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

good call

Wasn't meant as a joke.

As many responses that you get, is as many opinions on what works you will get.

I dont think gold is going anywhere until Bernanke speaks, when he does I think we will either see a break to the upside, or a retracement on fridays rise, followed by some bull action.

So what you're saying is you can pick the exact moment of every peak and trough?

That's amazing.

Unfortunately I'm not that good yet.

Textbook triple top M5/M15, potential short-term reversal.

http://puu.sh/z5K1

Bulish flag confirmed! Technically 1645-1670 is coming.

At least this is what I see on H1-H4-D1.

So far, the scenario posited in posts 19240 and 19293 seems to be playing out. Still plenty of resistance above from other charts, but IMHO worth keeping an eye on....

GC Daily http://www.screencast.com/t/4XaP5vVuUY

beeb

There is a upside break of flag formation on gold on hourly/4 hourly chart. It is clear that gold is heading to 1690 [the target that i set on 16th May when gold made the low. I was right in spotting the market low ]

Also find the Daily chart attached. If 1690 breaks there is a possible 1800 scenario on short to medium term time frame.

P.S: waiting for the funny guy to come and shout "False Signal" on my charts as he did last time. i would love to prove him wrong one more time

i second your view

I will short scalp, even dough long term i know it has to go up.

TP ~1609

Are you shorting now? Or if there's a particular level?

Just touched my invented trend line...shorting now

1- sell 1639 tp 1575
stop 1648

2- sell 1668 stop 1680
tp 1 1630 tp 2 1620 flat 1545

Yes that is exactly what I said.

1790 here we come ...

Fed’s Lockhart: Consider More Ease If No Contd,Moderate Grwth


–Material Risks To The Economic Outlook Are Gathering
–FOMC Must Maintain State Of Readiness Against Financl,Econ Instability
–Current Mon Policy Remains Accommodative, Supportive Of Ongoing Recov
By Brai Odion-Esene
FORT LAUDERDALE (MNI) – Atlanta Federal Reserve Bank President
Dennis Lockhart Wednesday said the central bank should consider
additional measures to support the recovery should it appear that the
current pace of moderate growth “is no longer realistic.”
For now current monetary policy “remains accommodative and
supportive of the ongoing recovery,” Lockhart said in remarks prepared
for the Broward Workshop in Fort Lauderdale. He did caution, however,
that “material risks” to the economic outlook are gathering.
Lockhart said his baseline forecast is for the recovery process to
be “slow and drawn out,” meaning the most reasonable expectation is
moderate growth, a slow and possibly halting decline of unemployment,
with inflation staying close to the FOMC’s 2% target.
Economic indicators so far in 2012 have been underwhelming,
Lockhart said — describing the May employment report as “clearly a
disappointment” — and “there continues to be a halting and tenuous
character to the recovery.”
So what does this mean for monetary policy?
Lockhart, a voter on the Fed’s policymaking Federal Open Market
Committee this year, said that, “Should it become clear that something
resembling my baseline scenario of continued, though modest, growth is
no longer realistic, further monetary actions to support the recovery
will certainly need to be considered.”
“In addition, the situation we face requires that the FOMC maintain
a state of readiness to respond to financial or economic instability
should the need arise,” Lockhart continued, adding that he is confident
the FOMC has the capacity and tools to promote stability.
Lockhart warned that “material risks to the economic outlook are
gathering, and highlighted Europe as a particular concern.
“I am giving more weight and higher probability to a negative
influence on our economy coming from Europe than I did as recently as
the last FOMC meeting in late April,” he said.
Aside from the likely impact the recession in Europe would have on
U.S. exports, Lockhart said the greater concern related to the financial
system.
“Reduction of direct exposures within our domestic financial system
can only go so far to insulate the U.S. economy from spillover in the
event of financial sector instability in Europe, in my view,” he said.
“The global financial system is too integrated, too networked to expect
that problems could be isolated to Europe.”
Lockhart said another connected global risk is the apparent
slowdown occurring in a number of large emerging economies — notably
China, India, and Brazil.
Noting that the United States’ recent export strength is
substantially related to strong economic performance in emerging market
economies, he said a growth slowdown in emerging economies “would
aggravate the effects of the European slowdown by further limiting the
role of exports in the U.S. recovery.”
In addition, while the intensity of concern has receded somewhat,
Lockhart said the risk of conflict related to Iranian nuclear
proliferation in the Middle East has not gone away.
“Sudden developments would likely be felt in oil markets,” he said.
But the downside risks are not just international.
Lockhart highlighted the housing sector as a headwind to the U.S.
economy, and said it is also a risk in that “a large further drop in
home values could undermine my outlook for the economy.”
And with the threat of a large fiscal adjustment coming at the
start of next year, Lockhart said while estimates of the seriousness of
the so-called “fiscal cliff” vary, “most indicate that the immediate
(that is, 2013) impact on the economy would be negative and large.”
So the U.S. economy is in recovery but working against some strong
headwinds was Lockhart’s assessment, with an “uncertainty drag” on
confidence and economic activity.
This uncertainty, he said, is holding back the hiring and capital
plans of U.S. businesses.
Still, “the economy itself is in a better condition to withstand
threats to stability than it was at the time of the financial crisis in
2008 and 2009,” Lockhart said. “I still think it is prudent to
acknowledge a degree of fragility, but in its fundamentals, the U.S.
economy has made substantial progress toward resilience.”

see previous post: http://www.forexfactory.com/showthre...08#post5690208

price dropped down as expected, a bit lower in fact I believe it was 1532 or so...1543 right before NFP. Next target of 1670 is next in play.

Price retracement after testing TL. Two attempts so far in H8 charts.

Daily chart.

Good job there JSR !

This is what I see happing like in Nov 2011. Could be wrong since the media has their way. It's almost identical



http://i65.photobucket.com/albums/h2...ousoutcome.jpg

Tough level to crack: