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

  • #25,841
  • Sep 28, 2013 2:16pm Sep 28, 2013 2:16pm
http://www.zerohedge.com/news/2013-0...s-will-decline

any thoughts on that manipulation and etc?
Risk comes from not knowing what you're doing.
  • #25,842
  • Sep 28, 2013 4:08pm Sep 28, 2013 4:08pm
Quoting Fizie
http://www.zerohedge.com/news/2013-0...s-will-decline any thoughts on that manipulation and etc?
Oh where to begin. Actually I'll begin with end and end it there:

"Precious metals are like an insurance policy. It’s a policy you hope you’ll never need to cash in. But if the need ever arises, it’ll probably be because the financial system has collapsed, and the gold price has gone to the moon… potentially even tens of thousand of dollars".

So people will buy Gold in the tens of thousand of dollars with, for instance, the U.S. dollar which won't be worth the paper it is printed on, huh?

All currency will be worthless or near worthless and Gold will be worth a gazillion. Will make it mighty hard to grocery shop.

But good thing the writer bought land in South America because many of those countries have had centuries of stability.
  • #25,843
  • Sep 28, 2013 5:42pm Sep 28, 2013 5:42pm
Although this article does not mention Gold specifically in relation to retail purchases it is a not quite rosy look at the economy of India which should have some effect on the masses and their jewelry purchases:

Pimco sees Buffett’s India dream cut to junk as vote looms

http://www.futuresmag.com/2013/09/26...L&_LID=1197616
  • #25,844
  • Sep 28, 2013 8:05pm Sep 28, 2013 8:05pm
Quoting SunTrader
{quote} Oh where to begin. Actually I'll begin with end and end it there: "Precious metals are like an insurance policy. It’s a policy you hope you’ll never need to cash in. But if the need ever arises, it’ll probably be because the financial system has collapsed, and the gold price has gone to the moon… potentially even tens of thousand of dollars". So people will buy Gold in the tens of thousand of dollars with, for instance, the U.S. dollar which won't be worth the paper it is printed on, huh? All currency will be worthless or near worthless...

This is the "end of days" cash in scenario in which you are speaking it seems, with things such as anarchy, the apocalypse, famine, war, etc., looming.

Where actually there would be no "cash in."

In such a scenario a paper value of gold is all but useless, In such a scenario, where the banking system collapses, ATMs, stop working, the military "quits" or forms different militias, and well the governments are welp, bankrupt, gold, silver, copper, gas, oil, food, guns, ammo, shelter, etc. would be the new day to day leading commodities. Thus, the super rich will be able to hide away only for so long, due to the fact most of their money is not liquid, and Gold, would go back to it's origin.

Once again becoming a means of barter, trade, IOU and a form of money if you will.

but, I think I am going a wee bit further than this article suggests. - Even though I have yet to read it!
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,845
  • Sep 28, 2013 8:07pm Sep 28, 2013 8:07pm
Let's take a look shortly at how the potential Daily INV_H&S is shaping up along with some fibos for weekly silver to compliment some fibos another member had pulled recently.

Give me a bit to prepare some charts. Just got in from dinner.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,846
  • Sep 28, 2013 8:10pm Sep 28, 2013 8:10pm
Monday Morning opening we will see

  1. Big Gap Up.
  2. Big Gap Down.
  3. Small Gap Up.
  4. Small Gap Down.

???

  • #25,847
  • Sep 28, 2013 8:15pm Sep 28, 2013 8:15pm
Quoting jerseyrichie
{quote} actually -forgot to answer your question ---well gold moves seem to be pretty volatile-i am only looking for about 30 or so pips a day --basically,, 3 bucks ---and i use this term lightley!-this happens usually 3 or 4 times a day if not more -still tweaking things but seems the system i am using/testing is doing this without fail----even 1.0 lot @ 30 pips a day is 300 bucks a day-am hoping to build slowley up to 5-10 lots a day -very very possible

Wanted to add some of these to revisit when you are around.

RENKO - Definition via Investopedia
"

Definition of 'Renko Chart'
A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White bricks are used when the direction of the trend is up, while black bricks are used when the trend is down. This type of chart is very effective for traders to identify key support/resistance levels. Transaction signals are generated when the direction of the trend changes and the bricks alternate colors.


Investopedia explains 'Renko Chart'

For example, a trader will sell an underlying asset when a black brick is placed at the end of series of climbing white bricks. Since this type of chart was designed as a way to follow the general price trend of an asset, there can often be false signals where the color of the bricks changes too early, producing a whip-saw effect. "

WELL< Support and resistance sure looks the same! I see why you like this method IF you like trading GOLD and SILVER using Support and Resistance,
which I do.

The bolded part above which I read after examining the chart is actually the FIRST thing I thought of after looking at what appeared to be a potential sell on initial fail of resistance top, yet, too soon.

Have you ever tried plotting your supports and resistances using only a line chart? Then trading off the Line? Just a thought.

The line S/R levels are ALWAYS more real especially with Gold when it is volatile due to what can be sometimes a 20/ 30 USD pinbar just on a reaction daily low, even though the price had ZERO intention of settling any where close, it still painted the price that low.....

Every system has a flaw, but I like the simplicity here... Would be interesting to see some charts in action.

Will look for some more resources to add.
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,848
  • Edited 9:10pm Sep 28, 2013 8:37pm | Edited 9:10pm
Quoting XTrade
{quote} Wanted to add some of these to revisit when you are around. RENKO - Definition via Investopedia " Definition of 'Renko Chart' A type of chart, developed by the Japanese, that is only concerned with price movement; time and volume are not included. It is thought to be named for the Japanese word for bricks, "renga". A renko chart is constructed by placing a brick in the next column once the price surpasses the top or bottom of the previous brick by a predefined amount. White...
awesome buddy-much appreciated,i am in front of my computer for the first time today -been occupied all day-am going to try to post a few of my charts once i figure out how -not too savvy on the workings of the site-sure its not too difficult -i believe i have some awesome indicators,(although i dislike most of them!!lol)-love price action--hence the "new" use of renkos for me--have something to do for the next !/2 hour or so -but wil
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l be back shortly
Enter Signature
  • #25,849
  • Sep 28, 2013 9:14pm Sep 28, 2013 9:14pm
Quoting jerseyrichie
{quote} awesome buddy-much appreciated,i am in front of my computer for the first time today -been occupied all day-am going to try to post a few of my charts once i figure out how -not too savvy on the workings of the site-sure its not too difficult -i believe i have some awesome indicators,(although i dislike most of them!!lol)-love price action--hence the "new" use of renkos for me--have something to do for the next !/2 hour or so -but wil{image}l be back shortly

theese are 7 pip boxes--will explain a bit more tommorow --sorry ass is draging at the moment just wanted to try to get this chart up there for you to see-have a good nite all!
Enter Signature
  • #25,850
  • Sep 29, 2013 3:47am Sep 29, 2013 3:47am
weekly charts
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  • #25,851
  • Sep 29, 2013 7:20am Sep 29, 2013 7:20am
above 1340 there is clear bullish
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  • #25,852
  • Sep 29, 2013 7:25am Sep 29, 2013 7:25am
at present market looking going up I think now its time to buy gold for long. Cleary lower cloud is acting as support. Next week for gold is very good.
  • #25,853
  • Sep 29, 2013 7:47am Sep 29, 2013 7:47am
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  • #25,854
  • Sep 29, 2013 2:50pm Sep 29, 2013 2:50pm
I think next week we will see higher prices for gold en silver... 21.000 is very support just look this chart
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  • #25,855
  • Sep 29, 2013 3:12pm Sep 29, 2013 3:12pm
Quoting TheArcher
weekly charts {image} {image} {image}
Inside bar formation?
Can be both direction.
  • #25,856
  • Sep 29, 2013 3:18pm Sep 29, 2013 3:18pm
Daily & 4 hour charts.

I'm waiting to see a confirmation of movement to south.
If price breaks 1.350 area, I guess I should close my existing shorts...

Any comments ?
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  • #25,857
  • Sep 29, 2013 3:45pm Sep 29, 2013 3:45pm
Quoting hbkarakas
Daily & 4 hour charts. I'm waiting to see a confirmation of movement to south. If price breaks 1.350 area, I guess I should close my existing shorts... Any comments ? {image} {image}
Are those the dates on the trades? I can see the levels of appx entry, what are the dates? looks like the 19th and the 25th? If so they are not too old.

Personally, I wouldn't let the go into a loss. If it looks like we will test 1350 I would take some profit or all on a pullback of a break north.

If you want to ride them and have an appropriate possible loss, then I actually would say not to close them at first test of 1350.
It looks good that we will test it and due to the price action it seems we have a better shot this time around than last of maintaining it on break,
Yet none of this is in stone.

Even if we were to test it then slide all the way back to say 1315 to seal 1300 further as support, you could try and close there and if there is no break of 1315 and 1330 on an upcoming break to 1350 I would close them...

A little too soon to tell. Wait at least till Monday NY / London cross/ NY close.
Unless of course things go crazy on Aussie. (Even when they do, they usually correct, for a second chance entry/exit)
Just My Opinion here. Hope it helps.
XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,858
  • Sep 29, 2013 3:49pm Sep 29, 2013 3:49pm
Quoting TheArcher
weekly charts {image} {image} {image}
Hey Archer, Yes, a bit is left here to be decided. Since we have been making Higher Highs and Higher Lows, I want to lean towards Gold maintaining and reforming the old (or a new) upwards channel.

As you have noted in one of your charts. Now, The price still has to close above the downside UTL and maintain a break of 1350, instead of just sinking back down.
It would seem with some time under it's belt and the higher interim supports strengthened a bit from recent test, we should be able to do so.

But, again, nothing is set in stone here!!!

Just looking at this one, it may take the price reaching the top of both channels, appx, basically where they make an X - before the price action in decisive.

Otherwise a pure breakout will suffice!
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,859
  • Sep 29, 2013 3:57pm Sep 29, 2013 3:57pm
Quoting sirji
above 1340 there is clear bullish {image}
It seems the last break north got the price "out of the fog" no pun intended! (is that a term in ichi?) so it is now above the lower cloud, with a break of 1355 it would be clearly supported by both, yet by then the clouds will have changed a bit soooo...

Will be nice to see updated as the week goes by.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,860
  • Sep 29, 2013 4:00pm Sep 29, 2013 4:00pm
Quoting fxbreeze
{quote} Inside bar formation? Can be both direction.
No inside weekly (if that is what you are referring to) or Friday inside daily bar on my chart?
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