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

i am out, 1254.XXX have a nice weekend you all noobs

Looking back in time it looks like the lst time this level was support of Oct 15 '13. Now it may be resistance. If gold can break this level there may be a chance that gold bulls up at least $40-$60 higher. That would be a nice bunch of trades. This is a good place to watch and maybe put in break-out buy stops above 1260.

Worth considering, IMO.

Short @ 1253.5. SL 1256 TP 1245

I expect price to go south (large swing) in next two weeks, but before that it has to reach 1260-1268, to satisfy the technical pre-requirements. Large selling order is accumulating around 1268. If 1275 breaks, then it will head to 1300.

Ulterior

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The Rhodie

1. Joined Oct 2013 | 554 Posts | Status: Re:Member | Online Now

Looking back in time it looks like the lst time this level was support of Oct 15 '13. Now it may be resistance. If gold can break this level there may be a chance that gold bulls up at least $40-$60 higher. That would be a nice bunch of trades. This is a good place to watch and maybe put in break-out buy stops above 1260.

Worth considering, IMO.
You win, you lose. All else is history. The future does not exist.

LarryLU

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LarryLU

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Gold looks like it may be correcting its run up and then getting ready to go long in an hour. Being a Friday, I'm withdrawing all my positoins soon and waiting for Sunday! Bring it on. Monday will tell us whether we have topped, rallied to new resistance or if this is a top before raging down to lower levels for the rest of the current quarter. There was a similar pattern in Mayto June last year that says we may have a similar situation developing here, remembering that history repeats itself...

Gold at major turning point here from being bearish to no longer, turning bullish

It could be, but we need a couple trading days worth of history to show us that that statement is true. Here's a current snapshot of where the market stands on an H4 chart
And trhen on a larger time span...

Hey Mate, Nice boost today but I agree, we need to pass through 1255 with some confidence then takeout 1260 to really pave the way to higher prices.

Although, the recent support found around 1235/8 with a today's pop back up does look promising especially on a day when the buck is up (USDX)

And a little news clip and link below...
http://www.marketwatch.com/story/gol...ows-2014-01-16

In the three day line we can see she did break the congestion area clearly. Congestion area is what I call the basic range pricing when the market isn't moving much,
either it dips and comes back or rises and corrects back. Now I expect a dip likely early in next week's sessions ie: Aussie/ Asia / London to possibly 1245
a usual 10 USD swing,
once this occurs then we can see if the next boost is capable of taking out 1255 which is certainly an interim day trading resistance area at this point.

It's important to look at todays correlation with Gold and all PMS moving north as well as the USD or "in tandem" ---
the usual correlation is Gold UP - USD down or vice versa, but as we can see - not all the time like today!

Also in regards to the person who was asking about / or why I post three day lines:

A. I can easily screen shot them for quick posting without having to erase my private information.
B. They show a more true element of support and resistance which is very important in gold as well as the current range and the majority of the week as it moves along.
C. They are from a third party. as well they are great for day trading.
D. My personal stops and TPs although I usually divulge them anyway do not need to be posted. Calls are given and I would say at least 80% of the time they are correct.
E. I am developing a simple strategy for all to use - based on these very charts for taking 3 day or week long trades.
F. All my analysis technical, stems of the daily and weekly charts. I post them frequently enough that they need not be reposted every time I write.

I post here for fun - no one is asking for any thanks or praise. It is not a "hard job" posting is fun and passes time and hey if someone else can benefit or make money
from reading the thread then well, EVEN better!

XT-

As an update to the week in review: I am wondering if what we are looking at is a bull run possibility fro the coming weeks. WHY?

If we look back over the past year, we notice that the entire trend has been downwards, however towards the end (the last 2 months) there appears to be a change in sentiment overall that makes the market appear more bullish. The rangebound nature of the recent moves indicates that we are now possibly on a greater scale towards bull market in gold which is dangerous for the global economy as it may well indicate that the stock market is nearing a peak and due for a corrective crash! That kind of crash could push gold up to $5000 over 4 to 15 years.

The above image shows the Market trends in a curved path frame. The large maroon ellipses are the overall market moves and the purple ellipses show the internal sentiment of those moves and how they are changed dynamically.

The blue dotted channels show how as time advances, gold values are decelerating in devaluation indicating that we may be approaching a bottom of sorts, if we haven't already met it. It is interesting to note that the scale of approach is almost exactly a fibonacci ratio sequence. That may be significant. To be expecting the market to fulfill a move like the solid cyan blue lines would be foolish and counter to trend. It may well be that we are in a loop to fall down next week or the week after as indicated by the true trend type in a purple ellipse. The light green AB=CD pattern indicates that there could be a correction downwards to 1140 area after entering the 1290 area sometime before the end of January.

If the market fails to reach 1270 area, then gold would drop a lot lower accordingly, but the elliptical course the market is taking so far indicates that gold may not even reach 1270. That leaves us with the distinct possibility that gold may well track down in the current range to 1210 again, however there is no reason to assume anything other than we will see the end result of each day reveal more history for us to analyse and make better longer term decisions.

Rhodie - Good post mate, will hopefully be able to comment on it later.

BUT FOR NOW - THIS IS AN IMPORTANT WEEKLY CLOSE!!!!

Notice how 1252 is supporting the round 1250!

Suggests further higher price movement for next week, don't mind a 10 USD swing,

Yet if 1250 doesn't go, buy 1245 on said swing, if 1245 looks compromised the next day trade entry comes in at 1238/5 whatever suits your fancy.

1260 needs to go away, but first 1255 crushed.

Also, to the other posters, YES, there is definite market difference in the PA. WE DID just have A MAJOR DOUBLE BOTTOM completed
with a so far 60 + USD move north - rounding yet - 1190 to 1250 -- double bottom = 1180 and 1187 over WEEKS which makes it stronger.

Fibo Sniper at work...

Now look at that line bounce!

Range is STILL NOT BROKEN though so trade accordingly.

Tight range would be 1235 at lowest to 1255 at best. 20 bucks... Not that big.

Later in the year we should be enjoying 50 USD swings especially once the DOW and SP tank and volume rises.

new chart

WOW!!! A blast from the past!

So much more simple as the YEARS go by.....

very likely,

yet at 1260 it will hit some minor resistance and create a 5 to 10 USD swing down.

AT THIS POINT just another BUY - IMO

STILL LONG half position from 1190 area. First TP was 1250.0000

btw: I think you meant CRAB! not crap on your chart.

I love crab eating and trading.

Nice picture! What is the platform or indicator, please?