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

Gold may touch 1392 in this impulse wave but I will be splitting up the lot size to two positions i.e. one now and one later near 1390 Target 1305

closed manually at 1243.3, Its way too stagnant. Not moving up or down. Now I am expecting the breakout above 1245.5. If it happens, I will place the buy positions at the replacements.

Although I've been bearish for years I know when not to fight the (current) trend - which has been bullish for awhile.

Bull moves love bearish sentiment and those who are forever trying to call tops - and vice versa bear moves with bullish sentiment trying to call bottoms.

gold is starts go down and i guess break point 1335 so be careful...

Wait for the daily candle (20th February) to close the trade accordingly

Hedge Funds Coming Off Record Short Could Boost This Gold Rally
https://www.bloomberg.com/news/artic...his-gold-rally

Gold’s rally could have further to run if hedge fund managers ramp up bullish bets after last year’s extended big short.
The metal soared to a 10-month high of $1,346.80 an ounce on Wednesday as a mounting chorus warn of an imminent slowdown in global growth -- yet, the fast money has largely missed this uptrend.
On the heels of their record short, money managers remain only modestly allocated to the metal, according to futures positioning data from the end of January, delayed by the recent U.S. government shutdown.

“Despite a more positive attitude, investors have not piled into gold, aggressively chasing the market,” Joni Teves, a strategist at UBS Group AG wrote in a note. “Reluctance lingers, and the risk is that with many market participants waiting to buy dips, there could be a lot of catching up to do if positive catalysts extend.”
Heavyweight commodity analysts like those at Societe Generale SA have recommended buying both gold and miners this year, saying the metal should “break free” in 2019 amid a scarcity of havens. A dovish Federal Reserve and central-bank buying are also providing bulls with fodder.
Last year the bears ran wild, as hedge funds and other large speculators built up the biggest-ever net-short position in gold futures and options, according to U.S. Commodity Futures Trading Commission figures going back to 2006. They were betting that gold would remain under pressure as investors favored the dollar as a haven asset during the U.S.-China trade war.
Not everyone believes the fast money has a reason to go all-in just yet.
“You get a reverse snowball effect in gold rallies, the higher it goes, the more it attracts fund money,” said David Govett, head of precious metals trading at Marex Spectron Group in London. “But overall, the stock market is firm, and I doubt the dollar comes back that much more, so I think the upside is limited on this move.”

In other words, this rally wasn't supported by hedge funds......
Too bad we still don't have the latest COT data due to gov shutdown.

1243?? I think there is a typo error.

He is a dreamer...

Gold and silver all the way in 2019. No more rate hikes in USA, with Equities becoming expensive again. I know where I'd put my limited monies, precious metals.

I cleared all my shorts. BE acheived. planning long move soon till 1360 target

Maybe a bit to early? I dont think that the correction is over.

Correction may go till last consolidation area 1315-1320

DXY looks a little strong at the moment, I think correction have a chance to go to 1300-1310 region. Just my two cents. Would be looking for buys from 1300-1310.

Here are H1 level support and resistances.

yes mate, its typo. Dont know some how in my brain the order of gold is still 1200

Apologies for typo team.... it should be. 1343.3 and 1345.5 respectively.

XAUUSD 4H Chart:
I have a valid Long entry on a 4H chart:
[Short Correction or Long Reversal]?
Price taken down to MLY Open and a Higher Low.
TP $1351 SL $1322.30
Cheers, U2

XAUUSD 8H Chart:
Buyers holding the line below $1326?
Uptrend resuming?
Cheers, U2