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

Coming back to the gold market....

Last three big moves were un-retraced, do you think this is sustainable?
Shouldn't we see a nice pullback to consolidate before heading higher?

At this very moment i'm short with very little size.

Timeframe?

beeb

EDIT - GC 60 stair stepping

http://www.screencast.com/t/oyypkeF3Xp0u

exactly,
good chart. that is the unretraced moves i was talking about. kind of stair steps.

my tf = 240M

QE forever is long-term bullish for gold, but there will be corrections, consolidations, and shakeouts...

Slightly more sophisticated view of GC 240 that I've been showing for a month or so....

Note the almost perfect ML resistance:

http://www.screencast.com/t/fdvMGbo8

beeb

Hmmmm...

http://i49.tinypic.com/2zzro84.jpg

i bought some more XAU/eur... aprox 1 hour ago...

There is the 38.2% retracement of the last move I was waiting for (a couple hours ago, but I was sleeping).

Maybe it will behave like the previous "step" and retest $1780 then back to $1757 before hitting the February high of $1801, or maybe it will meander sideways up to $1801. Either way, once we hit $1801 we should (I hope) see a proper correction, possibly all the way back to $1650 (the 200 DMA) or $1638 which is both the 62.8% Fibonacci and a zone of massive support.

Just to remind you of a free forks webinar today at midday ET given by Paul Coghlan - very much worth it if you are interested in this methodology.....

http://www.coghlancapital.com/node/4231

Usual disclaimer - I am a subscriber to his service but have no financial interest etc etc.....

beeb

This spike down to $1753 ($1338 in Euros, the 23.8% Fibonacci from the July low on the Euro gold chart) is a fine example of why I don't generally use stops (at least not tight ones). I know we had this same discussion here a few months ago, but I just had a momentary fear that I'd sold my position for no reason when an alert I set went off and I was instantly grateful that I didn't have a stop in place.

(Let's not rehash the old "you have to use stops, you fool" argument. I'm not recommending ditching stops for anyone else, but for my personal trading method I calculated that stops that weren't so broad that they never triggered anyway cost me literally nine times more than they saved me last year and since I reduced my reliance on them my profits are much better.)

Anyway, what I wanted to ask was, when I realized where this spike ended, it occurred to me that I should start planning my entry and exit points based on the Euro gold chart for the European session and limit my USD chart strategy for the North American session and I was wondering if anyone else does this.

well i bought some more XAU/eur @ 1.340.87... it might be good to not use stops,...but i am not one of those, rather i see let it be hit, then i reenter... guys i will not give any advice how to trade gold...as long as it suits you.... but i see nice set up to go up... so i might buy last time...

That was exactly my thinking with regard to where I use to place my stops, but more often than not they would trigger at times that I wouldn't be able to take advantage of the better price, ultimately forcing me to re-enter my positions at worse price points in addition to whatever loss the stop caused.

Now I set my stops at key reversal points where I'd rather get out and wait for trend confirmation.

ok. now its enough....i hold enough gold

If you wonder what happened to gold:

"Oil was ‘banged at the close’ today. Gold and Silver were paper-raided in the access market after COMEX close.

Between low/no volume, the action has the fingerprints all over it of ‘spoof’ trading in an attempt to cap the rise of hard commodities and apply field dressings to the wounded US Dollar. Of course the ‘invisible hand’ had nothing to do with it, and the regulators don’t see anything amiss (the ‘new normal’ being rigged and manipulated markets with the sanction of Central Planners).

So, there is no ‘mystery’… this is the smell of fear. Fear of losing control of the Ponzi scheme.

CIGA Richard"
http://www.jsmineset.com/

4H chart still has some up room,...so i still hold the longs,...its stupid to close them right now, because even if it goes back (like it did, small chop, chop 5 minutes ago) it aint enought time to get better price, so i hold.

lets see where this baby finishes,...If Spain will sell bonds to ECB, then this thing will rocket to the sky... i hope...and/or it will be time to close & sold it... till then

Interesting article

http://www.zerohedge.com/news/qe-lessons-fiat-grows-trees-gold-does-not

D'you think that gold market is heavily affected by what happens in Spain?
I mean, of course everything is connected nowadays, but still...

6 months correlation btween GLD & SLV : 0.85

Why USD index is up so gold is also up, please??

Don't rely too much on correlations...

They work until they don't work....

Read the thread

beeb

(Reuters) - Gold prices recovered earlier losses on Tuesday after a Federal Reserve official said the bank is "running flat out" in its efforts to boost the economy after last week's announcement of a third round of quantitative easing measures.