That's an interesting observation. Ignoring for the moment that the article was written more than four hours after vaidas7777 posted, perhaps you can shed light on specifically why "gold is a good deal now", what "MN resistance" is, in what way this ...

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

Maybe. Maybe not. It rose to the 38.2% Fibonacci (from the $1755 leg down) which is frequently followed by a continuation of the current trend (down in this case) or at least a retest of the low. Also, though gold rose, it stopped rather than ...

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

The move up coincided with the AP announcement that they are close to a deal and Obama is set to speak at 1:30pm so I presume a deal has indeed been struck. We'll find out if this is what the metals have been waiting for in 20 minutes. Update: It ...

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

Bearing in mind that you should always rely on your own charts, I'm using the same general range as before though perhaps raising it a dollar on each end would be appropriate since we seem to be drifting higher in parallel to the blue/green forks on ...

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

Very clear forks, and happy New Year to you as well. The parallels I use have the centreline of your red fork going back to the Sep. 2011 high which seem to line up a little better but I'm using NetDania charts which have questionable accuracy ...

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

It's nice to see so many charts being posted. As to the question of whether or not gold and silver will drop further and when this correction will end, I ask what has changed in the markets to trigger the reversal? Usually, when any vehicle reaches ...

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

Here's an article with charts showing how the correlations between gold, US$, and S&P have changed recently. url

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

Ignore this post if you aren't using Interactive Brokers. Update: Clearing the Java cache (probably not necessary - should have used as last resort so as not to lose all my NetDania settings) and loading the settings from two days ago resolved the ...

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

In that they both act as risk-on "currencies", yes; however, gold is more prone to move against the direction of whatever the most "stable" currency is, and at the moment that's the Euro until the "US Fiscal Cliff" is "resolved". Metals also have a ...

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

If you plot both XAU/USD and EUR/JPY on the same chart, you will see they correlate only about half of the time over the past two years. Both the Euro and the Yen are considered risk-on trades so in theory both should correlate with gold. By pairing ...

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

You chart looks fine. In general, like with trend lines, Fibonacci are more "significant" when they have confluence, so just like when drawing trend lines, don't be afraid to fudge your Fibonacci a bit if it means you can get levels that coincides ...

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

That's the exact same time period. You cannot determine trend based two days of price movement.

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

That seems quite reasonable, particularly with $1630 being a major support level as well as the 61.8% retracement of the full May/October move.

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

So using a five-minute time scale you see gold rising $35 ...a point beyond the entire range of your chart? If this is working for you, then that's great, but I think you might be better served using charts with longer time scales to determine ...

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

I wrote previously gold bottomed on the 27th last year but it was actually the 28th. I apologise for that error. I'm still expecting the reversal on the 27 this year, however, as that is still the December gold and silver futures expiration date ...

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

I don't see gold rising $35 in the near term nor any reason to close my short at the moment. On what are you basing your analysis?

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

I post my thoughts about the market and my charts fairly regularly, as do many others, so if you're new to this forum you should read some of the older posts. For this specific position you don't have to go back very far. RSI on the five minute ...

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

I have an order to short Feb GC from $1662. In addition to the confluence I mentioned 3 posts ago, it is also the 50% retracement of the full move from May's low to October's high. Another equal step down would hit roughly $1620 though I don't have ...

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

Here's the link to part 2: url

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

I had $1635 as a target as well but moved it up to $1637.50 for Feb GC, just above Thursday's low. I may place a short at $1663ish, the confluence of the 38.2% retracement of the fall since Tuesday and the 61.8% retracement of Thursday's fall if ...

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