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

Gold rose enough to pull daily RSI back above the trend line, returning us to a bullish market.

Also, I noted on my other computer that the hourly Fibonacci I was using last Friday seems to have better levels so I've included a new hourly chart with the 161.8% (off screen) being $1424 which is essentially the same upside target if hour RSI resistance is breached.

Might want to rethink that one.

I am still waiting,
for bigger PA,
+ momentum...

weekly/daily bearish for me, but I won't sell here.
maybe buy from marked areas - or sell from +1400

still considering; waiting for a good XAG/USD long...

I still firmly believe we are going lower. If we get pass those fibs and ascending support an ABCD will be in play, if not we might be looking at some kind of bearish harmonic

http://i.imgur.com/PyPcB2H.jpg

agreed,
looking to go long in 2-3 weeks / last week of sept.

until then small lots/sell from daily high...

Well those level didn´t hold. Looking at 127.00 for a D point around 1356.60

Looks to be wide range down day.

$xagusd just woke up breaking out of that triangle.

Obviously, daily RSI broke well below the support trend line since my last post and is sitting right at the previously noted pivot line at 50 (well, slightly above 50 at the moment) so that move up in price to the 76.4% Fibonacci (also the daily price pivot) at $1,397 was to get a running start to head down. I exited my long at $1,392 (I held out for a bounce then break above $1,400 which obviously didn't happen) and entered short at $1,387 (waited for confirmation of downtrend using opening range strategy*).

We need another candle to confirm hourly RSI support is broken to the downside (currently appears broken but so did daily RSI earlier) to determine a bounce or continuation, but at the moment gold has halted at $1,365, the -27% of the Fibonacci on my last hourly chart (gold loves Fibonacci, 27.2% extensions in particular) and also the daily S2 level.

Moves through two pivot/support levels in one trading session are rare (though we are overdue for a $50+ day) with $20 moves being typical lately (daily ATR is $24.5) but the next target down is the -61.8% at $1,354 which was prior support in July.

If $1,365 holds for the day, I would expect a move up to the 23.6% support (now resistance) at $1,381 then a retest of $1,365, a break of which would target $1,354.

* Opening range strategy looks for a break of the high or low of price action between 8:30 a.m. EST and 9:30 a.m. EST. This works particularly well when the break is a continuation of the trend within this hour as was the case today.

:nerd: charts just speak to me

Thou shalt speak all they command thee :nerd:

Hello fellow traders,

This is my first post so please be lenient

Next two weeks should be deciding in regards to XAUUSD. As long as this triangle isn't broken, there is no clear direction available.



Tcharq

Since that seems to be it for the day (I'm going to bed regardless), here's how I determine non-channelling RSI trend lines using the 5-minute gold chart as an example (reposted from my post in Davit's Confluence Trading thread). It works on all time scales, though on the 5-min chart I would only trade bounces off the slow lines (what I'm doing when I say I'm RSI min/maxing) and use the fast lines as confirmation of the change of trend.

That the fast lines in this example turned out to be parallel is bonus confirmation, not necessary. I normally only care about parallel fractal channels on longer term charts.

In the time since I made this chart the fast RSI uptrend line was broken to both sides but continues upwards, winding around it like a snake climbing a branch. This usually indicates "reloading" price action through sideways movement. Sideways price action naturally gravitates RSI towards 50, then RSI moves up above 50 into "firing position" before "shooting" down. On the 5-minute scale, without larger time scales also "reloading", the move will be minor.

In this case I expect the range to be between $1,373.50 resistance (0% Fibonacci) and support at $1,365 (127% extension). It will probably keep bouncing around in this area until well into the Asian session. A break up to $1,381, the 23.6% Fibonacci and where price paused earlier today, would be where I'd want to take a full-position short from. (Note that this range is identical if your Fibonacci is the range of today's movement.)

I took my first $1,000 profit at $1,368 when price crossed the 14 EMA but I have a sell order to add that position back (with a $1 stop loss) at the 0% Fib (may have to move that in 50¢ as I was just a little high for that to trigger a moment ago) and will exit using a $1 trailing stop that will trigger when price hits $1,367 which should carry me close enough to the bottom while ensuring (knock wood) an exit order.

Welcome!

Head and Shoulders .... ?

A B C ?

sell rally mode on until at least 1360.80 / FE127.00 area

Further down movement should se support at 1346 (July highs)

And 1358.80 is 100% 8/28/13 - 9/2/13 proj down from 9/3/13

Think the dollar is in control today.

It is up over +0.50% which is a good size for the Dollar.

Meanwhile Gold is down (1.85%) more than Silver (1.35%) percentage wise which I think is mainly because of Dollar strength.

My thoughts exactly, #DXU3 up 0.54% way above august highs. Don´t see a downside of keeping my xauusd shorts here.