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

Thank you Wise One! Agree..........

Need a Higher Low above 1183 for the count to remain valid.
Hedged Longs [again].

OK, here we go........
Added Long at 1187.7 [SL -3]
TP: ****
Cheers, U2

XAUUSD 2H Chart:
Looks like a deeper Wave ii Blue.
Some possible Support Levels.
Cheers, U2

I have a short on Gold, I will add another if it breaks below $1,170.

Inverse Head & Shoulder for gold, at the neckline now. After breaking the neckline by projection should test 1200

Set stop on 1200....

pending long at 1200.

For anyone hoping to find a signal to go long there are just a couple glimmers of light, even if the market is still going sideways so far this week.

1) There have been 100 bars on the H1 since the major price drop from 1215 of last Wednesday. This means that the 100 hr Simple MA which was in straight line decline for 5 days has now leveled at a similar value to current price and could even be nudging upwards again exactly now, whith the current price at around 1190. Some bloggers look for the cross of the 100 and the 200 SMA, however with the 200 SMA being a bit over 1200, 10-12 pips away from current price, that golden cross may be a few more days developing if it is going to happen, and could manifest itself in the price range 1200-1210 whenever it does

2) Ichimoku on H4 shows a similar effect. 26 bars, equivalent to a little over 100 hours are significant on H4. Meaning Tenkan Sen (the faster moving line) is now drawn higher than the Kijun Sen, not that the TS is really moving, just that the KS has gone below it. Due to the overhanging big cloud it probably requires a price of around 1202 to signal go long according to all of the system rules, and may take another day or two to materialise, possibly even into next week if it is going to happen at the point where the top of the cloud will be by then. H4 sometimes only gives a signal every 10 days, so there may be a feeling that a turn around, being its first since early November, is increasingly possible. H1 Ichimoku nearly gave a signal to go long in the early hours of Monday morning but failed to break through the cloud while in the 1197 area and price faded, retracting by 10-15 pips once or more, never to really go higher since then yet.

Ok friend .. jump short on 1190 .... wish me luck ....

was sitting on a long @1383.75 usd for three days now, just got stopped out breakeven. Still believe in some kinda bounce here but will look for a new setup.

A bounce is possible because of that spinning top candlestick that has formed on the daily time-frame, but despite that it still looks very bearish.

yes, that was my reason to go long idd, but I don't like to wait too long for my gains to realise ....

XAUUSD 1H Chart:
Wave -ii- Correction over?
Still seeing a Bullish Basing Pattern.
If 1181.1 breaks, the Correction could
continue as a Double Zigzag [abc x abc].

Long: 1183.6
SL: [-3]
TP: ****
Cheers, U2

Above count not valid.
XAUUSD 1H Chart:
Cheers, U2

EDIT: Chart updated

Same time, Same process or not

long 1184.50 intended to, but slippage got me 1184.95 instead :-(

XAUUSD 3H Chart:
If Wave ii Grey complete,
minimum Wave iii target 1219.4
[176.4 projection of Wave i]

[Wave ii Corrections can be very, VERY tricky.
Will be happy to leave that one in the rear view mirror!]
Cheers, U2

Execpting gold to rise, but once below 1180 it could dive hard