  • #25,025
  • Sep 4, 2013 5:51pm Sep 4, 2013 5:51pm
gold/usd will be short the next days.
$ 1,300 without any problems.
$ 1,200 possible.

this is gold/usd, weekly:

http://imageshack.us/a/img843/7089/jby.gif



black line = high/low price basis
blue line = close price basis
sma (30)

greetings.
  • #25,026
  • Sep 4, 2013 5:58pm Sep 4, 2013 5:58pm
"The committee voted 10-7 in favour of a compromise resolution that sets a 60-day limit on any engagement in Syria, with a possible 30-day extension, and bars the use of U.S. troops on the ground for combat operations."
http://uk.reuters.com/article/2013/0...97S0LQ20130904

Eh no wonder no reaction from the black stuff or gold (or ES for that matter).
60 days, no boots on the ground.
The bulls (crude and gold) better hope one of the missiles lands on Hassan Rouhani's conservatory by mistake.
I have no clue what I'm talking about.
  • #25,027
  • Sep 4, 2013 8:31pm Sep 4, 2013 8:31pm
Quoting boettnaire
gold/usd will be short the next days. $ 1,300 without any problems. $ 1,200 possible.....
An explanation why would help.

Otherwise we can flip a coin for ourselves.
  • #25,028
  • Sep 4, 2013 8:37pm Sep 4, 2013 8:37pm
Quoting SunTrader
{quote} An explanation why would help. Otherwise we can flip a coin for ourselves.


I could say so much for a lot of recent posts.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,029
  • Sep 4, 2013 8:38pm Sep 4, 2013 8:38pm
Quoting SunTrader
{quote} An explanation why would help. Otherwise we can flip a coin for ourselves.
In many cases...if you cherry pick your timeframe and choose just the right indicators, the charts will tell you exactly what you already think. :nerd:
  • #25,030
  • Edited 9:19pm Sep 4, 2013 8:39pm | Edited 9:19pm
BW,
Some further reasoning might help here.

Thx.
XT

Quoting Boy Wonder
"The committee voted 10-7 in favour of a compromise resolution that sets a 60-day limit on any engagement in Syria, with a possible 30-day extension, and bars the use of U.S. troops on the ground for combat operations." http://uk.reuters.com/article/2013/0...97S0LQ20130904 Eh no wonder no reaction from the black stuff or gold (or ES for that matter). 60 days, no boots on the ground. The bulls (crude and gold) better hope one of the missiles lands on Hassan Rouhani's conservatory by mistake.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,031
  • Sep 4, 2013 8:40pm Sep 4, 2013 8:40pm
Technical: correction might be complete on xag/usd at 23.35 on double bottom at the level
  • #25,032
  • Sep 4, 2013 8:40pm Sep 4, 2013 8:40pm
Quoting Wheels
{quote} In many cases...if you cherry pick your timeframe and choose just the right indicators, the charts will tell you exactly what you already think. :nerd:


QFT
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,033
  • Edited 9:19pm Sep 4, 2013 8:47pm | Edited 9:19pm
One of SunTrader's great posts!

Which makes sense for all traders, yet I see it meaning so much for those that want to trade metals.

Thus, the quote.

Quoting SunTrader
I have to admit I haven't read through all of your posts and responses but I sense your priority in returning each time to the trading arena, besides to get better, is to win back the money lost. Forget about the previous results. As they say in sports - athletes need to have a short memory. If they lose today, they will get the opponent the next day. But they don't try to win the previous game that has already been played. The account balance you have now is what you have to work with. Trade with what you have and build it with proper money managment...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,034
  • Sep 4, 2013 8:48pm Sep 4, 2013 8:48pm
Quoting GqOrlando
Technical: correction might be complete on xag/usd at 23.35 on double bottom at the level
Yeah, we aren't going below prior lows yet so today seems to be just a test of support as of yet.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,035
  • Sep 4, 2013 9:17pm Sep 4, 2013 9:17pm
Quoting boettnaire
gold/usd will be short the next days. $ 1,300 without any problems. $ 1,200 possible. this is gold/usd, weekly: {image} black line = high/low price basis blue line = close price basis sma (30) greetings.
based on What?

your minimal chart?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,036
  • Sep 4, 2013 10:00pm Sep 4, 2013 10:00pm
the double solid barriers at 1485 and 1530 ?
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  • #25,037
  • Sep 5, 2013 1:59am Sep 5, 2013 1:59am
I haven't had the opportunity to respond to recent PMs, etc., but here are two quick charts:

Gold has broken through a median price support line and daily RSI has broken primary support (dotted blue) which are both bearish. Daily RSI currently sits at tertiary support (solid blue) which should cause a bounce to the (now) dotted blue ascending resistance line before continuing lower. A reversal near the 50 seems likely as the dotted black line has been a significant pivot point in the past.

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Hourly RSI support has held. A break of the descending red RSI resistance line should continue to the ascending blue RSI resistance line. I would expect this to coincide with a return to, and rejection from, the close price at $1392 (also the 76.4% Fibonacci) which would then target a move down to the 127% extension at $1375. Alternately, breaching the ascending RSI channel would have me targeting a move up to the -27% extension (off screen) of $1425.

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I am currently accidentally long* from previous $1385 low.

* The default to trigger non-Forex orders outside of regular trading hours does not work on the version of TWS (Interactive Brokers) I use (the last version to not delete trend lines when you close a chart) and must be manually set. I forgot to set it after placing Forex orders all day so my sell order did not trigger. Lesson (re)learned.
You can always make money tomorrow provided you don't lose it today.
  • #25,038
  • Edited 5:11am Sep 5, 2013 2:31am | Edited 5:11am
Quoting TheArcher
the double solid barriers at 1485 and 1530 ? {image} {image}
I have my descending trend lines at a slightly different angle than yours (not that yours aren't equally valid) making the recent high potentially very significant.

Also, this Fibonacci placement emphasizes a return to $1,200 to complete a double-bottom before resuming the long-term bull trend, though there is still room to the upside for a double-top at the recent high before price falls according to the weekly RSI resistance line.

Should weekly RSI not hold, which significantly, is also the 50, a continuation of the correction would be unlikely and I would expect gold to move rapidly upwards.

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You can always make money tomorrow provided you don't lose it today.
  • #25,039
  • Sep 5, 2013 4:56am Sep 5, 2013 4:56am
Quoting KADC
{quote} I have my descending trend lines at a slightly different angle than yours (not that yours aren't equally valid) making the recent high potentially very significant. Also, this Fibonacci placement emphasizes a return to $1,200 to complete a double-bottom before resuming the long-term bull trend, though there is still room to the upside for a double-top at the recent high beforehand price falls according to the weekly RSI resistance line. Should weekly RSI not hold, which significantly, is also the 50, a continuation of the correction would...
concur ... of the same thoughts.
  • #25,040
  • Sep 5, 2013 5:12am Sep 5, 2013 5:12am
Quoting XTrade
BW, Some further reasoning might help here. Thx. XT {quote}
Sorry, I thought it was self-evident (not being sarcastic btw!) - he'll be severely constrained by what he can do, at least at the outset, which means, a shorter conflict, with narrower aims.
In other words, the intention (albeit the reality may turn out differently) is to tie his hands, so that he can't get (or allow himself to be "persuaded" to get) embroiled in a lengthy drawn-out battle that morphs into a land war with boots on the ground.

There will doubtless be hawks in his administration (as well as doves) as well as hawks in the military top brass, who might have (or have had) an agenda to widen any conflict's stated putative goals. By hemming the POTUS in like this,effectively it would appear to prevent such attempts from gaining any traction.

Of course, all it takes is for the conflict to morph once it begins, a US battleship or whatever to become a target and things could change very quickly.

But eh, that's just my reading of it, I'm no expert and the situation could be changing by the hour or day. In fact I haven't checked the news, maybe it's changed already!
I welcome dissenting views.
I have no clue what I'm talking about.
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