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

  • #1,161
  • Edited 7:14am Aug 3, 2010 7:13am | Edited 7:14am
JPY getting comfy in the 85s. Pull backs seen several currencies. and another failed attempt to bluster through the 18dma in Au.

Wouldnt be surprised to see another inside day tomorrow - wind the spring up...
I have no enemy; I make Incautiousness my Enemy.
  • #1,162
  • Aug 3, 2010 12:17pm Aug 3, 2010 12:17pm
Thanks for the posts Jim,

Looks like Gold wants to rise above 1190.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,163
  • Aug 3, 2010 6:48pm Aug 3, 2010 6:48pm
1190 breached looking to test 1200 next


Quoting XTrade
T.......... Gold wants to rise above 1190.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,164
  • Aug 4, 2010 6:00am Aug 4, 2010 6:00am
first attempt back through big fat round number.

A day's range would take us to 1204 which coincides with the last big break high at 1204 (23JUL)

100DMA comes in at 1211. not expecting anything meteroric today
I have no enemy; I make Incautiousness my Enemy.
  • #1,165
  • Aug 4, 2010 6:44am Aug 4, 2010 6:44am
1200 hit. Trading to 1202 so far on the spot.
Gold could be on the verge of a mini breakout.

silver back at 18.50

Crude / light crude have been on a rally.


Quoting XTrade
1190 breached looking to test 1200 next
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,166
  • Aug 4, 2010 6:45am Aug 4, 2010 6:45am
THere is some interest in 1204. If we can take it and close above 1215 may be next.

THe same, things are still light and slow so nothing "crazy" until after labor day.

1
Quoting jimobiwan
first attempt back through big fat round number.

A day's range would take us to 1204 which coincides with the last big break high at 1204 (23JUL)

100DMA comes in at 1211. not expecting anything meteroric today
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,167
  • Aug 4, 2010 7:24am Aug 4, 2010 7:24am
i love it when my mini calculations work out so closely.
I have no enemy; I make Incautiousness my Enemy.
  • #1,168
  • Aug 4, 2010 9:05am Aug 4, 2010 9:05am
Quoting XTrade
1200 hit. Trading to 1202 so far on the spot.
Gold could be on the verge of a mini breakout.

silver back at 18.50

Crude / light crude have been on a rally.
hi
whats your opinion, would it retrace to 1192?
good trades
  • #1,169
  • Edited 1:36pm Aug 4, 2010 1:31pm | Edited 1:36pm
took a long yesterday @1186.7 0.5 lots tp 1194.3 ..i have a bad exit strategy..need some working on it .........



comments welcome on chart please feel free to bust it out if iam wrong..
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We cannot direct the winds but we can adjust our sail.
  • #1,170
  • Edited 2:28pm Aug 4, 2010 2:17pm | Edited 2:28pm
you think gold will go even lower, a total break of monthly trendline?
what would your target be then?
i still believe we could see 1300 this year.
who knows?

these are my thoughts:
daily pinbar today, so we could see some bearish days, however the overall trend is still bullish to me, and its giving good entrys for longs now.

(i dont draw those trendlines normally, just to show we broke this downtrend many times even within the downtrend.
not sure at all, just my interpretation.
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  • #1,171
  • Aug 4, 2010 2:25pm Aug 4, 2010 2:25pm
Yes, isn't that nice. I believe the spot high was 1204 for NY day. Globex trading will open shortly
Quoting jimobiwan
i love it when my mini calculations work out so closely.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,172
  • Edited 3:18pm Aug 4, 2010 3:02pm | Edited 3:18pm
what is the purpose of the triangle?
what is your exit strategy? You should assess at least "potential" risk reward before the trade.

Otherwise you are saying " I am willing to risk (Lose) X to make ???

We can discuss your h/s as well.

Ideally, the second shoulder should not allow the neckline to point upwards and this decreases the potential strength of the pattern as a reversal.
Plus you have this on a 5 minute chart. Go to the daily chart and see if you find the same pattern.

Next the price has not reversed, but rather corrected, the longer term charts allowed this correction without doing damage to the underlying trend.
Correction can always be expected after creating 2 record highs late in the season.


Quoting posterboy
took a long yesterday @1186.7 0.5 lots tp 1194.3 ..i have a bad exit strategy..need some working on it .........



comments welcome on chart please feel free to bust it out if iam wrong..
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,173
  • Aug 4, 2010 3:09pm Aug 4, 2010 3:09pm
It's possible, but does not like like it as of now.

We pierced the Upper corrective TL once,( depending on how it is drawn)
(from the record high) on daily candle July 23rd.

If you look at that daily candle the close was still below the TL.

July 30 - TL tested - then on August 2 breached and closed above.

Support zone established around 1155 thru 1160



Quoting tobias24
you think gold will go even lower, a total break of monthly trendline?
what would your target be then?
i still believe we could see 1300 this year.
who knows?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,174
  • Aug 4, 2010 3:19pm Aug 4, 2010 3:19pm
Here you go
Quoting jimobiwan
i love it when my mini calculations work out so closely.
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,175
  • Aug 4, 2010 3:24pm Aug 4, 2010 3:24pm
Next target 1215/18
Quoting XTrade
1190 breached looking to test 1200 next
Quoting XTrade
Looks like Gold wants to rise above 1190.
Quoting XTrade
spot Gold currently around 1185 coming down from test of 1190 and up from 1180.
Quoting XTrade
Gold is climbing up nicely from 1158 area.A firm break and hold of this current 1165 area should suggest further upward momentum.Will be watching closely
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,176
  • Aug 4, 2010 3:51pm Aug 4, 2010 3:51pm
  • #1,177
  • Edited 6:17pm Aug 4, 2010 4:13pm | Edited 6:17pm
And besides i do understand its m5 charts longer term trend fundamentally is up towards god knows..I don't want to pick tops or bottom..picked one bottom at m5 just 10 $ bottom towards 85 area..same charts longer tf look completely different ..yes here is one


Exit strategy?? as today when PA consolidated between 93 95 after printing a high of 97 ..i was bit jumpy..as always..my positions come into profit and drop into into less profit if not loss..yesterday was simple pa closed at 1185. something'' printed a low of 84.65 ....pulled a trigger higher lows and higher highs..stop was around 1179.7 based ema 200 m15.... Tp was set at 1199 ..
but chickened out..at 94.7
..Xtrade comment please..iam here to learn


see u in LONDON open its late almost 4.40 am need some rest..
Quoting XTrade
what is the purpose of the triangle?
what is your exit strategy?...
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We cannot direct the winds but we can adjust our sail.
  • #1,178
  • Aug 4, 2010 5:03pm Aug 4, 2010 5:03pm
The price in the short term sense seems to have had found minor support at the 1193.3 area. Close enough to 1192. NY spot had a $10 gain on close.
Quoting riko2705
hi
whats your opinion, would it retrace to 1192?
good trades
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,179
  • Edited 6:19pm Aug 4, 2010 5:16pm | Edited 6:19pm
Not sure what you are saying here, to be honest with you.

Since 1155 the price is making Higher highs and higher lows. Helping to form a
trendline.


It seems you need to decide what type of trading style you are going to use.

I do not suggest trying to scalp Gold as your initial trading strategy. Gold has been increasingly volatile and is in a typical seasonally slow season at the moment. Scalping is not as easy as noobies think. The price can move $20 + in a single hourly candle, then continue up or down.


Quoting posterboy
And besides i do understand its m5 charts longer term trend fundamentally is up towards god knows..I don't want to pick tops or bottom..picked one bottom at m5 just 10 $ bottom towards 85 area..same charts longer tf look completely different ..yes...
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,180
  • Aug 4, 2010 5:58pm Aug 4, 2010 5:58pm
Unless they are CLEARLY distinct movements of a greater pattern on a higher
time frame finding a head and shoulders on a one or five minute chart "MAY" (or sometimes) signal a reversal in the case of price.

Usually if one is trading the pattern the measure from the neckline to the top of the head "area" is what one uses to determine the target by measuring a similar distance below the neck.

So as an example, a H & Shldr that has a measure of 40 pips, may well indeed yield another 40 + pips on break of the neck and the price may reverse for and offer up even 100 more pips.

BUT, when a pair like GBP can move 160 to 200 pips easily in a day, where is this head and shoulders on the daily candle? Non-existent.

Chart patterns are complex and there are many ways to trade them. There are other factors that need to be taken into consideration when doing so, like S/R - MAs etc.

Volume analysis is important with H/S as well and is tough when volume is from one broker.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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