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

  • #25,201
  • Sep 12, 2013 11:03am Sep 12, 2013 11:03am

1275 is decent strong support to the downside. on the chart above and to the upside ultimately in the near term / upcoming sessions/ we want to regain 1350 and the old channel.

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,202
  • Sep 12, 2013 11:46am Sep 12, 2013 11:46am
For those keen on funny mental gambling: http://www.cnn.com/2013/09/12/world/...clear-reactor/

Would probably be a mistake to play this uncertainty with the 17-18th around the corner.

More importantly, we have no clue about the real story.
  • #25,203
  • Sep 12, 2013 12:42pm Sep 12, 2013 12:42pm
Quoting XTrade
Brokers and other such will say demo trade for six months to a year until you are "comfortable" with the market. When the TRUTH is - they mean ready to lose real money and likely know jack about the market. The fact is NO one wants to lose, yet you cannot find comfort in trading and risking your own money until you actually DO IT LIVE! Especially Gold and Forex are markets that require at least a year of just learning and following price, you are better off "paper trading" = writing your desired entry stop and tp on a piece of paper and using...

Hello - Hope all is well with you and yours.

Question on your commentary with beginning to trade in Gold And Forex in general. If you personally were going to give a succinct answer to new people, where would you have them get that experience? Best learning examples, what to study, and especially what NOT to study - since we know time is money. Need to get too detailed on the reply, if you have time to reply that is.

I especially like this thought you made, and it is such a huge point: "If one never takes the time to learn the market and it's drivers, you will lose successfully and repeatedly either demo trading and more likely live trading. Any gains with no sense of what happened should be equated to sheer gambling."

Thanks! Have a great day!
  • #25,204
  • Sep 12, 2013 12:58pm Sep 12, 2013 12:58pm
4H Pattern

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Keep it simple and trade with the trend
  • #25,205
  • Sep 12, 2013 1:00pm Sep 12, 2013 1:00pm
Silver droping..... :-/
  • #25,206
  • Sep 12, 2013 2:07pm Sep 12, 2013 2:07pm
Weekly Pattern

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Keep it simple and trade with the trend
  • #25,207
  • Sep 12, 2013 3:22pm Sep 12, 2013 3:22pm
Quoting emilnow
Weekly Pattern {image}
expecting double bot reversal, end of bear run...
around ~1180-1220
(mid october, have at least 4/5 weeks)

good buying opportunity,
disaster for longs...
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  • #25,208
  • Sep 12, 2013 5:37pm Sep 12, 2013 5:37pm
Silver - Monthly Double Pattern - Target at 161.8 Fibo Level

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Keep it simple and trade with the trend
  • #25,209
  • Sep 12, 2013 8:41pm Sep 12, 2013 8:41pm
I don't follow gold daily, but did call the 1425 top (feel free to check posts purely technical). Does anyone know the reason of the velocity of the move? Fed bed?
When the facts change I change my mind, what do you do sir
  • #25,210
  • Sep 13, 2013 12:56am Sep 13, 2013 12:56am
and now the gold will be able the support at lowest price 2011.
  • #25,211
  • Sep 13, 2013 2:00am Sep 13, 2013 2:00am
Quoting andan
and now the gold will be able the support at lowest price 2011.
so just me alone who LONG the gold @ 1308.xxx
  • #25,212
  • Sep 13, 2013 3:17am Sep 13, 2013 3:17am
I long too, but from 1340.. :S It's time to place sl...
  • #25,213
  • Sep 13, 2013 4:57am Sep 13, 2013 4:57am
Quoting andan
{quote} so just me alone who LONG the gold @ 1308.xxx
and i will add my LONG arround 1272-1275 (lowest price last month)
  • #25,214
  • Edited 8:07am Sep 13, 2013 5:12am | Edited 8:07am
A bounce from $1,306 would be constructive in returning us to longer-term technical trading patterns, but for the time being I am relatively comfortable with the hourly technicals with an eye on hourly RSI in particular.

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Update: As I write this, hourly RSI is nearly at the resistance line (solid red) and price is nearly at yesterday's close price and the lower -27% Fibonacci from the hourly chart where gold was rejected at 3 AM EST so this is make-or-break for direction. Volume is increasing but the price isn't moving anywhere so this is a real tug-of-war between Goldmans and the rest of the world. Silver is just above yesterday's close and trying to break through $22 but it too is at hourly RSI resistance. I think today will be a good day for using opening range strategy. Closing the week with a candle with no shadow would be a strong bearish signal to continue downward momentum next week.
You can always make money tomorrow provided you don't lose it today.
  • #25,215
  • Sep 13, 2013 6:50am Sep 13, 2013 6:50am
Quoting KADC
A bounce from $1,306 would be constructive in returning us to longer-term technical trading patterns, but for the time being I am relatively comfortable with the hourly technicals with an eye on hourly RSI in particular. {image} {image}
Are you using RSI and MACD together ? I see the volume indicator, was just wondering if you have ever used MACD at any time.
I'm relatively new to forex ( 1< year ) and have found that using both (wish I had both going from day 1) paints a good picture.

Thanks for your input on the forums.
  • #25,216
  • Sep 13, 2013 7:54am Sep 13, 2013 7:54am
Quoting PROstrength
{quote} Are you using RSI and MACD together ? I see the volume indicator, was just wondering if you have ever used MACD at any time. I'm relatively new to forex ( 1< year ) and have found that using both (wish I had both going from day 1) paints a good picture. Thanks for your input on the forums.
When I started trading I used every study available, but over the years I've learned that less is usually more when it comes to how many indicators you look at. I like MACD and I use it when I need an extra confirmation of directional momentum; but honestly, when I'm uncertain enough that I need a second momentum indicator I probably shouldn't be considering making a trade in the first place. I prefer RSI because the "cleanness" makes it easier to draw trend lines on with the charting software I use.

For me, at least with regard to gold, trend lines, Fibonacci, and RSI are sufficient with volume being important for confirming technical patterns. An example of the latter being volume will decrease as price moves up on a bounce whereas it will increase during a reversal. There are times that I rely on other indicators, but trend lines, Fibonacci, and RSI are core elements of my trading process.
You can always make money tomorrow provided you don't lose it today.
  • #25,217
  • Sep 13, 2013 8:14am Sep 13, 2013 8:14am
All I know is Silver dropped 6% yesterday and that is telling me not to be bullish for a good while longer unless something really dramatic happens to the upside. Maybe FOMC next week will help. I seriously doubt it though.

And obviously I feel the same for Gold.
  • #25,218
  • Sep 13, 2013 8:39am Sep 13, 2013 8:39am
Quoting SunTrader
All I know is Silver dropped 6% yesterday and that is telling me not to be bullish for a good while longer unless something really dramatic happens to the upside. Maybe FOMC next week will help. I seriously doubt it though. And obviously I feel the same for Gold.
A strong move down normally results in a bounce. In the case of silver, the move down was to technical levels and landed at prior support and confluent Fibonacci target of ~$21.50 so I think a bounce is a greater possibility for silver than for gold before continuing lower.

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You can always make money tomorrow provided you don't lose it today.
  • #25,219
  • Sep 13, 2013 8:43am Sep 13, 2013 8:43am
Quoting KADC
{quote} A strong move down normally results in a bounce. In the case of silver, the move down was to technical levels and landed at prior support and confluent Fibonacci target of ~$21.50 so I think a bounce is a greater possibility for silver than for gold before continuing lower. {image}
Agree.

A bounce (minor wave 4) .... and than a continuation down (minor wave 5).

All of a major wave 5.

I know you weren't talking EW but I threw it in there for those who do follow EW.
  • #25,220
  • Sep 13, 2013 9:09am Sep 13, 2013 9:09am
Quoting KADC
{quote} When I started trading I used every study available, but over the years I've learned that less is usually more when it comes to how many indicators you look at. I like MACD and I use it when I need an extra confirmation of directional momentum; but honestly, when I'm uncertain enough that I need a second momentum indicator I probably shouldn't be considering making a trade in the first place. I prefer RSI because the "cleanness" makes it easier to draw trend lines on with the charting software I use. For me, at least with regard to gold,...
Thanks so much for your input. I really appreciate all the great experience and knowledge that comes from this forum.
I am putting in the time for my own education, and appreciate the information that saves me time. I know I will pay it forward
and be there for others over the years as I gain more experience and knowledge in the metals, and forex in general.

Thanks again for you time and thoughtful input you gave in your reply.

K~
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