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

  • #28,601
  • Nov 20, 2013 10:05am Nov 20, 2013 10:05am
Quoting Gold-lover
Guys what do you expect about the Fed report today? Will it have a big effect?
Yes and no.
  • #28,602
  • Nov 20, 2013 10:09am Nov 20, 2013 10:09am
The technical picture for shorts hasn't been broken and in fact the minor signal to go long at the bottom never had any no follow through on bigger tf's so this was never a long. In fact, we are just seeing a new short signal here and expecting to at least test and go beyond today's lows so far. The ECB rumour was pretty annoying, but you can't base your trading on things like that not happening once in an annoying while. It's a matter of being able to stand the heat in circumstances like this.
  • #28,603
  • Nov 20, 2013 10:27am Nov 20, 2013 10:27am
Weekly low or a ticket to 1250 Hmmm. -------looks like I never posted this. Think I wrote it at about 1263

--------------------------

Anyway added a different spot chart and bigger news clip. Numbers mixed and still have an FOMC member at noon as well as
FOMC minutes at 2pm EST.

So another dip into the 1255+ area seems to be rejected as of yet. She may move back to 1270/5 area in the upcoming sessions.


Rejection at that area or likewise "now" 1260/5 AREA could create a breach past 1250, yet, if not, the bulls are protecting that range
as the lows keep printing basically sideways now, 1250 / 1260 / 1257 all in one area. over a month now. So if the support stays, I'll be looking
for more sideways and likely the old staircase back up to 1360
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28,604
  • Nov 20, 2013 11:02am Nov 20, 2013 11:02am
DXY & Gold correlated vs the Euro

I just noticed that the spike up we witnessed in Gold also printed in the Dollar index. So, IF there was inverse correlation it became positive correlation when the ECB announcement came.

DXY 10 Day M15 chart

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cryptocurrency everytime
  • #28,605
  • Nov 20, 2013 11:26am Nov 20, 2013 11:26am
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  • #28,606
  • Nov 20, 2013 11:30am Nov 20, 2013 11:30am
Call it confidence, calmness or peace of mind. Easier to attain when not fully loaded in the markets.

Quoting The Rhodie
{quote} What confidence?
Patience is magic
  • #28,607
  • Nov 20, 2013 11:41am Nov 20, 2013 11:41am
Quoting Muntu
Call it confidence, calmness or peace of mind. Easier to attain when not fully loaded in the markets. {quote}

true what you say. however, it's been a bad trading month for me so far, so when i see my opportunity to earn the bread-and-butter i have to take it.

Gold PA has been ambigious and meandering for a few weeks so I just didn't earn while waiting. Today is making up for several missing (and failed) trades!
cryptocurrency everytime
  • #28,608
  • Nov 20, 2013 11:42am Nov 20, 2013 11:42am
Quoting TheArcher
{image}

Archer, what does it mean? I'm looking at the chart but PA is not talking to me!
cryptocurrency everytime
  • #28,609
  • Nov 20, 2013 11:45am Nov 20, 2013 11:45am
Quoting venzen
DXY & Gold correlated vs the Euro I just noticed that the spike up we witnessed in Gold also printed in the Dollar index. So, IF there was inverse correlation it became positive correlation when the ECB announcement came. DXY 10 Day M15 chart {image}
they prepare the ground for a great comeback… DXY is out of the channel… with the announcement the DXY will return and the gold will go up… thats the scenario that they are cooking..
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The good thing with the future is that it is progressively approaching...
  • #28,610
  • Nov 20, 2013 12:03pm Nov 20, 2013 12:03pm
Quoting venzen
{quote} Archer, what does it mean? I'm looking at the chart but PA is not talking to me!
read somewhere (some BigBoy bank said it ) back then that gold will drift down to 1251 , so buy at 1251 , stop loss at 1221 with a target price at 1400.....

now with Rhodie's bearish forecast , thought better draw some lines to see how deep it might drop chart-wise .

therefore just drew the line at the nearest support (which turns out 1251) and the next support at 1180

if the BigBoy is right, then 1251 will support . if Rhodie is right, 1251 will collapse .

lets see how it works out .
  • #28,611
  • Nov 20, 2013 12:08pm Nov 20, 2013 12:08pm
Quoting TheArcher
{quote} read somewhere (some BigBoy bank said it ) back then that gold will drift down to 1251 , so buy at 1251 , stop loss at 1221 with a target price at 1400..... now with Rhodie's forecast as being bearish , thought better draw some lines to see how deep it might drop chart-wise . therefore just drew the line at the nearest support (which turns out 1251) and the next support at 1180 if the BigBoy is right, then 1251 will support . if Rhodie is right, 1251 will collapse . lets see how it works out .

interesting. So expect reversal at 1251 right? I'll keep an eye on it. thanks for the heads-up, Archer
cryptocurrency everytime
  • #28,612
  • Nov 20, 2013 12:12pm Nov 20, 2013 12:12pm
Quoting venzen
{quote} interesting. So expect reversal at 1251 right? I'll keep an eye on it. thanks for the heads-up, Archer
This s exactly what I am keeping say

up from 1250- 1253 to 1430

then we wait and see but I expect more and more up

Take care it is so Risky, but I believe it
  • #28,613
  • Nov 20, 2013 12:34pm Nov 20, 2013 12:34pm
Quoting TheArcher
{quote} read somewhere (some BigBoy bank said it ) back then that gold will drift down to 1251 , so buy at 1251 , stop loss at 1221 with a target price at 1400..... now with Rhodie's bearish forecast , thought better draw some lines to see how deep it might drop chart-wise . therefore just drew the line at the nearest support (which turns out 1251) and the next support at 1180 if the BigBoy is right, then 1251 will support . if Rhodie is right, 1251 will collapse . lets see how it works out .

hold on, reversal at 1251 (or even from here) means there's enough RSI and Fib extention upward for.... 1276 ! pipcenturion was right in a way (although wrong to diss Islander) yet PA won't come down to this level again quickly.

Let's see if 1251 prints.
cryptocurrency everytime
  • #28,614
  • Nov 20, 2013 12:34pm Nov 20, 2013 12:34pm
Quoting venzen
{quote} interesting. So expect reversal at 1251 right? I'll keep an eye on it. thanks for the heads-up, Archer
Venzen,

Can this possible rally from 1250 to 1400 be accounted for from an EW perspective.
I want to go long again from here, but the market made me now very passive after the loss I got today.
  • #28,615
  • Nov 20, 2013 12:58pm Nov 20, 2013 12:58pm
Quoting Gold-lover
{quote} Venzen, Can this possible rally from 1250 to 1400 be accounted for from an EW perspective. I want to go long again from here, but the market made me now very passive after the loss I got today.

Gold-lover,

EW or not, Gold has no example of PA going $150 in a straight line. If it heads upward, there are various levels that will give strong resistance between here and 1400 as well as cause downward reaction. So make your target the nearest S&R level is more realistic.

Also, first see what the market reaction is to the FOMC minutes. PA may head down...
cryptocurrency everytime
  • #28,616
  • Nov 20, 2013 1:16pm Nov 20, 2013 1:16pm
And $1,250 it is, $1,200 next
When the facts change I change my mind, what do you do sir
  • #28,617
  • Nov 20, 2013 1:17pm Nov 20, 2013 1:17pm
Quoting venzen
{quote} Gold-lover, EW or not, Gold has no example of PA going $150 in a straight line. If it heads upward, there are various levels that will give strong resistance between here and 1400 as well as cause downward reaction. So make your target the nearest S&R level is more realistic. Also, first see what the market reaction is to the FOMC minutes. PA may head down...
and it did - > 80% of its ADR in that first 1 min bar - I managed to get a sub 1250 buy and rode it back most of the way....now time to see what this shake-out has done to the overall market....
Trading Levels with WRBs
  • #28,618
  • Nov 20, 2013 1:41pm Nov 20, 2013 1:41pm
Getting ugly, 1180 at risk now since 1251 failed to hold.
"Where you want to be is always in control, never wishing, always trading.
  • #28,619
  • Nov 20, 2013 1:48pm Nov 20, 2013 1:48pm
Quoting Spec_And
Getting ugly, 1180 at risk now since 1251 failed to hold.
Yup, looks like its going straight to 1180
  • #28,620
  • Nov 20, 2013 1:52pm Nov 20, 2013 1:52pm
BOOM

Told you. All about the paper...gold. No taper and gold sinks. It's always hard watching those try to swim up the current like salmon because eventually a giant grizzly BEAR eats you for lunch.
Attached Image
When the facts change I change my mind, what do you do sir
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