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

The unemployment rate lies

Rami hi..

got short @1302...

target1 @ 1295
target2 @ 1290

silver and gold have formed bearish patterns... in the next hours will reveal in my opinion

cheers dude

Here is my schenario:
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Regards,

DRT

My Idea

I'm just crossing by to say hello to Xtrade ... i hope you are doing well, friend!

On the Gold side of things, it seems the precious metal is preparing for a bull run towards $1500 level - the question is if the bottom is $1270 or $1250 or back again below the $1200 level! Sliver, i see it oversold below the $20 mark but remains difficult to find buyers above the level. I'm speculating 2014, Gold will outperform all the precious metals.

Hello bro

Gold still has much room to down ,4h may go up some but daily weekly monthly Down
"Just take care"

Well. i do not think so - most if not all precious metals kind of bottomed for 2014 ... we will see, no one knows!

Firsty, this is purely my view, I respect all traders views and enjoy a healthy discussion so don't think I'm being abbrasive.

If you look at a daily/weekly chart, zoom right out and look at the support we've found at these levels for gold/silver. As you can imagine it will take a significant event to push them through these long-term supports. I don't know about you but I am not confident enough, or willing to open a short at 19.00 on silver and expect it to fall to 17 overnight. I dare anyone to at this point. History tends to repeat itself and the volumes that are supporting these prices are not going to just bend over.

A simple cutting of QE or better employment will not be the justification, I feel it will take a much bigger beast.. so if you have opened a short at 1300 expecting to finally see it smash through 1180 and go to 1000 in the next week/month based on the NFP, unemployment rate, forget it. Take a step back, If you think about it, a better employment rate means more people employed, higher cashflow which could lead to more demand which flows onto supply which can actually drive a price up. Am I wrong?

Next, take a look at the TAILS on the bars (indication of potential reversal, bottom whatever you want to call it), and where the RSI, MACD, MA all sit.. to me thats a buy, so I did at 18.93 on silver, and made a chunk of cash in one night. Will I hold this position hoping its the long term bottom and run up to $100/oz like the big whistle blowers say? Absolutely not. I will short this bad boy again during the next week, and grab some retracement, then open another long -BASED ON PRICE ACTION, NOT DRIVEN BY NEWS, NEWS IS JUST NOISE IN THE MARKET-.

I think people are to ATTACHED, and accustomed to trading these metals on a simple formula; 'good economic news means strong USD therefore we should short Gold' and vise versa.. I quite francly don't have a long term view on the metal I simply play the price action infront of me, and I buy the dips and sell the rallies, its worked for me the past two years. When I first started trading I followed the strategy I mentioned above 'good news, sell gold' and did my Ar$e many times.

The market is not that transparent, the market WILL chew you up and spit you out if you are tunnel visioned on any one direction (bull or bear).

Another thing, I AM a fan of kingworldnews.com, they do offer some very insightful information, however they are the biggest BULLS in the market, every single person they interview owns or has significant stakes in a gold/silver mines, gold/silver dealer stores. My point is, if you owned a gold/silver coin shop, would you go around saying we are heading lower? No. Interviews from 2012/2013 every single week say we are at a great buying opportunity, we've seen the bottom.
Peter schiff, prime example, in 2013 said he will be putting a substantial chunk of his portfolio into silver he was that confident, and we had a monstrous drop for the year. Somehow he made one of the largest gains on his portfolio for 2013, so I call bull$hit that he was long for silver.

I don't just blow smoke, I practice what I preach my trade history since Jan 2013 has 47 longs, 44 shorts.. I'm not bias to any one side (in the long term), short term, I'm long for now.. will I be short tomorrow? Sure, if the price action says to do so.

End rant :o

Mitch

Thanks for your view Mitch, I was watching silver as well, but pick to trade the black gold. Will see if it retrace today, then I will join you.

Come on people, its so obvious where gold is going just look @ that :
1 - 2 Bullish pinbar on triple support .
2 - Break upward of the Down trendline.
3 - Horizontal Resistance Break.
4 - Descending Triangle broken upward .
5 - Double bottom if not Triple with double pinbars formed on these levels.

All of these indicates a strong rejection of these levels and the presence of heavy buy orders and that's all on the Daily.
Here is my chart.

Hope it helps .
Best,
B.R.

Gold Prices heading towards $1319, breaking which $1330 can become reality. One downside, $1305 becomes strong support, a break of which can force the yellow metal to test sub $1300 level.

I completely hold the same bias and have been reiterating the same things for a while too...

But minus ukraine crisis; there really isn't a good fundamental bias for golds upside!

I guess in the coming weeks we will find out the limitations of either discipline; i.e "technicals' & "fundamental"

GL to you too!

I practice what I preach my trade history since Jan 2013 has 47 longs, 44 shorts.. I'm not bias to any one side (in the long term), short term, I'm long for now.. will I be short tomorrow? Sure, if the price action says to do so. End rant :o Mitch[/quote]

You are right To say show the money... There is not very much peoples who show a trade explorer, at less a demo and no padlock pls!!!

Been short for a few hours now. I think I jumped in too early, could have soaked more from my longs before swapping short. I had quite large long positions on from the recent dip to 18.80 last week however weve moved too far too fast and using fib stats and basic s/r I HOPE we retest 19.3x in next 24 to 36hrs.

19.61 target 19.3x.
sl 19.85


good luck all!

Hopefully you catch a CT down,this upswing should get 1977 or 1999

first down for gold!

My Gold scenario today..........

DRT

WHAT..??????......................................

What what?