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

Silver formed a doji candlestick and a hanging man candlestick at 17.20 on the four-hour time-frame, there will likely be a retracement to 16.80. I opened a short position.

Gold started the week on a positive note, testing the $1265/1 area after the market found support just above the $1250 level. This week sees the release of minutes from the U.S. Federal Reserves latest policy meeting, so people may be reluctant to make aggressive bets prior to the event. Since XAU/USD travelled a short distance yesterday, the key levels I mentioned in my previous analysis are still valid.
Golds technical picture remains bullish, with the market trading above the Ichimoku clouds on the daily and the 4-hourly charts. The area occupied by the daily and the 4-hourly clouds (roughly between 1255 and 1240) should continue to be supportive in the near term. However, beware that the market is still moving inside the weekly cloud.
The bulls have to overcome the resistance in the 1265/1 area in order to tackle 1271.50-1269. Penetrating this barrier on a daily basis cloud could prolong the bullish momentum and open a path to 1277.35-1276. If the bears successfully defend the 1265 level and increase the selling pressure, prices may pull back to 1257/5. Breaking down below there indicates that the market is on its way to 1252/0.

weekley
Over===>1270===>1278===>1295[Over]===>1387.xx
Below===>1214===>1191

Nothing repeat nothing in trading is automatic.

Otherwise it wouldn't be called trading, it would be called money printing.

target

Well done nesta
do u think it wil move further downside to 1236?

14min..until...fomc....
i..think...up[1255]
below==>1250===?1247===>1245.xx[[email protected]]

Thanks for ur reply
By the way I don't see stop lose in ur posts
u trade by multiple?

forH4==Sl@1245
D1===Sl@1214
if...short@1245===H4---Descending...Otherwise it will remain bullish.

XAUUSD doing as expected watch as we come to test or break the low for a nice flat completion then looking for more upside to come in play

M30

Over==>1253.6===>1256.xx===>1259.xx
Below===>1251===>1248===>1245.xx

Gold prices fell $9.20 an ounce yesterday, erasing the gains made in the previous session, as the dollar strengthened and traders locked in profits ahead of the release of the minutes from the Federal Reserves May 2-3 policy meeting. Philadelphia Fed President Patrick Harker said "A slow first quarter isnt something to ignore entirely, but weak first quarters have been a feature of the economy for the past several years. Its essentially the norm now... based on the strong economic outlook, I continue to see three rate hikes for 2017 as appropriate." The market challenged the resistance in the $1265/1 area again but prices were not able to break through. As a result, XAU/USD retreated to the support in the $1252/0 zone, which looks in danger at the moment.
The market is currently within the trading range of the past four sessions (1265-1245) and trying to stay above the 1250 level. The bottom of the daily Ichimoku cloud and the Tenkan-sen (nine-period moving average, red line) are confluent and should continue to act as support. That said, the bears will need to eliminate this support to set sail for 1241.70-1239. A break down below there implies that 1236.50-1235.30 will be the nest port of call.

XAU/USD is residing below the clouds on the H1 and the M30 charts, so the bulls have to lift prices above 1257.50 to take the reins and gather momentum for a test of 1261. Beyond there, the 1265 level (the top of the weekly cloud) stands out as an obvious key resistance. Closing above 1265 on a daily basis could provide buyers the extra fuel they needed to tackle the next resistance in the 1271.50-1269 area.

over===>1254.7===>1258.xx
below==>1249===>1245====>1243.xx

HI Nesta

Are you able to follow your above levels religiously was just curious to know

Hello.
I did not exactly understand your question unfortunately .religiously?
If it could be possible to ask the obvious question.

target....closed

m30

Over===>1254.6===>1258====>1260.xx=====>1262.xx
Below===>1249===>1245

Short 1257 hope for resistance 1257/60 area.

Trigerred long... Gold...

target1260-2.xx

H4

Over====>@1264====>1273===>1276.xx[target]

Below===>1247.5====>1245====>1241.xx