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

  • #25,281
  • Sep 15, 2013 9:48pm Sep 15, 2013 9:48pm
Silver seems to have maintained support @21.50
Downside be wary of 20.50 appx a buck lower than NOW
19.20 and 18.20, all potential entries, depending on PA,
Otherwise should 21.50 stay we need to take out 22.90 and psych level 23.00 which shouldn't be too hard,
Yet the true test will be appx 24.50 and the other DTL area in purple by that price point. all on the chart below.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,282
  • Sep 15, 2013 9:53pm Sep 15, 2013 9:53pm
Quoting andan
{quote} so just me alone who LONG the gold @ 1308.xxx
my target @ 1350.xxx
  • #25,283
  • Sep 16, 2013 3:38am Sep 16, 2013 3:38am
Medium term : Blue support zone remains key level for gold If we break through it then I think we will go lower than previous low. Short term watching price action on 1310-1305 zone.
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  • #25,284
  • Sep 16, 2013 3:45am Sep 16, 2013 3:45am
Quoting Scalptastic
Medium term : Blue support zone remains key level for gold If we break through it then I think we will go lower than previous low. Short term watching price action on 1310-1305 zone. {image}
At around 1305 if formed a double bottom. I expect that to be a strong support as that is for me the fair value of gold given the actual uncertain environment. Exit strategy for US is very risky in my view as growth is still very fragile and no one is willing to take FED leadership. In the meantime Bernanke has been dead silent. Chances are that gold will pick up again.
  • #25,285
  • Sep 16, 2013 6:56am Sep 16, 2013 6:56am
Physical demand exceeds paper gold sell-off.

http://wallstcheatsheet.com/stocks/i...tml/?a=viewall
You can always make money tomorrow provided you don't lose it today.
  • #25,286
  • Sep 16, 2013 7:30am Sep 16, 2013 7:30am
Tempted to grab 1308 as well, but, i'd rather see the price a few bucks above 1310,

if 1308 goes, it's likely going to push through 1300 with ease and make a new weekly low,
In this case I will look to 1275 + to attempt longs,

might be a nice short selling below 1300 to 1275 then flip long.... we have to wait and see.

Cable still pushing 1.60 and Euro up so far.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,287
  • Sep 16, 2013 7:32am Sep 16, 2013 7:32am
Quoting XTrade
Tempted to grab 1308 as well, but, i'd rather see the price a few bucks above 1310, if 1308 goes, it's likely going to push through 1300 with ease and make a new weekly low, In this case I will look to 1275 + to attempt longs, might be a nice short selling below 1300 to 1275 then flip long.... we have to wait and see. Cable still pushing 1.60 and Euro up so far.
too late, we might see 1350 today...my view
  • #25,288
  • Sep 16, 2013 7:42am Sep 16, 2013 7:42am
Quoting KADC
Physical demand exceeds paper gold sell-off. http://wallstcheatsheet.com/stocks/i...tml/?a=viewall
Good points in here, thanks for posting KADC
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,289
  • Sep 16, 2013 7:44am Sep 16, 2013 7:44am
Quoting Greener
{quote} too late, we might see 1350 today...my view
Doubt the spot price is going to move + 40 Bucks on a meager news day.

As much as I would like to see 1350 it's just unlikely for today.

Unless some bombshell drops.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,290
  • Sep 16, 2013 8:03am Sep 16, 2013 8:03am
It seems most of the "selling pressure" is happening from part of Aussie end more so through Asia thru to London open.
Then when NY / LDN cross we seem to just be bobbing sideways instead of the larger swings in just the recent past weeks during this cross session.
3 day below....

We had a nice swing up back to appx 1330 last week and now it's all gone.
If the tender areas 1305/1310 can hold we should be going back up this week.

Yet again, 1300 goes, likely going to see a test towards the support @1275.

There is a Fed meeting tomorrow (don't think it's on the calendar) and there is the below tomorrow.

8:15am
USD

Treasury Sec Lew Speaks
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,291
  • Sep 16, 2013 8:07am Sep 16, 2013 8:07am
Quoting XTrade
.......
There is a Fed meeting tomorrow (don't think it's on the calendar) and there is the below tomorrow. 8:15am USD Treasury Sec Lew Speaks
Wednesday 200pm et is FOMC statement. That is what markets are waiting for.

BTW I think 1300 holds - for now.

Might even pop up to 1350 area, but then down below 1300 itself at some point.
  • #25,292
  • Sep 16, 2013 8:15am Sep 16, 2013 8:15am
Hey Greener if you got 1309 you've already doubled +



The losses are getting erased, at first look we were 15 something in the hole appx.

Now appx * market is moving faster than I am posting.

Nonetheless it is still odd to see this,
Gold in the red over 10 and look at the 5 day USDX!

Cable through to kiwi look good....

-----------------------------------------------

If 1300 holds we may easily see 1350 before all the fed news this week, yet surely that will have further affect on the price.
The buck is in trouble... But, we still never know what kind of sh!t and lies they will spew to take advantage of the markets.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,293
  • Sep 16, 2013 8:29am Sep 16, 2013 8:29am
Quoting rythmrig
Hi X Trader I certainly know Gold is manipulated ....just have to look at April this year and see over a two day period roughly a $200 plunge, this certainly is not true fundamentals. Also just have to look at 2008 when Gold was around $ 700 an ounce then we have a high of gold at $1920 three years later.
Just moving this post along so I don't forget to respond.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,294
  • Sep 16, 2013 8:31am Sep 16, 2013 8:31am
Quoting XTrade
Hey Greener if you got 1309 you've already doubled + The losses are getting erased, at first look we were 15 something in the hole appx. Now appx * market is moving faster than I am posting. Nonetheless it is still odd to see this, Gold in the red over 10 and look at the 5 day USDX! Cable through to kiwi look good.... ----------------------------------------------- If 1300 holds we may easily see 1350 before all the fed news this week, yet surely that will have further affect on the price. The buck is in trouble... But, we still never...
I agree on this picture Xtrade. I just couldn't see the downside everyone was waiting for. Price has been bouncing off 1305-7 area for a long time. That is the par value to me. I only see upside for now 1350 seems achievable in the short term. Especially considering FED adding uncertainty to the big picture. Yesterday night Gold was able to touch 1335 which bodes very well in my view.
  • #25,295
  • Sep 16, 2013 8:35am Sep 16, 2013 8:35am
Quoting XTrade
....... The buck is in trouble... But, we still never know what kind of sh!t and lies they will spew to take advantage of the markets.
Where is the U.S. dollar headed as we approach the next FOMC meeting?

"To prepare the U.S. dollar for a hawkish Fed or even tapering, the U.S. dollar needs to drop."

http://www.futuresmag.com/2013/09/11...L&_LID=1197616
  • #25,296
  • Sep 16, 2013 8:36am Sep 16, 2013 8:36am
Quoting Greener
{quote} I agree on this picture Xtrade. I just couldn't see the downside everyone was waiting for. Price has been bouncing off 1305-7 area for a long time. That is the par value to me. I only see upside for now 1350 seems achievable in the short term. Especially considering FED adding uncertainty to the big picture. Yesterday night Gold was able to touch 1335 which bodes very well in my view.
It looked good on the open then fell apart and the losses began,

Yet, perhaps a test of the aforementioned 1310 (+ /- 5 bucks ) area needed a bit of a test before further recognition.
Furthermore, I want the price around here for a day or two and would love to see the Fed admit part of it's money printing and ultra low interest rate failures.


This would likely be the propelling agent along with some technical buying to push up the potential INVS / HS to neckline if my gauges l lines are indeed close enough.

Here's the last chart from the Aussie open.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,297
  • Sep 16, 2013 8:40am Sep 16, 2013 8:40am
If the FED indeed does bomb the USD, further gains will persist in other countries currencies only making it cheaper for them to buy Gold/ Silver in USD.
Likely resulting in large demand, waning supply and a pumped up fair price for the physical and futures markets.

I also believe in the next few years, Silver will reclaim it's "claim to fame" at 50+ /// only problem I have with this scenario is either too soon too fast,
and as always the fundamental view of silver as still a widely use full and USED PM for industrial applications.

There would either need to be a substitute base metal alloy, a silver alloy, or any other such metal combo to take the place of pure silver or even sterling, for silver to gain further investment grade opportunity as Gold has.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,298
  • Sep 16, 2013 9:08am Sep 16, 2013 9:08am
I am now doubled as well for the day. A decent close and I'm leaving it on.

Nice boost on the H1. Looks like the 1310 support area has been tested and rejected a breach.

--------------------------------------------------------------------------------------------------------------------


On some upcoming charts, I will show some of the technical reasoning I believe the fibo and just retracement (in general) fibos from either origin of:
1920- to 1180 pull
or
1550 to 1180 pull
Was not fully steamed and is not complete yet.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,299
  • Edited 5:30pm Sep 16, 2013 5:29pm | Edited 5:30pm
Prior daily RSI resistance turned support (red) gave way clearing the way to the rising support line (blue) indicating gold has further to fall before returning upwards.

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Hourly RSI support held but is capped by descending resistance and price is within a descending fractal channel.

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Fundamentally, the FED changing from goals that have yet to be met before easing can be tapered to a specific date would be inconsistent and reducing the only influx of liquidity would be destabilizing and therefore I think it's unlikely given the current economic situation in the US. Also, the US debt ceiling is once again an issue which, in a sane world, should see money flowing away from US$, at least a part of which goes into precious metals. Finally, and most significantly, physical gold demand continues to outpace the available (and imaginary) supply putting the Goldman Sachs and the central banks of the Western world desire to push metal prices down at loggerheads with the growing wealth of the BRIC nations and their desire to buy. All these factors favour rising precious metal prices.

Note, however, that I base my trades strictly on the technicals as reality and fundamentals increasingly seem to align only by coincidence as money continues concentrate with those who have both the ability and the will to manipulate the system.

I plan to exit all my non-investment trading positions before Wednesday and allow the market to stabilize after what will no doubt be a volatile trading session Wednesday when institutional autotrading software will lock onto every word from the FOMC transcript with a "sell the rumour" bias until humans can parse the information and intervene by injecting the preferred bias of the institutions they represent.
You can always make money tomorrow provided you don't lose it today.
  • #25,300
  • Sep 17, 2013 12:02am Sep 17, 2013 12:02am
stating the obvious ....?
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