The chart in question is showing a trend line the daily silver charts which has served many times as support and resistance. To expand on your comment though, there are a lot of charts being posted that could benefit from more commentary from the ...

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

Scalping-wise, I'm tempted to agree and have twice almost placed small "grocery money" shorts at $1706 to exit at $1701; however, I would not go short if we break above $1707 as that looks to me to be the "line in the sand" on shorter-term charts ...

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

I'm tentatively going to repeat the process if gold returns to $1702.50-ish (your lower dotted line) for another $5-$10 scalp if I get RSI confirmation. Alternately, I may ride it down from probably $1707.50-ish and hold it a bit longer as the ...

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

On the 8 hour US spot gold chart, RSI bottomed when the price was rejected from the 38.2% retracement (purple line) of the May/October move. This is a nice parallel with the long-term bull channel (solid green, resistance and pivot lines shown) and ...

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

Gary Wagner does an excellent job explaining the current Eliot Wave for gold in the first 8 minutes of this video. url His technical analysis is usually very good and his "insider" information (finding out when the major players are buying and ...

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

The "news" is uncertainty over the resolution of the US fiscal cliff and the Japanese election. Money has been flowing into European and Asian markets where the uncertainty isn't at the forefront of the news. It's not sensible, but banks are still ...

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

Gold and silver rose in November whereas oil has been trading in a sideways range and oil was actually trading up when gold and silver started to fall. The only correlation between metals and oil is that they are all commodities which will react (to ...

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

Euro gold is at the halfway point from the May lows. It's below its 200 DMA and at August support. Obviously a fall from this point would not be good for the US gold price either. image I'm carrying only buy-and-hold metals (ETFs) at this point ...

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

Using US gold 8 hr chart for the sake of clarity, gold fell to the intersection of the 100 DMA (not shown on this chart), the pivot line of the descending channel, the support line of the ascending channel, and several Fibonacci (only the most ...

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

My lines are fractionally steeper than Beeb's but I'm not as concerned about precise entry points as I was when trying to predict the bottom of the correction. I'd mentioned to Beeb that something wasn't feeling right to me and I've finally figured ...

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

Do you have any longer-term forks you care to share with us? I'm scalped out and would like to examine my buy-and-hold portfolio.

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

Euro silver (below) hit the 38.2% retracement and is sitting at the 200 DMA. The support line it touched isn't one I have much conviction in and it's not near RSI support, but it has frequently reversed from the RSI 50 region before and needs ...

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

Euro gold (below) bounced off the long-term support and the 78.6% retracement. Note how the top resistance line served as support nearly a year ago when Euro gold was making new highs. image US gold (below), however, bounced off a near-term ...

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

I've got the same parallels on my chart but I've been focussing more on RSI lately with very good success; however, worrying about another $10 drop in gold after a drop of $40 from where I got out just seems more greedy than cautious at this point. ...

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

There was an actual computer error in September which took a full eight hours to rectify, but this kind of "error", if that's what it was, won't be fixed until, coincidentally, gold falls to a predetermined price. Regardless, all we can do is be as ...

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

BNN (Business News Network) said there is an investigation of a possible "computer error" at a major bank with regard to rolling over options. The tendency of the markets is to sell the rumour and buy the fact, so if this was caused by an "error" ...

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

Markets are falling across the board so gold could very well keep falling if this fall turns into a crash. There is always significant risk when trading which is why I recommend being overly cautious. It is better to miss an opportunity to make ...

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

I agree, but I'd like RSI confirmation. Then again, that's only a $10 range so perhaps I shouldn't be trying to squeeze every last dollar out of this move.

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

Silver certainly looks like expiry action but gold seems a little overdone. For gold, the 100 DMA, 38.2% Fibonacci, and rising support trend line are converging around the same area which is where I am putting my buy orders. I'm also watching the ...

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

Though I don't like using them for my futures trading, I'll be putting a stop at $1745(ish) and a re-order at $1735 before I end my trading today if gold doesn't break through $1750 by market close. Failing to break $1750 today would very likely put ...

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