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

  • #1,501
  • Oct 12, 2010 9:02am Oct 12, 2010 9:02am
Hourly candle closed down below 21-EMA with 21-EMA below 50-SMA. Good setup forming now! Still have to take out $1,340.00 though, before any major down side will be seen.

-SilverKnight
  • #1,502
  • Oct 12, 2010 9:12am Oct 12, 2010 9:12am
Quoting SilverKnight
Hourly candle closed down below 21-EMA with 21-EMA below 50-SMA. Good setup forming now! Still have to take out $1,340.00 though, before any major down side will be seen.

-SilverKnight
USD is prominently strengthening. Kitco.com suggests a good portion are selling Gold as well.
  • #1,503
  • Oct 12, 2010 9:14am Oct 12, 2010 9:14am
DOW -65 now.

-SilverKnight
  • #1,504
  • Oct 12, 2010 9:22am Oct 12, 2010 9:22am
We just kissed $1,350.00 goodbye!

-SilverKnight
  • #1,505
  • Oct 12, 2010 9:26am Oct 12, 2010 9:26am
Dollar index looks like it is about to stage a major reversal. High volume, low spread down days, with 21-RSI about to break down trend highs.

-SilverKnight
  • #1,506
  • Oct 12, 2010 9:30am Oct 12, 2010 9:30am
Quoting SilverKnight
We just kissed $1,350.00 goodbye!

-SilverKnight
Amen to that brother! I just added 10oz to my selling power. Lets see what happens in an hour. Thanks alot for providing thorough detailed info. My winnings is attributed to your knowledge.
  • #1,507
  • Oct 12, 2010 9:33am Oct 12, 2010 9:33am
Quoting jacob_ice
Amen to that brother! I just added 10oz to my selling power. Lets see what happens in an hour. Thanks alot for providing thorough detailed info. My winnings is attributed to your knowledge.
No problem... ... do watch $1,340.00 for taking profit though... that still might support. What I'd like to see is a clean mark down straight through $1,340.00 and an hourly close below that to confirm the bearish trade to $1,320/$1,300.

-SilverKnight
  • #1,508
  • Oct 12, 2010 9:37am Oct 12, 2010 9:37am
Quoting SilverKnight
No problem... ... do watch $1,340.00 for taking profit though... that still might support. What I'd like to see is a clean mark down straight through $1,340.00 and an hourly close below that to confirm the bearish trade to $1,320/$1,300.

-SilverKnight
I set my target at 1341.5 just like yesterday. Testing which tendency is leaning strongly towards. Playing it safe to ensure I stay with the trend flow. What's your entry, target, sl?
  • #1,509
  • Oct 12, 2010 9:46am Oct 12, 2010 9:46am
[quote=jacob_ice;4090436]
Quoting Bootleger

So you were multiplying your losses I assumed. Exactly what I did :-(. What a trap bait I kept being pulled in till SL kicked in to save my deposit. Hey, Gold just took a dip while I'm composing this. Man...missed entry at 1350.
No was just happy to see the price going down
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,510
  • Oct 12, 2010 9:56am Oct 12, 2010 9:56am
Quoting jacob_ice
I set my target at 1341.5 just like yesterday. Testing which tendency is leaning strongly towards. Playing it safe to ensure I stay with the trend flow. What's your entry, target, sl?
I'm holding on to my original entry at $1,344.00 from Friday. My SL is above the previous hourly highs and my target is at $1,304.00.

Cheers,

-SilverKnight
  • #1,511
  • Oct 12, 2010 9:59am Oct 12, 2010 9:59am
Looking at the economic calendar, it seems as though the Fed's meeting minutes which should be released later today, might provide some impetus for more movement. That could be what the market is waiting on.

DOW getting a lift now, -28.

-SilverKnight
  • #1,512
  • Oct 12, 2010 10:15am Oct 12, 2010 10:15am
Whatever stimulation may occur, it hopefully turns to our favor. I can't wait to see more greens today. Keeping my finger cross. 1350 for now has become a major resistance. I'd like to see Gold breaches support 1340 if all possible before US closes in 6 hours.
  • #1,513
  • Oct 12, 2010 10:45am Oct 12, 2010 10:45am
Quoting jacob_ice
Whatever stimulation may occur, it hopefully turns to our favor. I can't wait to see more greens today. Keeping my finger cross. 1350 for now has become a major resistance. I'd like to see Gold breaches support 1340 if all possible before US closes in 6 hours.

Hold tight for now mate, I'm sure we will see more down side soon. Things are lining up.

Cheers,
-SilverKnight
  • #1,514
  • Oct 12, 2010 11:07am Oct 12, 2010 11:07am
Quoting SilverKnight
Hold tight for now mate, I'm sure we will see more down side soon. Things are lining up.

Cheers,
-SilverKnight
Thanks for the encouragement. I see bearish movement formulating steadily. Gold is bound to slide.
  • #1,515
  • Oct 12, 2010 11:11am Oct 12, 2010 11:11am
Here is an update on what I see.

-SilverKnight


Attached Image (click to enlarge)
Click to Enlarge Name: Gold 12-10-10 - 2nd.gif Size: 46 KB
  • #1,516
  • Edited 1:14pm Oct 12, 2010 11:15am | Edited 1:14pm
Gold is ranging for me right now, between 1340 and 1355 and has the support at 1340-1341, if gets under that support maybe we will see a dip, i am hoping for a large drop, under 1300 to enter hard again for longer time this time (5-6months).
  • #1,517
  • Oct 12, 2010 11:22am Oct 12, 2010 11:22am
In sync with your comprehension on Gold market. I'll be more than happy to see Gold touches 1341 or 1342. Wish Gold could range 1340-1350 permanently so everybody can profit from it. No losses just wins from being patience.
  • #1,518
  • Oct 12, 2010 12:01pm Oct 12, 2010 12:01pm
Another hourly close below the 21-EMA, wicks to the upside. 21-EMA clearly below 50-SMA now, with 100-SMA going flat.

Hold tight mates!

-SilverKnight
  • #1,519
  • Oct 12, 2010 12:11pm Oct 12, 2010 12:11pm
Getting a bit of a breakdown ahead of the Fed's minutes release.

-SilverKnight
  • #1,520
  • Oct 12, 2010 12:15pm Oct 12, 2010 12:15pm
Yeap. Sure did. 1346 could no longer contain the drop officially as of 5 minutes ago.
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