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

31/10/19

Morning Traders, Yesterdays price action worked out accordingly to our plan, that is, sell the H1 sell zone, get a couple of pips, and the moment we realized a base had been formed near the first downside level, we moved to selling the H4 sell zone, price consolidated abit around the H4 sell zone before giving us the drop lower however the divergence on the lower time frames allowed us to take advantage of the H4 sell zone. The daily close back above the 1485 handle and near the 1485 handle puts us back at the top of our interim range that was also Pointed out by Golden Girl(Thanks).

However price closing back above the 95 handle and also above our M15,H1 and H4 EMA's, exposes us to revisit the 1500 and 1503.78 mark....we would need to see the H1 become bullish and so too the H4.... Its worth noting any bull action should be traded with proper risk and money management as the D1 chart is still bearish even though the intra day moves may move up and down and also the H4 HnS structure remains valid so long as the shoulder level retains its shape/structure, at the moment the current rally is more a retest if that shoulder level.....we did mention that the longer time frame structures tend to take longer to play out and as such we will gladly take advantage of the moves inbetween them while we wait for them to materialize


As things stand
H1 Bullish: Buy Zone: 1495.41 - 1493.89
H4 Neutral
D1: Bearish to Neutral:


Intraday Levels
Upside
1516.39(Extension)
1510.60
1506.51
1503.81
1501

Downside
1495.28
1493.92
1490.74
1485.61
1482.61
1475.73

H1 Chart, stoch beginning to point lower, as such looking for dips towards the H1 Buy Zone and look long, will be even better if London Bought on as it would further validate the bias for the second session of the day leading into the NY session....


Trade safe

Posted images and charts on the other side...

On H4 sma50 is crossing over sma150. Do you think if 1490-93 stays as strong support, it may go to 1530?

what about brexit issue. today is the last day as far as i remember. i think market will continue a little bit flat

edit i will be looking for 1503.75 to short but i am not completely sure

Hey Farukh,

Been a while, well, with regards to where it may go,thats for the market to decide, what we can do is mark our levels and look to get hourly and h4 closes along those levels and tick them off one at a time as we head towards the upside targets/levels.....

On the daily im looking at PA possibly being capped near 1510.6 and there is an extension number aswell which is almost in line with the 1515.23 weekly level, but before we get there there are some intra day numbers that we would need to clear first and will look at what Price is doing around said levels....



Hope this helps

long from 1498

1500 got hit. 1510 possible later today.

what is next 1458 or 1545

stop is 1506

added to long at 1505.75. Resistance became support on 15M

and flat at 1505.26

hi i like to trade gold due to the volatility. is there any reputable gold trader in here or telegram or tradingview i can look out for?

back into long at 1506.80

reversed to short at 1506.60 5M divergence. Difficult market here .... Means to me the trend has changed to down from up the last two days.

1510 today key area to look at..

mistinterpreted this but went long again at 1505.80 when we saw a bounce of hourly level.

flat at 1507.80, taking a break here. back in a few hours.

I'm waiting for the monthly closing to trade.

you have immense patience ... I am glad if my trade takes a few hours ....

Are you looking to see PA around 1520? Because current month opened with Gap up from there. Now it's been acting as strong resistance.

This is some insightful post from #Gold market.

What is the main question for traders? Where the price will reverse.

In order to produce bearish reverse, market need:

 

1. many active longs (they will be trapped)
2. many triggered SLs (they will be knocked out just before the slide)

This is the cruel market nature. It described in a quote by Bernard Baruch:

The main goal of the market is to make as many fools as possible

So, how to detect the level of reversal?
1) Here is the OrderBook indicator, it collects data from different forex brokers. An indicator shows the spike of BUY-Stop orders just above the previous local highs.

2) This is the ProfitRatio indicator. It uses the data from brokers about opened positions. Green line - Opened Longs. Red Line - opened Shorts.

So we can suggest, the market is full of buyers. And the market will be glad to make losses for them. So, the big bearish impulse should arrive when (and IF) price will touch 1519.30 level. In terms of Chart Reading, it will be an SLKT.

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