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

Forex. Yeah you can say that again. I thank GOD my other positions were valid.

The channel we play 2 days now...

Guess where will be the breakthrough...

and finally the winner is...

the short. Please call the bear to give her the prize

well, tell her to wait a bit...

how are things there?

you are right..
look at the bband at h1.
prices are travelling in the tunnel - both upper and lower bands.
it has to break up or down at one point!

to south is preferred.

cheers

hi mate,

we have the same view... i have opened a short @1313 waiting first for 1300 and secondly for 1285...

"My problem" is that all the retail is expecting the same thing... Lets see if a big fish will eat us at the end of the day

Mission accomplished... Big VICTORY...

Starting building Long now

first long position @1301

First target @1310 and when @1341...

Building long in any dip...

SL 1385

1385??? TP at your target.

so you are going to"steal" my money from my pocket? hahaha



1285 mate...

It's been about a month since I posted -- here is what I'm looking at for gold. Note that I created these charts before gold broke out of the $1,307-$1,316 range.

Weekly, $1,321 remains the long-term trend price to watch. A minor drop, perhaps to the $1,300, would put weekly RSI in a position to bounce at 50 if it can remain at this level until the end of the week, otherwise a drop to $1,285 in price at the descending solid-red support line would probably put weekly RSI at either the ascending (blue) or descending (red) RSI support line, any of which would be signals for long-term buy entries.




Daily, price was jiggling around the 38.2% Fibonacci (when I created these charts) but it has since broken to $1,300 as I write this. A further break below targets the 50% retracement to $1,285 which may coincide with the weekly descending support line (green) whereas a move up would target the 23.6% Fibonacci at minor pull-back $1,340 if weekly resistance at $1,321 can be broken through. The widening MACD, widest since gold peaked in October, gives a potential warning that a reversal to the upside may be imminent, so as always, use caution if entering new short positions.




2-Hour, gold did what it often does, pulled back to the 23.6% at $1,341 from where it stopped its initial descent at $1,325 (and testing weekly support at $1,321) before extending 27.2% to $1,307. Having broken below this area of support, the 61.8% extension is targeted which coincides with the daily 50% retracement at $1,285. Note that $1,307/8 and $1,321/5 will be resistance levels if gold returns to the upside targeting a retest of $1,340/41.




Hourly, there was no trade (scalps notwithstanding) until gold broke out of the 0%-23.6% consolidation between $1,308-$1,316. To the upside there was a possible 38.2% pull back coinciding with the weekly $1,321 resistance or a 50% retracement to $1,325 which was previously supportive. Having broken below this range with confirmation of RSI breaking through the ascending support line (blue), gold stopped at the psychological barrier of $1,300 as I write this, but the relatively weak reaction at the level in both price and volume suggests to me gold has not finished its move to the downside. At this point, unless working on 5-minute or similarly near-term charts, we need to see a break below $1,297 to confirm $1,285 is being targeted or a break above $1,309 to signal gold is turning bullish.

This is the first new post from where I left off (I'm not going to read the subsequent 10 pages of posts since then) and it happens to be solid advice worth repeating.

When in doubt, take profit and get out, or at the very least lock-in profit with a close stop -- you can always re-enter later. A few dollars of lost profit from getting out too early is far better than holding onto a losing trade because you hope things will turn around.

hello all d members, i want to ask something. As a newbie in gold trading, i have a long position in 1332.20. the question is, can XAU moving upwards again above 1330 and what news can bring XAU to 1330 again ?
thanks...

Envelope & Fibo agree: max dip @1285...

Yes it can... Not only news but also many other factors can affect gold...

As far as i am concerned i have started to build long positions... 1450 will be my target for the upcoming month

trade safely

Update: Hourly, gold has done its typical 27.2% extension, making a break below $1,298 or a break above $1,308 the price barriers which will indicate the direction of the next move.

spino, you meant you already long the gold? how? any chart to explain for better understanding.

i short both silver and gold based on silver's pins at h4. + follow the daily downtrend.

let's see how it turns up today.

cheers

GoodMorning tlpfx,

I agree with you... probably will see 1285 today...

In theory the 0,5 Fibo does not exist or to say it differently... it is considered very weak "line"...

In theory also the 61,8% is considered a good point for retracement... but will it touch the 1260?

In any case i had a second thought and i have been decided yesterday to close my open Long @be...

VENCEREMOS

A good indicator for me that says that we are going south is the usdjpy pair...

This pair is positive, at the moment, and above MA20...

Lets see whats going on...

Trade safely and dont forget...

Life is too "short" to be considered "long"

broke the channel...confirmation that we are moving to 1285...