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

  • #18,781
  • May 14, 2012 8:16am May 14, 2012 8:16am
This is Weekly.

Price kissed trendline from Jul/11 to Dec/11.

My SL is @ 1552. If this trendline is broken, I'll wait gold @ 1508, expecting a test of the red channel.
Attached Image (click to enlarge)
Click to Enlarge Name: xau-w-20120514.png Size: 67 KB
  • #18,782
  • Edited 3:53pm May 14, 2012 3:35pm | Edited 3:53pm
As we all know all markets are closely interconnected. The forces impacting on silver ( previous posts 18888,18893) are also impacting other markets as well ... gold included.Gold is bearish at the moment on the weekly chart and may be so for the next few months. Gold weekly, like silver, is entering the band between the bottom of the kumo and the MA260, which will be the trading band for the next month or two. The bands will squeeze and at the end of it will be a breakout most probably to the upside re: fundamentals etc.The consolidation on the weekly is starting to be seen on the bollinger band squeeze below.
Attached Image (click to enlarge)
Click to Enlarge Name: Gold.jpg Size: 346 KB
  • #18,783
  • May 14, 2012 6:20pm May 14, 2012 6:20pm
Quoting lilpip
from my angle the trendline we've had for a few years and now sits at 1600 area.
This week we had not only a daily close below 1600 but a 2nd confirming day which then follows with more downside along with a weekly close below 1600.
Last weeks move now has the primary trend (yearly) moving south along with the secondary trend (quarterly) , intermidiate (monthly) and lesser trends the weekly and daily.
areas of xtra interest this week is may monthly lows 1559-61 and single year trendguide or pivot 1600-1608.
Question of the week is do we get a normal...
thats a 10-4 $1559.
I hear you $28.00.
Waiting on you.
  • #18,784
  • May 14, 2012 10:43pm May 14, 2012 10:43pm
mon. daily close below weekly support 1559 is noted and tue open 1559 retest was noted, however sis's weekly low held at 28.00 area.
back at $28 area and nearing 1545-49 area eyes open on the 5 min..
tue.daily
1593
1571
1545-49
  • #18,785
  • May 15, 2012 5:04am May 15, 2012 5:04am
looking forward to go long gold 1563
  • #18,786
  • May 15, 2012 5:24am May 15, 2012 5:24am
Quoting whatfx
looking forward to go long gold 1563

Why 1563 may I ask?
  • #18,787
  • May 15, 2012 5:42am May 15, 2012 5:42am
what are the chances that gold will go down ? its stuck at 1560 from last 5 hours......
  • #18,788
  • May 15, 2012 6:07am May 15, 2012 6:07am
Quoting multi888
Why 1563 may I ask?

reversal candle yesterday. price moving up today. waiting for price to go past high of reversal candle yesterday + 3 pips.

daily stoch oversold in the brink of crossing over.
  • #18,789
  • May 15, 2012 7:43am May 15, 2012 7:43am
Quoting lilpip
from my angle the trendline we've had for a few years and now sits at 1600 area.
This week we had not only a daily close below 1600 but a 2nd confirming day which then follows with more downside along with a weekly close below 1600.
Last weeks move now has the primary trend (yearly) moving south along with the secondary trend (quarterly) , intermidiate (monthly) and lesser trends the weekly and daily.
areas of xtra interest this week is may monthly lows 1559-61 and single year trendguide or pivot 1600-1608.
Hi lilpip,
I had a look at the weekly charts for the last year and interestingly gold traded between the 1485-1545 range for much of May/June - by the end of June it started rising and reached over 1900 by start of Sept. It wouldn't surprise me in the least if something similar happened this year. See attached chart.

Note: It's my first time using Trading Station and over time will improve my chart drawing facilities. http://www.forexfactory.com/images/icons/icon7.gif
Attached Image (click to enlarge)
Click to Enlarge Name: weeklygoldchart.png Size: 27 KB
patience is a virtue
  • #18,790
  • May 15, 2012 8:14am May 15, 2012 8:14am
Quoting whatfx
reversal candle yesterday. price moving up today. waiting for price to go past high of reversal candle yesterday + 3 pips.

daily stoch oversold in the brink of crossing over.

price did cross 1563. but did not get a signal to buy on my 15m chart. so still waiting to enter long...!

will cancel if price goes below 1545.

  • #18,791
  • May 15, 2012 8:15am May 15, 2012 8:15am
Quoting lovepips
Hi lilpip,
I had a look at the weekly charts for the last year and interestingly gold traded between the 1485-1545 range for much of May/June - by the end of June it started rising and reached over 1900 by start of Sept. It wouldn't surprise me in the least if something similar happened this year. See attached chart.

Note: It's my first time using Trading Station and over time will improve my chart drawing facilities. http://www.forexfactory.com/images/icons/icon7.gif

why dont you go further back and check trend for previous years. then you will get a better idea.
  • #18,792
  • May 15, 2012 9:20am May 15, 2012 9:20am
Quoting jsr
This is Weekly.

Price kissed trendline from Jul/11 to Dec/11.

My SL is @ 1552. If this trendline is broken, I'll wait gold @ 1508, expecting a test of the red channel.

Jsr

What is the red channel in your chart?

regards
  • #18,793
  • May 15, 2012 9:25am May 15, 2012 9:25am
Think someone posted something yesterday referencing Silver pulling on Gold.

Although Silver has much more practical uses than Gold I think the heavyweight in trading is definitely Gold and which by the way is below the opening price of the year while Silver is not.
  • #18,794
  • May 15, 2012 9:26am May 15, 2012 9:26am
Quoting whatfx
why dont you go further back and check trend for previous years. then you will get a better idea.
hi whatfx,

ok I had a look at the 10yr chart - see attached.

what do you think? two possible outcomes:

1. bear move continues south past the highlighted range...

or

2. due to dodgy fundamentals over the next few weeks/months, investors opt for gold as a safe haven, we get a double-bottom and price rises?



trade well

LP
Attached Image (click to enlarge)
Click to Enlarge Name: 10year-goldchart.png Size: 30 KB
patience is a virtue
  • #18,795
  • May 15, 2012 9:45am May 15, 2012 9:45am
Quoting tuba84
Jsr

What is the red channel in your chart?

regards
Equidistant Channel, using lows of Sep/11 and Dec/11, and high of Nov/11.

High of Feb/12 was just below the top of the channel, so I'll expect a new touch at the bottom.
Attached Image (click to enlarge)
Click to Enlarge Name: xau-w-20120515.png Size: 45 KB
  • #18,796
  • May 15, 2012 5:17pm May 15, 2012 5:17pm
Wonder if a polite request might conjure the presence of BeMac.

I'm watching and waiting.

These derivatives bets are so complex that no one, including inside players, fully comprehend the beast.

Wouldn't mind hearing some more thoughts from a seasoned vet.

XTrade - what are you thinking?

Double bottom or bear attack?
  • #18,797
  • May 15, 2012 5:27pm May 15, 2012 5:27pm
This is a derivatives play from bank traders.

They are taking it down so it can rise, and rise again.

According to this article (blah blah, I know) - demand is growing on the price drops.

http://business.financialpost.com/20...late-december/

Wonder whether it's time to look for a bottom and a bounce.

It bothers me that people are tying Greece and the economic crisis in PIIGS to gold. There will always be an excuse, but the real reason for this price move is a complex web of derivative obligations.
  • #18,798
  • May 15, 2012 5:44pm May 15, 2012 5:44pm
Quoting jsr
This is Weekly.

Price kissed trendline from Jul/11 to Dec/11.

My SL is @ 1552. If this trendline is broken, I'll wait gold @ 1508, expecting a test of the red channel.
Wouldn't be hard for the price to hit a trendline on that chart... there are quite a few trendlines.
  • #18,799
  • May 15, 2012 5:48pm May 15, 2012 5:48pm
Quoting bennyboy43
Wouldn't be hard for the price to hit a trendline on that chart... there are quite a few trendlines.
Yeah, you just need to know what you are looking at.

Many things are hidden just in front of our eyes, so I know what is noise and what is not. We don't use a single timeframe to trade.
  • #18,800
  • May 15, 2012 5:55pm May 15, 2012 5:55pm
Quoting jsr
Yeah, you just need to know what you are looking at.

Many things are hidden just in front of our eyes, so I know what is noise and what is not. We don't use a single timeframe to trade.
Agreed :-) That was just my lame attempt at chartist humor :-/
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