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

  • #27,361
  • Oct 30, 2013 7:46am Oct 30, 2013 7:46am
Quoting Kah
FED coming in with another surprise. Those who think they aren't tappering this year, hold on to your seats...they have finalized a roller coaster ride for you guys... Gold - 1150 tonight...
WOW Gold - 1150 tonight... hehehe
  • #27,362
  • Oct 30, 2013 7:47am Oct 30, 2013 7:47am
First two "red importance level releases" already in the -RED!

FOMC statement not out till' 2pm Eastern Standard Time (EST)
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,363
  • Oct 30, 2013 7:47am Oct 30, 2013 7:47am
Quoting XTrade
{quote} Be careful - looks like price is now at yesterday's High and Gunning toward Monday's 1360 + (Hypothetically you could have already bought the low early this AM and be in NICE profit already). Again if FOMC seems neg really a push through 1365 to the \"Quarter area\" ( I like using gold in 1/4s ie 00 - 25s - 50s - 75s ----> 00s again.) Of 1375 is a better target for the bulls should PA remain trending north. The overnight loss was only around 8.50 so just a normal swing. WHICH NOW IN just the time between these posts is completely erased...
Hi Xtrade


where do you get that KGX market is open charts from Kitco?
  • #27,364
  • Oct 30, 2013 7:48am Oct 30, 2013 7:48am
even if the FED was perfect there is no way gold is dropping 200+ USD per OZT in a matter of hours. How are you possibly warranting such a wild punt?

Quoting Kah
FED coming in with another surprise. Those who think they aren't tappering this year, hold on to your seats...they have finalized a roller coaster ride for you guys... Gold - 1150 tonight...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,365
  • Oct 30, 2013 7:49am Oct 30, 2013 7:49am
Quoting XTrade
First two \"red importance level releases\" already in the -RED! FOMC statement not out till' 2pm Eastern Standard Time (EST) {image}
Hi Xtrade,

I bought the AM and are sitting with nice profits now, but do I hold out on my longs till the 2pm releace from the FOMC or do I cash in now? It is above the pivot of 1352 and as long as it keeps above that, it should push upwards?

Thanks for the info
  • #27,366
  • Oct 30, 2013 7:50am Oct 30, 2013 7:50am
  •  Kah
  • | Joined Jun 2012 | Status: Patience is the Key to Success! | 150 Posts
Well - those who aren't getting the point, let me remind them of the Bernanke philosophy he always emphasized on the Unemployment Rate and guys, let go back onto the economic calendar and check the Unemployment Rate and recall the one which Bernanke mentioned...good to see gold going where it is destined for...let's be a bit fundamental and forget the technicals for a while
  • #27,367
  • Oct 30, 2013 7:52am Oct 30, 2013 7:52am
Quoting morfasie
{quote} Hi Xtrade where do you get that KGX market is open charts from Kitco?
It's under market, = here is the actual link = http://www.kitco.com/market/
---> I frequently use it here because it is a 3rd party price source, not an FX broker. They do sell physical bullion but that's different. The charts are fast and easy for me to pull and then just put up here.

As well, I have been given permission by an analyst I like there to repost and/or quote his daily analysis here in this thread.
There are a bunch of different analysts as well. Plus there is a wide array of Historical Gold, Silver, PT, PD, price charts you can request under Historical data.

I am not affiliated with them in any way shape or form.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,368
  • Oct 30, 2013 7:54am Oct 30, 2013 7:54am
  •  Kah
  • | Joined Jun 2012 | Status: Patience is the Key to Success! | 150 Posts
I think a lot of my fellow traders must go to the bloomberg library and watch the June 18th Press Conference...and yes my friend who mentioned that Gold cannot fall 200+ in a day. May be he is forgetting the 18th and 19th...when it actually fell more than 200+ point within 24 hours. Might want to see the chart of that day...
  • #27,369
  • Oct 30, 2013 7:55am Oct 30, 2013 7:55am
As I said last night, there is a strong possibility that gold could well move up to 1360 and possibly even torture 1380. Volume says that we are heading higher than expected because of various national debt issues in various countries meeting a convergence at this time period for the next 2 weeks. The US is onto a bumpy road in perdition. I think we will see some of the bad apples cause price rises in Gold to newer highs than of late. This is effectively a shake, rattle and roll. A daytrader's dream. Get the direction right and you could win big every day provided you get your entry at the High or Low of the day and sit tight for a few hours to see what unfolds on a 1 min chart covering 2 hours, a 1 min chart covering over 18 hours and an expanded 15 min chart showing the past 2 months. A volume indicator is a good idea to guage when the fish are jumping to throw your net in and catch some dinner.

FOMC at 1800GMT will probably make some of these fish look like ragged-toothed guppies. My guess is that all news out of US is bad for them and good for gold. I could very well be wrong, but so far the markets have said this much to me. Anything can happen.

It would be a great idea to keep an eye on USD:JPY to get an indication of the effect that USD has on gold
You win, you lose. All else is history. The future does not exist.
  • #27,370
  • Oct 30, 2013 7:55am Oct 30, 2013 7:55am
Quoting XTrade
{quote} It's under market, = here is the actual link = http://www.kitco.com/market/ ---> I frequently use it here because it is a 3rd party price source, not an FX broker. They do sell physical bullion but that's different. The charts are fast and easy for me to pull and then just put up here. As well, I have been given permission by an analyst I like there to repost and/or quote his daily analysis here in this thread. There are a bunch of different analysts as well. Plus there is a wide array of Historical Gold, Silver, PT, PD, price...

Thanks a lot
  • #27,371
  • Oct 30, 2013 8:02am Oct 30, 2013 8:02am
Not quite sure what you are referring to fundamentally that would at this point in time warrant a 200 USD plunge in Gold.

We / I am always posting fundamentals here and fundamentally and equally technically speaking that is just a wild punt, there is nothing to support it.

Please do post what it is you are referring to.

BTW here is past unemployment data. As you can see on the graph the trend as of late has been below forecast and however they printed that one super low bar,
obviously looks like smoke in mirrors, not to mention even if it was accurate a few bars after the rate blew up....

Quoting Kah
Well - those who aren't getting the point, let me remind them of the Bernanke philosophy he always emphasized on the Unemployment Rate and guys, let go back onto the economic calendar and check the Unemployment Rate and recall the one which Bernanke mentioned...good to see gold going where it is destined for...let's be a bit fundamental and forget the technicals for a while
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #27,372
  • Oct 30, 2013 8:02am Oct 30, 2013 8:02am
Quoting morfasie
{quote} Hi Xtrade, I bought the AM and are sitting with nice profits now, but do I hold out on my longs till the 2pm releace from the FOMC or do I cash in now? It is above the pivot of 1352 and as long as it keeps above that, it should push upwards? Thanks for the info

Create a hedge. Put in a sell witout a stop and sit pretty for the time that you want to claim that profit.
You win, you lose. All else is history. The future does not exist.
  • #27,373
  • Edited 8:21am Oct 30, 2013 8:03am | Edited 8:21am
All technical fail when it faces news. If it's not coming down I maybe have to cut loss .
  • #27,374
  • Oct 30, 2013 8:11am Oct 30, 2013 8:11am
Quoting The Rhodie
{quote} Create a hedge. Put in a sell witout a stop and sit pretty for the time that you want to claim that profit.
Hi The Rhodie,

Sorry man, not familiar with hedging at this stage yet, do you mean leave the long in there, and then add a short now without a stoploss?
  • #27,375
  • Oct 30, 2013 8:19am Oct 30, 2013 8:19am
Quoting Kah
FED coming in with another surprise. Those who think they aren't tappering this year, hold on to your seats...they have finalized a roller coaster ride for you guys... Gold - 1150 tonight...
Son, you're off your rocker in my opinion. Forgetting the technicals is like saying don't breathe, or that money does not exist in trade. Whoever has lead you to think this ought to be ashamed of themselves in my opinion. For your own good, it may be very astute to avoid listening to opinion from news sources. The markets tell the truth. You have years of history to review, a moving market in front of you and the "opinion moguls" on television are blowing smoke to confuse your thinking. Probably a bad idea to listen to someone who has only been at this game 2 weeks (and has a mentor training him with 9 years winning experience and the training and expertise of Larry Pesavento's trades from 1972), so make up your own mind by watching your bottom line by the way you trade to see where the truth or fallacies are.
You win, you lose. All else is history. The future does not exist.
  • #27,376
  • Oct 30, 2013 8:20am Oct 30, 2013 8:20am
Quoting morfasie
{quote} Hi The Rhodie, Sorry man, not familiar with hedging at this stage yet, do you mean leave the long in there, and then add a short now without a stoploss?

yes, and remove the stop on your long.
You win, you lose. All else is history. The future does not exist.
  • #27,377
  • Oct 30, 2013 8:23am Oct 30, 2013 8:23am
price upper 135 area maybe to lead 140 area...hmm...but in this moment just watch the PA as result opening this week upper 135 area.....tomorrow will close monthly....that close will give the answer
  • #27,378
  • Oct 30, 2013 8:23am Oct 30, 2013 8:23am
Quoting The Rhodie
{quote} yes, and remove the stop on your long.

Done thanks guys!!
  • #27,379
  • Oct 30, 2013 8:25am Oct 30, 2013 8:25am
looks like we have topped gold for the day. I may be wrong as there is the FOMC in 5 hours. For now, hedge bets and wait, imho.

Revision: market is waiting for something. Wonder what. We are not topped out yet, I don't think... there's far too much +ve sentiment in the system.
You win, you lose. All else is history. The future does not exist.
  • #27,380
  • Oct 30, 2013 8:31am Oct 30, 2013 8:31am
Quoting morfasie
{quote} Done thanks guys!!

So did you make a profit that remains in play, or did you take it all out?

Best to leave it in there and watch what happens later.
You win, you lose. All else is history. The future does not exist.
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