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

Gold Just popped 1111 area minor resistance,
Looking for retest of 1114 area high today,

AUD finally managed to crack resistance around 9193 capped temporarily @ 9200

Nice 45 pip breakout on Cable and Euro has cracked 3500 currently.

(Still holding longs)
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
We never quite retested the recent high around 1114 topping out instead around 1112.
Current positions:
Long from- 1090 - All other longs exited last night. Short from 1109.50 - Scalping has offered opportunities in both directions.
Looking for next setup... We are still confined within the triangle on the daily and I will expect a decisive break in the next week.
THe USD will likely need to "put up or shut up" for added direction in Gold. All and All, I remain long term bull, again until multiple support zone is breached and held. Supports 1100, 1090 thru 1080, 1060-50, ending up around 980. Resistances 1108, 1114, 1145, 1160, etc
Added chart. Will be updating chart as well

Some commentary

Quote
Quote
FXstreet.com (Barcelona) – Gold prices were dragged lower through the US session as a firmer dollar recovered the downside momentum against the Euro. In addition to that, an upbeat consumer confidence report in the US bolstered the greenback positive outlook for the session. Asian gold consumers commanded some buying interest, especially India, but not enough to buoy prices.

Gold lost nearly $5 on Tuesday. The price peaked...
Attached Image (click to enlarge)
Click to Enlarge Name: xau_triangle_daily_ii.gif Size: 43 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Simplified S/R Levels. Added a Line Chart to show the actual closes.

It is not an exact symmetrical triangle - However so far the PA has held within the boundaries, adding support to the validity of this pattern.

Datelines added.

Closed short scalp- As of yet I see 1100 holding.

Parabolic showing buy signal -- MACD consolidating
Supports in Blue - Resistances in red -- Supports can turn resistance and Vise versa- color coded as of now.
Attached Images (click to enlarge)
Click to Enlarge Name: xau_triangle_daily_candle_V_ma50_200.GIF Size: 27 KB Click to Enlarge Name: xau_triangle_daily_line.GIF Size: 22 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Longs in Play, we have seen continued strength on Cable (G/U) and Euro.

I am Expecting a bounce off 1112 minor support established.

We need to crack 1117/18 - Keeping a close eye on the DXY,

Further weakness should give us the momentum. However we are reaching a potential support area.

We are certainly back to a strong inverse correlation between AU & USD.

EDIT: We are further supported @ 1108 should we slip thru 1112.
Attached Image (click to enlarge)
Click to Enlarge Name: XAU_DXY_March31.GIF Size: 45 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
In my view the breakout is imminent... We are nearing the "popping" point in the daily triangle, almost hit today.. Likely some pullback before the break.

OIL - Crude has been on a mini bull run currently @ 82.20 and WTI (West Texas Intermediate) So far has breached and Held 83 mark. At time of post appx 83.30

Gold rises as employment report further derails dollar
Copper prices take a breather following Tuesday's 19-month high

Quote
By Nick Godt & Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) -- Gold futures ended higher Wednesday as the dollar fell and as analysts cited physical demand for the precious metal, softening a monthly loss and helping gold notch its six-straight quarterly advance.

Gold for June delivery, the most active contract, ended the New York floor session with a rise of $8.80, or 0.8%, to $1,114.50 an ounce. For the month, gold slid 0.4%, based on...
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
very quiet in here .......
waiting for break out...........
Attached Image (click to enlarge)
Click to Enlarge Name: xau.gif Size: 12 KB
Hey rfc, thanks for stopping in..

1111 / 12 seems to be holding for now. USD is confused as we have mild pullback on Euro and GBP rallies. Should support hold I would like to retest 1114 first. Ultimately the Goal 1 is to take and sustain 1117.

Any targets in mind long or short term?

Quoting rfc
waiting for break out...........
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
After sleeping for most of the night Gold has served up a 3 dollar breakout... Scalp below complete. On to next targets....
1111 to 1115 - and going as of now.
FINALLY WE ARE NOT CHASING THE DAMN EURO!


Quoting XTrade
Hey rfc, thanks for stopping in..

1111 / 12 seems to be holding for now. USD is confused as we have mild pullback on Euro and GBP rallies. Should support hold I would like to retest 1114 first. Ultimately the Goal 1 is to take and sustain 1117.

Any targets in mind long or short term?
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
We have broken resistance and dxy is up as well - CRAZY!!! JUST how the Markets want it! Oil Rocketing as well!

gold is sailing!!!!!!!!!!!!!!!!!!!!!!
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Chart will be posted here
Refresh browser (If you read this thread at all - make browser refreshment a habit upon new posts- I tend to edit and add during the course)

This is EXACTLY WHAT WE NEEDED!!! Cooking up to 1123!

THIS WAS A CRUCIAL BREAK from the EURO and For the Future BULL RUN!!!

Congrats to all that stuck with the longs!

DON'T be hasty though! TP then look for next entry - Remember GOLD is a commodity. It is essentially money as well
yet NOT currency. THus, It cannot be treated the same.
Attached Image (click to enlarge)
Click to Enlarge Name: DAILY_TRIANGLE_BREAK!.GIF Size: 28 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Quoting XTrade
We have broken resistance and dxy is up as well - CRAZY!!! JUST how the Markets want it! Oil Rocketing as well!

gold is sailing!!!!!!!!!!!!!!!!!!!!!!
what's the next target for gold after 1030?
what about tommorow?if dollar gets strong>>>
THere is resistance around 1133 and furthermore around 1140/5 area. Next Those are the next hurdles. DXY is on support, if it breaks we should be able to crack those.

If dollar gets strong we will pass quickly back thru supports - Likely ending up around 1100, we'll see.
Be careful on low volume.


Quoting aminfrx
what's the next target for gold after 1030?
what about tommorow?if dollar gets strong>>>
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
After the Low volume on Friday due to LDN & Euro session holiday
we slipped down to 1117.50 area and opened substantially higher @ 1125 creating a 9 dollar gap, EUR and LDN banks or on holiday as well tomorrow (Monday)

1133 is the next crucial resistance to crack. Keeping a close eye on DXY still in trendline support level.

We need to get back to normal volumes for further definition of trend. As of now, despite a decent NFP for US, we are looking primed for uptrend resumption.

WTI opening higher as well currently testing the 86 dollar range trading around 85.70 -- Brent Crude up as well. currently around 84 and 1/4

Silver is looking to reclaim the elusive 18 dollar mark currently trading around 17.95


eDIT : To add there is resistance @ 1126/8 as well.
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Do any of yall know of a site that list options expiries for gold and/or silver?
Hello All,

We have cleared 1133 resistance area hitting a fresh new high earlier in trading. Profit taking ensued last night, however we are back on track and the dip has been bought.

Next resistance area 1145. We will need to take out 1138 high in the immediate

Currently dipping back down from 1138 area high toward 1133 I am looking for this area to hold as support.

EDIT- During posting order hit long @ 1134.5 (.2) looking to test 1145 first.
I have .1 on also from the dip last night @ 1125 May TP now @ 1135. waiting to see if breach of 1138 can be sustained.

We are supported @ 1120 as well as the lower - upward trendline - working on chart


@ aeb

Yes, I believe I had posted it a few posts back.

Let me take a look.

Quoting aeb
Do any of yall know of a site that list options expiries for gold and/or silver?
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
This is the link


http://www.smartfutures.net/tools/optionexpirations.htm
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Here are some charts showing the upward channel Gold is trading in currently.

There is room to breath inside, If we break the lower TL I will look for potential shorts down to support, then reverse again to long for the next rally
PA permitting.

What is MORE interesting is the De-correlation from the Euro (which is really more just similar trending)

And the Pick up of Semi - correlation to the DXY. - DXY is heavily weighted toward the Euro - too much so IMO - Renewed Greece fears sending the Euro lower in recent trading partially contribute.

Yet, it is important to remember the worldwide appeal of Gold as a safe haven commodity / means of investment. Asian / Indian demand etc.

WTI - Light Sweet crude oil - has been on a rampage Hitting I believe an 18 month High.

The charts are all spot Gold base with overlays - order = XAU/Euro - XAU/DXY -XAU/WTI
Attached Images (click to enlarge)
Click to Enlarge Name: XAU_EURO:USD_over.png Size: 53 KB Click to Enlarge Name: XAU_DXY_over.png Size: 52 KB Click to Enlarge Name: XAU_WTI_over.png Size: 51 KB
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Here we go! 1140 AND COUNTING....

Exactly the break I was looking for---- 1133 held thru LDN and Euro overnight...
Euro still in the dumper.

Edit: SILVER BACK above 18!
GOLD & SILVER - Learning, Day Trade, Long Term, Discussion, Fundies, Techs
Why the gold rose from 1136 level ?
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