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

  • #26,461
  • Oct 11, 2013 4:20pm Oct 11, 2013 4:20pm
Quoting KADC
I was just sent this link to a Kingsworld interview with Andrew Maguire who shares similar views about the timing and direction the market is headed with regard to announcements by entities such as Goldman Sachs. (AKA: The Vampire Squid) http://kingworldnews.com/kingworldne...ld_Market.html

Thank you KADC, that is exactly my view and gives more evidence of what's going on. Just a couple of days ago, I smelled something was going to happen when Bernanke said he doesn't understand gold prices. Unfortunately I didn't take the necessary precautions.
  • #26,462
  • Oct 11, 2013 5:06pm Oct 11, 2013 5:06pm
Kaching.!!!!!! I did try to warn y'all. I was asleep when it happened but it filled my pockets all the same. Gold will be VERY dangerous to trade next week as it works out which direction to take. There are good arguments either for a trip to 1500 or on down to 1100. Which will it be.??????
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Money Makes Money
  • #26,463
  • Oct 11, 2013 7:50pm Oct 11, 2013 7:50pm
There was no follow through after the "stops drop" because it happened on a Friday, which almost always after a move flatlines basically the rest of the trading session.

Also although there was encouraging news in DC about the debt limit situation nothing further new good or bad came out. Pushed off till next week unless a surprise agreement comes about over the weekend.

So move happened but there was nothing further to propel it either direction. London was half way out the door to the pub and New York was counting time till a Friday liquid lunch at Harry's at Hanover.
  • #26,464
  • Oct 11, 2013 7:58pm Oct 11, 2013 7:58pm
"What it’s really done is switch what should be an extremely bullish situation for gold, into a selloff."

Poor dear, if only what should be, was.
  • #26,465
  • Oct 11, 2013 8:01pm Oct 11, 2013 8:01pm
Quoting KiwiOz
Kaching.!!!!!! I did try to warn y'all......
You da man.
  • #26,466
  • Oct 11, 2013 8:23pm Oct 11, 2013 8:23pm
Quoting SunTrader
There was no follow through after the "stops drop" because it happened on a Friday, ....
Despite no market demand for lower price, gold would have dropped further but for the safeguards in place.

http://www.zerohedge.com/news/2013-1...-trading-again
You can always make money tomorrow provided you don't lose it today.
  • #26,467
  • Oct 11, 2013 8:25pm Oct 11, 2013 8:25pm
Quoting SunTrader
"What it’s really done is switch what should be an extremely bullish situation for gold, into a selloff." Poor dear, if only what should be, was.
Should be? No, the sell-off followed an established pattern.

http://www.tfmetalsreport.com/blog/5...d-ten-days-ago
You can always make money tomorrow provided you don't lose it today.
  • #26,468
  • Oct 11, 2013 8:25pm Oct 11, 2013 8:25pm
Quoting KADC
{quote} Despite no market demand for lower price, gold would have dropped further but for the safeguards in place. http://www.zerohedge.com/news/2013-1...-trading-again
Ok so I stand corrected:

"There was no follow through after the "stops drop" and safeguards in place .........because it happened on a Friday etc etc.
  • #26,469
  • Oct 11, 2013 8:28pm Oct 11, 2013 8:28pm
Quoting KADC
{quote} Should be? No, the sell-off followed an established pattern. http://www.tfmetalsreport.com/blog/5...d-ten-days-ago
That was a quote from that Kingsworld shrill piece.

As I have said repeatedly I try not to use should, never or always - when it comes to market movements.

Those looking for reasons (why, I don't know) and / or excuses do.
  • #26,470
  • Oct 11, 2013 8:48pm Oct 11, 2013 8:48pm
Quoting KiwiOz
Kaching.!!!!!! I did try to warn y'all. I was asleep when it happened but it filled my pockets all the same. Gold will be VERY dangerous to trade next week as it works out which direction to take. There are good arguments either for a trip to 1500 or on down to 1100. Which will it be.?????? {image}
Indeed, and there is a potential bear trap in place.

http://www.gotgoldreport.com/2013/10...mpt-again.html

However, with regulators off due to the shutdown there is no-one to police the markets. The 3,000 contract trade limit being exceeded by 60% required someone to disabled the order-size fail safe ...too bad for them they failed to disable the stop logic follow-through limiter.

Though this could mean "anything goes" to push the price down further, there's no reason to believe the past pattern of delivery month sell-off won't continue which would mean one more push down if the bear trap doesn't trigger next week and prices will rise/go sideways until the next sell-off in mid December with the caveat that the goals of J.P. Morgan and Goldman Sachs don't exactly align uniformly.

With physical demand continuing to outpace even the imaginary supply it would be foolhardy to count on price to drop without one or both of these banks driving it down as the natural market direction due to supply and demand is obviously up.

Personally, I will, as always, stick to buying at support/break of resistance and selling at resistance/break of support.

Also, no-one has ever lost money by simply staying out altogether, and any time I'm in doubt that's exactly what I intend to do -- I'm overdue for a vacation anyway.
You can always make money tomorrow provided you don't lose it today.
  • #26,471
  • Oct 11, 2013 9:09pm Oct 11, 2013 9:09pm
"Gold bears better hope that this sell down triggers downside traction, because if it does not, I look for a vicious reversal to get underway muy pronto. That would be a classic bear trap if it occurs. Watch for it. I give it a 75% chance of showing by Wednesday next.
Jeff Curries' (Goldman) arrogance, calling gold a "slam dunk sell" notwithstanding"

So this guy, whoever he is, calls for a 75% chance of a vicious reversal by Wednesday (3 trading days away) but Jeff Currie is the arrogant one?

Then he mentions:

"One indicator that suggests the bear case is weak is the gold/silver ratio (GSR). When the GSR is falling it means that money flow has turned positive for the precious metals. Take a look for yourself:"

And what does the chart show (same as mine btw), the ratio coming down as Gold and Silver bottom and started up on June 28th - well except it recently changed direction back up as Gold and Silver have turned down again on August 28th. He forgot to mention that. A permabull trait no doubt.

I just posted a comment to that site. Curious if I will see return comment from the OP?
  • #26,472
  • Oct 11, 2013 9:17pm Oct 11, 2013 9:17pm
Quoting SunTrader
{quote} That was a quote from that Kingsworld shrill piece. As I have said repeatedly I try not to use should, never or always - when it comes to market movements. Those looking for reasons (why, I don't know) and / or excuses do.
I, like most traders, be they amateur or professional, find that an understanding of how the markets work to be beneficial. Though I respect your charts, if you choose to trade with a blind disregard to the forces driving the market it seems to me that you are unnecessarily limiting your potential (though I know you don't see it that way).

Had I not been out yesterday and too tired to take advantage of it when I got home, identifying the clear support take-out setup yesterday would have been tremendously profitable. Experience tells me I will have many more such opportunities in the future and I think it is truly unfortunate that you don't wish to join me and others in taking advantage of them, but such is your prerogative; however, I fail to understand your animosity towards those who seek to better themselves with an improved understanding of the markets.
You can always make money tomorrow provided you don't lose it today.
  • #26,473
  • Oct 11, 2013 9:18pm Oct 11, 2013 9:18pm
Oh Gold, I'd like that But I'm trade by EA & don't care news.

My EA:
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MQL4, Amibroker
  • #26,474
  • Oct 11, 2013 9:48pm Oct 11, 2013 9:48pm
Weekly Chart for some meditation...on XAU/USD..
Big Red Weekly candle, possible channel brake.... ?
Only Double Bottom on weekly or daily chart would say - go long. Watch for a gap on Monday opening , that may give some clue, where we should go...

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  • #26,475
  • Oct 11, 2013 10:32pm Oct 11, 2013 10:32pm
Quoting TieuHo
Oh Gold, I'd like that But I'm trade by EA & don't care news. My EA: {file} {image}

hi TieuHo,

wow, that's a profitable EA you're running there! What is it's logic? Does it use indicator conditions to make its decisions?
cryptocurrency everytime
  • #26,476
  • Oct 12, 2013 12:43am Oct 12, 2013 12:43am
Quoting RabbitWolf
Weekly Chart for some meditation...on XAU/USD.. Big Red Weekly candle, possible channel brake.... ? Only Double Bottom on weekly or daily chart would say - go long. Watch for a gap on Monday opening , that may give some clue, where we should go... {image}
From the view of your graph , Possibility that once breakthrough 1260 the gold will meet back to 1200-1177 ?

I had my long since few days ago . But , seems like if gonna breakthrough 1260 then it will goes to 1200 or -1177

I am new anyway just wanted to get a clean view on it . * btw i know it's doesn't have clean view anyway in trade *

Correct me i am wrong =] . Thank you
  • #26,477
  • Oct 12, 2013 1:13am Oct 12, 2013 1:13am
I have posted my upcoming week's chart for GOLD for those who are interested here:

http://www.forexfactory.com/showthre...52#post7021552
  • #26,478
  • Oct 12, 2013 1:51am Oct 12, 2013 1:51am
http://www.tfmetalsreport.com/blog/5...d-ten-days-ago
In case anyone missed it posted several pages back... hard to imagine something more valuable to keep in mind going forward, for gold trading.
  • #26,479
  • Oct 12, 2013 2:37am Oct 12, 2013 2:37am
Quoting Greenstar
http://www.tfmetalsreport.com/blog/5...d-ten-days-ago In case anyone missed it posted several pages back... hard to imagine something more valuable to keep in mind going forward, for gold trading.
Thank you for sharing this gem. I appreciate. Very interesting indeed.
  • #26,480
  • Oct 12, 2013 4:02am Oct 12, 2013 4:02am
Quoting fxjay
my 4 hr and daily chart, as for gold 1267 should be the point but now I am not sure about silver, was thinking of 20.35,from the chart only can see around 20.55,unless gold went to 1250 or 1236, silver can see about 20.00 and 19.70 respectively, will check the price action at around 1270 to adjust silver. {image} {image}
thats the end of daily wave 1, silver seems a bit out point but gold looks nice, expect start of retracement wave A of wave 2, targeting 1335-1337 area.
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