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  • #8,901
  • May 20, 2014 7:33am May 20, 2014 7:33am
Dropped to 1285 zone.......more coming?If US session open is down will stay down lower..1282 zone could be reached but a probable break N/S out is on the cards :
  • #8,902
  • May 20, 2014 7:33am May 20, 2014 7:33am
Quoting nicefirework
Commercial continue adding short, managed money reduce long position plus HL LL weekly candle, price manage to break lower.
nice fall. Daily Pitchfork already down trend with target 1240.
  • #8,903
  • May 20, 2014 8:09am May 20, 2014 8:09am
http://www.mql5.com/en/charts/189230...ncial-services

Lets see if it stays under 1292 it land 1232
  • #8,904
  • May 20, 2014 8:10am May 20, 2014 8:10am
Technically we are in for some selling ... see my earlier post ...
Quoting captbritain
Hi Everyone, I am new here ... my thoughts from the Weekly chart ... any thoughts anyone ? {image}
  • #8,905
  • May 20, 2014 8:12am May 20, 2014 8:12am
Hit my tp and stepping back waiting for confirmation of breakout, or fakeout.

Beware of the volatility in this environment.

Mitch
  • #8,906
  • May 20, 2014 8:18am May 20, 2014 8:18am
Quoting Mitchoss
Hit my tp and stepping back waiting for confirmation of breakout, or fakeout. Beware of the volatility in this environment. Mitch
Thanx Mitchoss my TP hit as well ..Best to wait for confirmation of breakout
  • #8,907
  • May 20, 2014 8:22am May 20, 2014 8:22am
Looking for another leg down before im considering a long. Id like to see 1280 or even 1275 tested.

Llike I said, sidelined at the moment.
  • #8,908
  • May 20, 2014 8:23am May 20, 2014 8:23am
Quoting Mitchoss
Hit my tp and stepping back waiting for confirmation of breakout, or fakeout. Beware of the volatility in this environment. Mitch
What do you see on SPX500.
  • #8,909
  • May 20, 2014 8:38am May 20, 2014 8:38am
Quoting Dafonz
I've Just gone Short at 1291. The fundamentals now support a significant drop.........., today Gold has become positive in GOFO after a full month and a half of negative rates. Gold is now finally out of backwardation! This exact scenario happened earlier this year when we saw the significant price drop back in late March/ early April which coincided with rates going from negative to positive. {image}
As you say GOFO rates were negative but there was no noticeable price increment. Nevertheless, with positive GOFOs we got Jan-Feb rally.
Below I photoshoped price graph onto GOFO graph
Attached Image (click to enlarge)
Click to Enlarge Name: gofo.jpg Size: 137 KB
  • #8,910
  • May 20, 2014 8:39am May 20, 2014 8:39am
opened new shorts @ 19.38 targeting 19.32 on silver and 1295 targeting 1292 on gold
  • #8,911
  • May 20, 2014 8:40am May 20, 2014 8:40am
Quoting Mitchoss
Hit my tp and stepping back waiting for confirmation of breakout, or fakeout. Beware of the volatility in this environment. Mitch
Now is very vollatile, Your have excelent trading skill and patien mitchoss.
  • #8,912
  • May 20, 2014 8:41am May 20, 2014 8:41am
Its NY turn to take the gold up since they crashed it down yesterday from 1305. The way this market is behaving its gonna just hit s/l and reverse the direction
  • #8,913
  • May 20, 2014 8:44am May 20, 2014 8:44am
Quoting Mitchoss
Looking for another leg down before im considering a long. Id like to see 1280 or even 1275 tested. Llike I said, sidelined at the moment.
Wow your patience and accuracy. You're my hero. Please teach me sir.
A 1 pip gain is better than a 1 pip loss.
  • #8,914
  • May 20, 2014 8:45am May 20, 2014 8:45am
hitting some resistance now on M30, we may bear from here if it cannot break through.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 51 KB
A genius is born every minute, me I am lucky if my socks match.
  • #8,915
  • May 20, 2014 8:47am May 20, 2014 8:47am
Still range bound, and the range continues to narrow...
"Where you want to be is always in control, never wishing, always trading.
  • #8,916
  • May 20, 2014 8:47am May 20, 2014 8:47am
Nice H&S pattern in H1 if spike stop below 1300.
  • #8,917
  • May 20, 2014 8:50am May 20, 2014 8:50am
Anyone Knows what affected on gold last 10 minutes?
  • #8,918
  • May 20, 2014 8:50am May 20, 2014 8:50am
Quoting Super_Mario
{quote} As you say GOFO rates were negative but there was no noticeable price increment. Nevertheless, with positive GOFOs we got Jan-Feb rally. Below I photoshoped price graph onto GOFO graph {image}
Thanks for the charting it.

Whilst true regarding positive rates in Jan/Feb, it was positive for a substantial period beforehand.

Its an interesting situation for which I cant recall in recent history whereby Gold has been negative for more than a few days. Only this year have I seen negative rates in a continuous row for an entire month.

I had a gut feeling the negative rates also helped put a floor on Gold prices this month, preventing a breakout downwards past 1270.
  • #8,919
  • May 20, 2014 8:55am May 20, 2014 8:55am
Quoting Dafonz
{quote} Thanks for the charting it. Whilst true regarding positive rates in Jan/Feb, it was positive for a substantial period beforehand. Its an interesting situation for which I cant recall in recent history whereby Gold has been negative for more than a few days. Only this year have I seen negative rates in a continuous row for an entire month. I had a gut feeling the negative rates also helped put a floor on Gold prices this month, preventing a breakout downwards past 1270.
For me this graph says that gofo is somehow delayed indicator of open interest vector. Right now it says "too many open shorts". Nice opportunity for puppeteers to buy more metal at cheap prices.
  • #8,920
  • Edited 9:15am May 20, 2014 9:01am | Edited 9:15am
Quoting waleed.khan
{quote} one should be very careful; the usd index has broken out of its upper trend line of the daily... It is now going to test the 50 sma...! Hopefully it will turn back from there
The 50 sma was touched and now and so far it seems that it has reversed (atleast for the time being)...

Today the indexes are down and should sell off as they are retreating from recent record high levels again the 50 sma is going to come into play here as last time they bounced off it for another rally...

The Eur/usd is facing some pressure; even though it has recovered a little today it is still under serious scrutiny whereas usdjpy wants to sell off but there is support on the 200 sma.

All these moving averages should be watched as a break and close below these could signal a trend change...

This triangle or wedge like pattern with support at 1283 area that people expect should break I'm just not to sure if it will because most patterns like this tend to have volume that decreases as the pattern progresses; in this case if you notice the volumes from the past week or 2 they have clearly seemed to increase...which can possibly nullify the pattern and the bearish break down...

Overall we are still in this dangerous range and I expect this to be the case till atleast may 25 ukraine vote atleast... Just today Medvedev announced on Bloomberg that we are on the verge of another cold war...(I do not see how that can drive prices below 1200-1240 target?)
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