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

not going to argue that the price could in fact retrace to 1242 before taking on 1280+. both scenarios are valid, but both are bullish, until we reach 1280-1290, this is a great area to look for an entry to go short.

currently institutional traders are testing 1250 level for selling pressure if there's selling pressure big money will pull gold lower towards previous breakout point @/near 1242 to wipe out stops on weak long trades.

previous supply area on gold turns into demand. more consertavite / less risk entry to go long gold is @ 1242 SL 1238 TP1 1265 TP2 1275

having said that 1249 would be a very very hard level to break now (sorry 1249)

here's an example of selling pressure test run on H4, previously we had a strong H4 tower candle institutionals clearly chose direction on the upside, however before moving all in the market selling pressure is tested as can be clearly seen by the next following 2-5 H4 candles which are compressed and tiny meaning there are no sellers left in the market. Therefore big money can push higher safely and they move all in.

It's described in simple terms but thats' pretty much what happens every time.

Right now we have the same deal. If 1250 produces selling pressure we will move lower towards strong demand @ 1242.

for entries use M5 chart.

on M30 gold chart clear bull flag pattern setup atm. Safe entry is once we break above 1252. This is as clear as the bull flag can get guys.

Sorry for multiple posts but I do hope this makes sense and will help you to enter market in the right direction.

if you want to jump in the market now, put your SL @ 1246 TP1 1270 TP2 1280

another historical bull flag on gold. My take is that the current bull flag setup on M30 gold does not get any clearer team.

thank you sir great analysis

you are welcome! Look the primary point now is that silver is up 5% and gold is up only 1.5%. Let's cut through the BS that correlations don't work/break oh look gold went down and silver went up, it's entirely possible, however at the moment I see a strong corr between these two assets.

If gold got another 3% catching up to do then it should go up by at least 40 USD! This will get us 1290 gold. and it's 1250 now. So go figure.

also if you like sup/dem trading but can't quite figure it out, put this indicator on H4 charts and change settings: forced TF 60 use narrow bands true.
this will help to see things more clearly on the chart.

no ads, it's free, I'm not in that line of business.

below is what you'd get on your H4 chart now.

also from my personal experience you'd want to have the kill re-touch enabled. Contrary to popular belief re-tests don't make sup/res stronger in fact it's the opposite.
see below. the more re-tests the weaker the bounces become same as real life physics.

I'd expect a correction at least before any possible further upside.

On short term basis Silver (5 minute chart) is in wave 4 of 5.

on silver we are yet to reach significant supply zone so more upside possible

gold just as posted last night very good R/R to go long @/near 1242-1244 area, it's a confluence of all kinds of support.
Right now I see there is still selling pressure @ current prices so big money will move prices lower to shake out weak stops and then we go up.

just watch and see what happens soon. my take doesn't change on gold we are still in bullish mode. When we reach 1280-90 we can turn bearish.

Hi !

Channels ( fm Monday to Friday) ^

sorry:

Thank you for your precious posts. DXY is oversold and in a critical point. Draghi is also going to give a speech today which may turn the index upward
and result in a selling pressure on precious metals or maybe the resistance of DXY doesn't hold and we see the metals skyrocket.

as i always said for weeks i have been waiting for 1273-75 area.