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

  • #2,401
  • Dec 16, 2010 8:45am Dec 16, 2010 8:45am
Obviously, there is some profit taking in the market because it's the year-end.
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #2,402
  • Dec 16, 2010 10:01am Dec 16, 2010 10:01am
Quoting z3r0
I think that cup and handle couldn't have been considered valid to trade cause its bottom wasn't rounded but with 2 distinctive V bottoms.

Here's my view in Gold.

why I don't belive in first chart


If you would go by the same logic before or at Nov16, It had ben already a daily trendline break

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  • #2,403
  • Edited 11:24am Dec 16, 2010 10:03am | Edited 11:24am
I will buy at 1360 some.


Ofcourse this is market, anything can happen


EDIT. Will buy at 1350. Limit buy is set
  • #2,404
  • Dec 16, 2010 2:36pm Dec 16, 2010 2:36pm
Quoting ratman
why I don't belive in first chart
If you would go by the same logic before or at Nov16, It had ben already a daily trendline break

Attachment
only that in around Nov16 you didn't have an head n' shoulders next to the trendline. If it plays out it can very well trigger a strong downtrend. But like you said all can happen. For now it surely looks like retracing now till where?
we'll see...
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  • #2,405
  • Dec 16, 2010 3:00pm Dec 16, 2010 3:00pm
Gold H4 - Line
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  • #2,406
  • Edited 7:33pm Dec 16, 2010 4:22pm | Edited 7:33pm
Quoting lilpip
silver weekly
30.71
28.58
26.45

gold weekly
1426.07-29.88
(1387-88)
1347.36
she doesnt seem very motivated to head north.
we will be able to have a feel for direction as the curriences should tell us also.
My bias is down from 1379.63 and north above it for friday
1403
1379
1356

silver bias is up from 28.58

might help
e/u day trend guide 3275 bias is down but if trading above im following we usually will have a response with gold and silver also.
eye on 3300-06 and response.
  • #2,407
  • Dec 16, 2010 5:47pm Dec 16, 2010 5:47pm
Hi everyone

Silver is fine,normal december consolidation,i am waiting for a breakout.
I believe uptrend will resume at the end of december or in the begining of january.
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  • #2,408
  • Dec 16, 2010 6:29pm Dec 16, 2010 6:29pm
Hi all,

I'm new to this forum. Do u think the price of gold will hit 1390 today?

Thks!!!!
  • #2,409
  • Dec 16, 2010 6:38pm Dec 16, 2010 6:38pm
Quoting pangro
Hi everyone

Silver is fine,normal december consolidation,i am waiting for a breakout.
I believe uptrend will resume at the end of december or in the begining of january.
you mention time, tell me about your time as you incorporated it in your evaluation, im always looking to gain further understanding of its impact .
  • #2,410
  • Dec 17, 2010 12:21am Dec 17, 2010 12:21am
Quoting lilpip
you mention time, tell me about your time as you incorporated it in your evaluation, im always looking to gain further understanding of its impact .
Good morning everyone

Well nothing special,silver and gold’s strong period is usually from late October to mid February.January and February are especially strong months for silver.I am also aware that silver is dramatically overbought but in that kind of situation i always remember myself that primary driver for silver is gold.
Gold on the other hand is not dramatically overbought as it was in May 2006, March 2008 or in December 2009.So i believe it is unlikely that we will get from here that nasty 30% correction in gold and 40-50% correction in silver and after consolidation uptrend will continue.
  • #2,411
  • Dec 17, 2010 3:34am Dec 17, 2010 3:34am
damn i missed the re-test of the neckline as i was asleep... nonetheless now we do have confirmation of a head and shoulders. I'm looking for a re-entry strategy now...
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  • #2,412
  • Dec 17, 2010 3:59am Dec 17, 2010 3:59am
Got in @ 1.371.480 and using this 5m trenline as a stop. I know it wasn't the best entry for the idea but it was the best i could find now.
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  • #2,413
  • Dec 17, 2010 5:23am Dec 17, 2010 5:23am
Quoting z3r0
damn i missed the re-test of the neckline as i was asleep... nonetheless now we do have confirmation of a head and shoulders. I'm looking for a re-entry strategy now...
Good luck, it's the direction to go imho, although I have some difficulties seeing a valid H&S pattern....
Don't be a hero. Don't have an ego. Always question yourself
  • #2,414
  • Dec 17, 2010 5:42am Dec 17, 2010 5:42am
Quoting USD-Bear
Good luck, it's the direction to go imho, although I have some difficulties seeing a valid H&S pattern....
Yeah thanks, well it is all about trade ideas. I don't really like to sell gold and silver so I'm doing it very carefully and trailing the profits manually to ensure they don't surprise my account. But if you switch to the line chart the H&S are much more clear. It's there. I think I will think of some longs at around 1355 but always having in mind this bear possibility.
  • #2,415
  • Dec 17, 2010 5:55am Dec 17, 2010 5:55am
Quoting z3r0
Yeah thanks, well it is all about trade ideas. I don't really like to sell gold and silver so I'm doing it very carefully and trailing the profits manually to ensure they don't surprise my account. But if you switch to the line chart the H&S are much more clear. It's there. I think I will think of some longs at around 1355 but always having in mind this bear possibility.
only shorts for me, hoping for pullback near 1385 to re-enter

H8:
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Don't be a hero. Don't have an ego. Always question yourself
  • #2,416
  • Dec 17, 2010 6:02am Dec 17, 2010 6:02am
Quoting USD-Bear
hoping for pullback near 1385 to re-enter
Attachment
I was just highlighting that area
So you won't be alone if the price gets there

By the way, what would be your TP in such case?
  • #2,417
  • Dec 17, 2010 11:00am Dec 17, 2010 11:00am
It was rendered invalid when the price action broke the formation on the last dip. Unfortunately.

Depending on the big money books and profit taking, we may dip for the rest of Dec. If most profit taking is done, there is a possibility of a new High towards year, quarter and month end.

Money managers want those gains and to show what profitable positions they have been holding.

It is undeniable that Gold has been a hot trade this year. Gaining over 400 USD per oz.

Now, silver is still shining bright on the other hand. Let's see how it goes.
Trading is thin and will likely remain so until the new year.....

Quoting z3r0
I think that cup and handle couldn't have been considered valid to trade cause its bottom wasn't rounded but with 2 distinctive V bottoms.

Here's my view in Gold.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #2,418
  • Edited 1:55am Dec 18, 2010 12:08am | Edited 1:55am
Interesting article : http://articles.moneycentral.msn.com...e-not-yet.aspx


P.S. If we are in a bubble that's on the verge of exploding why is still the US printing money and not selling the gold reserves, why are China and India into gold buying? i quote: "Michael Lewis, chief commodity strategist at Deutsche Bank in London, says that the current price levels in gold do not signal anything like a bubble.

“Current levels in gold price remain attractive and they certainly don't signal anything like a bubble,” Lewis told CNBC.

He said that even at $1400 per ounce, gold price is not expensive.

Bullion experts like Lewis are now suggesting that investors need to worry about gold bubble only when the price touches $2000 per ounce.

Lewis said that gold needs to hit $2000 and above [before] we would start to get quite nervous." The talks of gold bubble were still @ 1100$/oz are still now @1400/oz and will still be @2000$/oz
  • #2,419
  • Edited 11:20am Dec 18, 2010 11:04am | Edited 11:20am
hello guys been following gold for a while and i think every body is so hyped up by gold and silver these days even saw on tv that they have gold and silver ATM machines now that you can buy physical gold and silver oz

lets get to technicals as i can see from the daily chart below we had higher highs from oct 14 then nov 9 then dec 7 but if you can see the MACD and the RSI they have lower highs in each of the three peaks so i think the divergnce suggesting that the momentum is cooling down for now plus the short trem tend been broken and a correction is in the cards for the metal first stop is the intermediate trend at around 1290 1300 if that does not stand then the correction will be much more severe and might sends us the to long term uptrend which currently stands at the lower 900s

so whats your take on that ?

add to that the sentiment of retail traders quoted by oanda more than 70% long gold and 67% long silver
http://fxtrade.oanda.com/analysis/open-position-ratios
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Bulls Make Money, Bears Make Money, Pigs Get Slaughtered
  • #2,420
  • Dec 20, 2010 1:11am Dec 20, 2010 1:11am
Good morning

Bullish inverted head n shoulder pattern in silver.
I am still waiting for a breakout.
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