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

Gold has tested an imp resistance area (turned support - highlighted in the snapshot). 1H has 2 rejections on this support area. If today's close is above this area, I see a long possibility

No prob, if you didn't get stopped out yet you should be fine, I recommended 1318 as stoploss. Take everything you hear on this thread only as advise not given facts. . .We trade probability not certainty thats why money management so important. . . . .

Gold seems to be zigzagging down to the low 1319.x area - really slowly...

lots of confluence there: fibs and daily S2 and longterm TLs...

I guess when it hits the zone it will reverse and head up to at least 1330 (or 1350 much later). After that there is one more wave down on the cards IMO.

Got in for a late entry, risk to reward ratio still acceptable. Stoploss and take profit is set, leaving my computer now.

Strongs. . . . .

When you can make this same post off the weekly chart... now THAT'll be cooking on gas!

Do you think that gold would bounce up from this zone on the weekly chart? I have a buy position from 1323.
Thanks for your illuminating analyses, which I appreciate so much.

I hope everyone sees this monthly pin bar ! Yesterday I was so sure of a short from 1360 because one of the reasons was I believed this month will end like this.New month will bring big push up I believe but there is still a few days for the real move to kick in.

Incorrect:[You are absolutely correct, they are not made in silver.] Copper is used as an alloy for the coin's level of purity.

Courtesy of Rand Refinery:

Coin blanks can be supplied in a certified alloy range of 9ct, 14ct, 18ct, 22ct and 24ct (9999's) as well as 999 purity silver

Krugerrands
The Krugerrand is the most widely held and actively traded bullion coin in the world.

Named after the famous South African President and nature conservationist Paul Kruger and the South African monetary currency, Krugerrands have been legal tender worldwide since the first coin was struck on the 3 July 1967.

As the world's first ounce-denominated gold coin, the Krugerrand was developed by the Chamber of Mines of South Africa on behalf of the South African gold mining industry and authorised by the South African Reserve Bank. The Krugerrand became the chosen vehicle to promote South African gold as an investment vehicle into the international markets.

Krugerrands were originally minted in one size only: one full troy ounce of fine gold, which is the equivalent of 31.103 grams of gold. Made from 22 carat gold, Krugerrands have since September 1980 also become available in three different sizes containing exactly 1/2 ounce, 1/4 ounce and 1/10 ounce of pure gold.

The most widely held and actively traded bullion coin in the world, the Krugerrand remains the easiest way for investors worldwide to own gold. To date some 48 million ounces of fine gold contained in newly minted Krugerrands have been sold world wide. This equates to more Krugerrands in circulation internationally than all other gold coins combined. It is important to note that although Krugerrands are considered legal tender, there is no record of their face value on either side of the coin. The rationale for this is that emphasis is laid on their direct link to the prevailing value of their fine gold content.

Rand Refinery is the only refinery in the world authorised by the South African Treasury, through the Reserve Bank of South Africa, to manufacture and supply the gold coin blanks for Krugerrands.

Rand Refinery has also since 1998 been appointed to act as agent for and on behalf of the South African gold mining industry, to distribute the coins both locally and internationally.

All Krugerrands are produced from responsible gold.

Unless you have $2400 as your balance, then $1.0 poistions are acceptable. The maximum position size you should use should really only be 1% of your total available balance. Your equity should only determine your margin and using 1% of your balance means you have a probability of 100 trades to get out of a sticky situation. Never risk more than you can afford to lose forever.

Anyone "hoping for..." is doomed to lose everything they hope for. That is the clear sign of a gambler. If you have only $300 balance left, then you should only be trading 0.3 maximum per day in new trades: meaning 3 trades of 0.1 each.

Technically, any more than 3 trades in a day is overtrading. Hope this helps.

boy, talk about trepidation and every ounce of effort to reach 1319.x ... i hope gold doesn't rip a sphincter muscle in the process....

The price almost reach 1318

beautiful PA

rare to find these on the chart - they're good points to extend Fib fans from



http://upload.wikimedia.org/wikipedi...xy-NGC1300.jpg

nice one vensen, I was too late I enter at 1323

hi Gold-lover,

This may be the end of correction and start of a new wave up. It MAY be but I think another wave down is needed to fulfill the requirement of 62% retracement of the prior 1st wave up from 125x to 1362. I'm not even sure downside is done for today. However PA has lost momentum and will struggle to rassle with 1316, 1312 and 1306 - especially since Gold approached 1319 with the caution of a monkey attempting to snatch food off the table - plus: now gold has a backside injury to nurse!

Higher (to gain altitude) and then come back down to smash 1319 and achieve it's goal at 1292.x

That's my prefered projection for PA's path, if anything else happens I have to reassess my wave count. But up in 5 waves to 1375 from here is plausible.

edit: 1306 is a more probable downside target - i somehow doubt the market wants to deal with 1300. At 1306 we have 50% retracement which is ok for a 2nd wave

nevermind... entering at 1323 is brave since such a small trade increases your risk - PA can get unpredictable and volatile near the end of moves - especially when it's straining like that. But all's well: you should have bagged some pips!

Added a new long to my gold 1320.I want 1335

What price do you think it will go for this move up vensen ? any suggestion thank you.

HERE'S THE QUESTION EVERY TRADER WANTS AN ANSWER TO.

With all the available data, there is no way any one trader can decide the destiny or fate of the market. Not a single indicator can tell you which way the market WILL move up or down. We don't have the God's Eye View on the market, and if we did we would not be trading at all. We would all be rich and the world bankrupt. I, for one, am glad that there is no way to predict the market movement towards A or B but we are guaranteed to watch it move in direction C permanently. Since there are only 3 points the market can move towards, it means that there are only 2 variables multiplied by the average amplitude and divided by the frequency that can tell you what the market is thinking and has done. See: present to past tense. There is no future in the market, only what is happening and has happened. Trading is like walking backwards along a path you have never travelled and cannot. Trading is very much like walking with a massive mirror in front of you and trying to work out is you are moving left or right to avoid unseen obstacles that may or may not exist ahead.

The only guarantee in trading is that we will watch the market move forward in time. Here comes the clever bit. There may well be a possibility to design an indicator that guages the market's inclination to be bull or bear in realtime. It is based entirely on simple geometry and I am looking for a test group to apply the mechanics of this idea and see whether or not it works. I have trawled the web and through many forums to see if this idea has been considered before and there is not one person who has even considered this method, which makes me very happy. I am interested to know how many of you would like to see such an indicator be developed.

PM me with

subject: Indicator
YES or NO
Experience trading: yy years mm months dd days

Be aware that this indicator does not exist yet. I have no intention of responding to a single pm with anything more than a thank you. There is no charge involved. This post does not exist anywhere else, so you are the first to see it. My idea is unique and untested. If a large enough group of resondents reply positively, I may actually try and get it designed for pre-alpha testing in conjunction with MT4. Commercial respondents will be ignored completely. I am not interested in scammers, con artists or pretend programmers getting their paws on this special bit of logic.

The gold market is ideal for this indicator because it is such a fast mover. Imagine being able to summarise market sentiment in 3 seconds to decide to go bull of bear with the next trade, scalp or hedge... in this market it would be awesome.

Thank you for replying. This is really helpful.

Long: 1321
Target: 1333