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

  • #641
  • Jun 28, 2010 5:51am Jun 28, 2010 5:51am
we may be heading south for the high 1240s to gain momentum and test a new high, there's just clearly not that much buying pressure at the moment
  • #642
  • Jun 28, 2010 5:53am Jun 28, 2010 5:53am
its looking iffy now, the last move has just been negated. 52 should provide enough support right?
  • #643
  • Jun 28, 2010 6:23am Jun 28, 2010 6:23am
http://www.mineweb.com/mineweb/view/...6984&sn=Detail

I'm waiting for a dip to load up and hold until 1300...
  • #644
  • Jun 28, 2010 6:40am Jun 28, 2010 6:40am
Those were big bubble years, but YES, that is very interesting, good find. Very salient. I am finding it very strange the juniors haven't been frisky at all. They were very frisky in 2005 however, five long years ago. That is when my company went from .25 to 4.86 in six months. And we got listed on the NYSE.

That is just not happening now. Not at all. I have three junior gold companies listed that are as good as my NYSE company and there is little to no interest right now.

So yes, that article is very salient. And the price of gold, for some weird reason, is not the final determining factor in whether we have a junior or gold stock market frenzy.

In 2005, the price of gold was HALF of what it is now. But gold stocks and mining stocks in general, were in a frenzy. Not nearly as much as they were in 79-81 though, that, was INSANE. Maybe once in a lifetime.
  • #645
  • Jun 28, 2010 7:45am Jun 28, 2010 7:45am
i should have seen that coming. When the 5m chart looks the way it did you run away. Had a chance to jump out at 57. I closed 4/9 of my position with a tiny profit, the rest has a stop at 49.5.
  • #646
  • Jun 28, 2010 9:49am Jun 28, 2010 9:49am
um.... ok so I had about 1.5:1 profit then it plummets 12 points, stopped out.

gutted. WTF happened?
  • #647
  • Jun 28, 2010 9:52am Jun 28, 2010 9:52am
Not going to say anything. I don't mean to be negative or anything like that. But my system was two dollars off from the top.
  • #648
  • Jun 28, 2010 9:55am Jun 28, 2010 9:55am
And of course, the S and P starts its rallying climb. Out of one pool, into the other.
  • #649
  • Jun 28, 2010 10:38am Jun 28, 2010 10:38am
commentaries:

Gold Steady as India's Summer Lull Begins, Greece Returns to Bond Market, China Starts Buying Alaskan Gold Direct
http://www.oilngold.com/analysis/com...2010062813312/

GOLD: On The Path To The 1,300 Level
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #650
  • Jun 28, 2010 11:15am Jun 28, 2010 11:15am
It looks like profit taking before LDN signs off. THis is becoming a recurring pattern in the charts.

So far each time we correct Gold gains and maintains a higher price climbing to another new high.

Looks like the dollar got a boost somewhere and crude oil is a bit weak today.

Possible entry here. with caution. I am waiting for the chart to move sideways a bit, then going in.

Quoting 17121712
um.... ok so I had about 1.5:1 profit then it plummets 12 points, stopped out.

gutted. WTF happened?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #651
  • Jun 28, 2010 12:29pm Jun 28, 2010 12:29pm
I would encourage you to wait for one more downdraft at least.
  • #652
  • Edited 1:24pm Jun 28, 2010 1:21pm | Edited 1:24pm
Going to enter long here -- 1240 area.

In and targeting 1247 first. THen assessing the PA and looking for continuation to retest 1260 area.

This could take some time though... We'll see.

Going to look at silver now.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #653
  • Jun 28, 2010 1:40pm Jun 28, 2010 1:40pm
Going to enter long here as well for a four dollar scalp with look to re-enter short.
  • #654
  • Jun 28, 2010 2:13pm Jun 28, 2010 2:13pm
I went short AS WELL. Don't know if we are going to get the four or five up. I think its all over now folks till the fall. Oh and by the way. Long at 1239.35 and short at 1237. 85. Looking very much to close offsetting long position.
  • #655
  • Jun 28, 2010 2:18pm Jun 28, 2010 2:18pm
profit taking day

terrible that I wasn't home and missed the short opportunity @ 1263, had an order for 1265, these things always happen when they shouldn't

will go long now, and damn just got up 1 dollar just in the few seconds as I was checking the graph
  • #656
  • Jun 28, 2010 2:34pm Jun 28, 2010 2:34pm
I don't usually trade gold but I am a member over at Nial Fuller's website and he recently posted a very interesting article on using price action to trade gold. I thought maybe some of you gold traders might find the article interesting. Here is the link: gold trading - hope it helps
  • #657
  • Jun 28, 2010 3:35pm Jun 28, 2010 3:35pm
THere were likely short orders stacked right in that zone.

The PA had been in a tight range for over a day, without producing a new high,
then on the pop the orders were triggered, there were likely stops around 1245 that got released on the second downturn causing further acceleration with simultaneous profit taking. Just a thought.

It's all good though. We need correction to rise higher.

One could take a long with a tight stop below 1235 if it breaks you'll be out with minor loss and re-enter later at a more favorable price, if not we will rise and be in the green.

Use your discretion.

I missed the short as well! Got in while it was right in motion.

Quoting Aneurysm
profit taking day

terrible that I wasn't home and missed the short opportunity @ 1263, had an order for 1265, these things always happen when they shouldn't

will go long now, and damn just got up 1 dollar just in the few seconds as I was checking the graph
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #658
  • Jun 28, 2010 3:49pm Jun 28, 2010 3:49pm
P.M. Kitco Metals Roundup: Comex Gold Ends Down on Profit Taking, Corrective Pullback; No Serious Chart Damage Inflicted

Quoting Jim Wyckoff
]Comex gold futures prices closed lower and nearer the session low Monday on profit-taking [/url]and a downside correction from recent gains that put prices back near last week's all-time record high. No serious chart damage occurred Monday and the technical posture of the gold market remains bullish. August Comex gold closed down $17.60 an ounce at $1,228.60. Spot gold was last quoted down $16.80 at $1,239.50.

The gold market was also pressured by a stronger U.S. dollar index and lower crude oil prices Monday. The greenback and U.S. Treasuries did benefit Monday from some fresh "flight to quality" buying as some European Union debt comes due to the European Central Bank later this week, and traders are wondering if all the obligations will be met. European currencies sold off Monday on the ECB debt repayment worries. The EU debt situation will continue to limit strong selling interest in gold in the coming weeks. Investors have been buying gold on a safe-haven basis, with many focusing on buying gold as a hedge against any further weakening of the European currencies.

The weekend Group of 20 meeting in Toronto, Canada produced no significant, market-moving news. The rhetoric regarding reducing deficits and implementing financial market regulation was expected by the market. The G-20 meeting also had no specifics on addressing the problem of the European Union's sovereign debt.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #659
  • Jun 28, 2010 6:17pm Jun 28, 2010 6:17pm
I was wondering if I could get a little help dissecting today's trade. I have attached a 5M chart with points A through H.

A: 1st entry @ 54.15 stop at 47.5

B: 2nd entry @ 55.86 stop at 51.5

C: The market hit resistance at 59 half an hour before and we get a lower high plus a couple of pin bars. I hold on expecting the 52 level to hold anyway and to jump out here would ruin the whole point of getting the entry that I did.

D: Thing start looking grim, I close the second half of my position for a small profit @ 56.5, hold the rest and look to re-enter the 2nd round with an upside confirmation.

E: Re-entry, for a slightly smaller lot @ 56.5 stop at 51.5.

F: Ok so here I'm well into a 3:2 profit, it's 15:30ish BST. I was aware of the time, I so often am but since the move only really picked up steam in the early afternoon I thought there was another surge in it, especially since the 59 level had been taken down. To my horror when I came home and saw the two pin bars on the 15M chart here. I only have 5M and 1H available on my phone for intraday. I can't watch the market at all times and I didn't fully see this top formation.

G: I came back to the chart at this point, it was a retracement that was a little deeper than I would normally be comfortable with, at least that's how it appeared.

H: I came back a short time later to find I had been stopped out and missed a hefty 15 point move to the downside.


Half of me feels I got a little unlucky. The other half feels that I missed a close signal at the very least and traded rather poorly.

Thoughts?
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  • #660
  • Jun 28, 2010 6:41pm Jun 28, 2010 6:41pm
Quoting 17121712
I was wondering if I could get a little help dissecting today's trade. I have attached a 5M chart with points A through H.

A: 1st entry @ 54.15 stop at 47.5

B: 2nd entry @ 55.86 stop at 51.5

C: The market hit resistance at 59 half an hour before and we get a lower high plus a couple of pin bars. I hold on expecting the 52 level to hold anyway and to jump out here would ruin the whole point of getting the entry that I did.

D: Thing start looking grim, I close the second half of my position for a small profit @ 56.5, hold the rest and look...

these kind of spikes have lately been accompanied by retracements that go below the original break through price.

I think you should have set a TP for a point close to 1260, that is if you couldnt watch the markets.


also I've found that tight stop losses on gold longs have lost me much more money than "trade range" stops, gold is too volatile for tight SL
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