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  • #2,041
  • Jan 8, 2014 10:20am Jan 8, 2014 10:20am
Quoting amansuri1
1220 important support if it breaks then down straight
There's the 20dma & 10d vwap support here.... clearly a pivot area.

So far there hasn't been any real indication of reversal. Gold clearly rejected 1240 & rejected 1230.

Macro trend still bearish with a tiny hope of short term reversal if this area holds.
  • #2,042
  • Jan 8, 2014 9:52pm Jan 8, 2014 9:52pm
Quoting Typhoan
{quote} In 2003 the price of gold was below 350$ and they were making money then. You mean to say that gold production costs have more than quadrupled in 10 years. That would be quite an inflation rate.
Thanks for the nice inputs about production cost of Gold. We were discussing production cost from different angle, read the whole Page-98

Quoting Orientxpress
{quote} I love your short area, but may I ask why SL @ 1265? Wouldn't it make more sense to put it above 1250 to be conservative or above 1275 if more aggressive? I see 1265 as a good r/r short. Any thoughts?
Usually, I would place SL 25 $s away, I just rounded up.
Hello World!
  • #2,043
  • Jan 8, 2014 10:52pm Jan 8, 2014 10:52pm
After falling nearly $300/oz. on 6/28, Gold (XAUUSD) has just completed a retest of 6-month lows in the 1188 area on 12/20. On the chart above, you can clearly see the double pattern unfolding. Gold’s slow and steady rebound has led to three days above the previous downtrend line. RSI is a technical indicator that traders use to determine momentum.
RSI generates a buy signal when it moves below 30 and rise to above 30. RSI also generates a buy signal when it moves above 50. RSI stands at 54 which is bullish for gold. Measuring the height of the pattern we get about 245 gold pips. Adding this to the top of the pattern and we get a profit target just above $1600/oz. Remember to place no more than 2% of your account at risk on any one trade as pattern failure and whipsaws are possible that could trigger stops. The double bottom pattern can be a ‘golden’ ticket for traders because its ease of use.[/justify]

[http://www.dailyfx.com/forex/educati...m_on_Gold.html[/justify]

]nice information[
  • #2,044
  • Jan 9, 2014 5:05am Jan 9, 2014 5:05am
Quoting ClockTrader
{quote} I just test fired a short @ 1241, SL @ 1265 While I could & should have waited a little longer, but..
SL below BE of this short, plan to give serious thought to shorts around mid of next week, until then on sidelines.
Hello World!
  • #2,045
  • Jan 9, 2014 12:20pm Jan 9, 2014 12:20pm
Have a feeling a squeeze is coming... A hunch... a push to 1260s....

Something doesn't feel right...
  • #2,046
  • Jan 9, 2014 1:54pm Jan 9, 2014 1:54pm
Trend line being respected on the 4HR as resistance today.

See where this takes us.
Attached Image (click to enlarge)
Click to Enlarge Name: xauusdh4.png Size: 49 KB
To live a successful life, we must lose our fear of being wrong
  • #2,047
  • Jan 9, 2014 9:04pm Jan 9, 2014 9:04pm
Quoting EatPIPs
Trend line being respected on the 4HR as resistance today. See where this takes us. {image}
Why did you ignore that area, that fall on 31st?

Quoting Orientxpress
Have a feeling a squeeze is coming... A hunch... a push to 1260s.... Something doesn't feel right...
Agree, if not today (Fri), early next week.

Quoting ClockTrader
{quote} SL below BE of this short, plan to give serious thought to shorts around mid of next week, until then on sidelines.
Not a Bad decision.
Hello World!
  • #2,048
  • Jan 10, 2014 7:38am Jan 10, 2014 7:38am
There's the squeeze.

Let' see if there's enough force to push it to 1250 or not.
  • #2,049
  • Jan 10, 2014 7:43am Jan 10, 2014 7:43am
Quoting Orientxpress
There's the squeeze. Let' see if there's enough force to push it to 1250 or not.

Took the loss quick and closed all short trades. May reload at higher level. NFP...weak jobs number, but miraculously, the UE rate goes DOWN. Of course, it's easy when you're subtracting millions of people "whom given up looking for jobs." Well, if the FED is going by the UE rate, then gold prices might decline.
"The market can remain irrational longer than you can remain solvent"
  • #2,050
  • Jan 10, 2014 7:45am Jan 10, 2014 7:45am
Quoting Orientxpress
There's the squeeze. Let' see if there's enough force to push it to 1250 or not.
care to explain how do you "feel" the squeeze?
www.bawangarmy.com
  • #2,051
  • Jan 10, 2014 8:14am Jan 10, 2014 8:14am
Quoting kamal.yazid
{quote} care to explain how do you "feel" the squeeze?
Watched the market closely yesterday... and and the tape felt strange. I was more concerned after it had held 1220 and bids started to actually hold 22s now...

Just a hunch like I said... and pattern eventually played itself out after breaking above 1231.
  • #2,052
  • Jan 10, 2014 8:21am Jan 10, 2014 8:21am
Quoting Orientxpress
{quote} Watched the market closely yesterday... and and the tape felt strange. I was more concerned after it had held 1220 and bids started to actually hold 22s now... Just a hunch like I said... and pattern eventually played itself out after breaking above 1231.
You were saying the price have been stucked 1220 for almost a day? I'm not so used to trading term sorry(junior here)
www.bawangarmy.com
  • #2,053
  • Jan 10, 2014 9:36am Jan 10, 2014 9:36am
I may have closed my short trades too soon. Traders may still be digesting the jobs number, bu the trend appears to be intact which suggests the FED might just keep to the 6.5% UE rate threshold before considering rate adjustment.
"The market can remain irrational longer than you can remain solvent"
  • #2,054
  • Edited 10:40am Jan 10, 2014 10:01am | Edited 10:40am
Quoting Orientxpress
There's the squeeze. Let' see if there's enough force to push it to 1250 or not.
It will go to at least the mid 50's next week and then it should pull back down as soon as we'll get news that euro zone situation is not that rosy or not much better than the US side (reality sucks when it interferes with dreams ). The heavier trend is still to the down side with bumps like this one to be expected.

Green pips for all.
  • #2,055
  • Jan 10, 2014 10:46am Jan 10, 2014 10:46am
Quoting kamal.yazid
{quote} You were saying the price have been stucked 1220 for almost a day? I'm not so used to trading term sorry(junior here)
1220 is the level to watch for... once that area started to hold... 2 things came in my mind... how far will 1230 sellers push and how far will 1220 buyers will defend.

Yesterday I noticed unusual buying around this area... thus a hunch... and once it traded above 1230 pattern played itself out.
  • #2,056
  • Jan 10, 2014 11:03am Jan 10, 2014 11:03am
Gold weekly chart shows a strong support around 1220/18 area, failed to break it today.
Today close above 1242 is needed to confirm a reversal toward 1280 and maybe 1310 next week.
RSI, stoc, MFI, all of them are indicating that a temp bottom is done and a reversal is coming.
Attached Image (click to enlarge)
Click to Enlarge Name: gold weekly.png Size: 42 KB
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  • #2,057
  • Jan 10, 2014 1:59pm Jan 10, 2014 1:59pm
OK almost target hit 1251 .. could hit 1251-53 on Monday in Asian. session ....short at 1248 n pending sale at 1251-55 ..SL 1263 TP open ..still I am looking for 1165 at least ..good luck and happy weekend to all of you
  • #2,058
  • Jan 10, 2014 3:13pm Jan 10, 2014 3:13pm
IMF's Lagarde Says Gold May Risk Losing Place as 'Safe Haven

such statement means that they are really concerned about USD
  • #2,059
  • Jan 12, 2014 6:00pm Jan 12, 2014 6:00pm
I bought 1 GC @ 1240 Friday after numbers... sold 2 YG at 1247 to take off risk before weekend... seems right now it's still holding up.... AUD getting a lift above .90

So basically long 1 YG at this point... going to watch closely for this 1250 barrier... if it shows any signs of failure... I'll go full hedge and reverse out...thank god commission nowadays are so much cheaper...

GL
  • #2,060
  • Jan 13, 2014 1:11am Jan 13, 2014 1:11am
Quoting rambo12
OK almost target hit 1251 .. could hit 1251-53 on Monday in Asian. session ....short at 1248 n pending sale at 1251-55 ..SL 1263 TP open ..still I am looking for 1165 at least ..good luck and happy weekend to all of you
intraday tgts 1245-1232 ..need to break below 1220 .. else could rise up to 1267-80 ...anyhow let's see
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