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

That's a long (short) way away..... lots of pips!!!! Wishing the best

I get what what you are saying. The trend howevef, if you bet on the right one, can increase the chances for winning, the longer you are in trade and the wider your SL.is.... As for daily signals etc, would you be able to extract, correlate it from eurusd signals? If so, I have a thread where we do just that, with muh success, at least for.now, check my activity. Might do similar for gold, directly,.soon...

Need to look for the confirmation signs to check the validity of the marked TL. May be after early US session today it can be confirmed with some sort of reversal pattern.

So far downward trend line on h4 is working

Top of the morning traders....
Nothing much has changed.The Bearish engulfing daily bar on Friday from an area of resistance coupled with the the downward pointing RSI and order flow has brought us back towards support .....

The highlight at present is that the daily buy zone has creeped up higher.....from 1414(bought a couple at 1416) we may just see buyers get involved again...

The bearish divergence is even clearer now so if and when this thing drops it is going to drop hard.but we shouldnt expect it to happen in a blink....we ladder down with it....

On the hourly will look to sell close to 1419.06 and will keep adding more sell order all the way up to 1421.3...
There's also what seems to be a decent head and shoulders pattern formed on this chart and we have broken the neckline and looking at the range from the neckline to he head we may be in for a decent bearish run...but ofcourse we remain patient and bag those pips....

Still waiting on H4.....

Trade safe......

Gold is holding near its six-year high - TDS
23 July 2019, 10:26

Bart Melek, head of commodity strategy at TD Securities, suggests that despite signals coming from the Fed that a 50 bps rate cut is unlikely in July, ample risk appetite and still relatively firm US economic data, gold is holding near its six-year high.
Key Quotes

“Investors continue to position long in the yellow metal, as the world is increasingly awash in negatively yielding bonds (over $13 trillion), global economic fears continue to rage and there is a broad consensus that the Fed and other central banks will add monetary accommodation, which may include new QE programs.”

“The politically-driven appointment of Ms. Lagarde to replace Mr. Draghi as head of the ECB drove bond yields in southern and western European countries lower, and made many in the market believe that non-conventional monetary policy action from the ECB is likely.”

“This, along with speculation that the US Treasury Department may soon starting following a weak dollar policy is also playing a role in convincing traders that gold should do well into 2020. A potential currency war along with the Trump appointment of relatively dovish FOMC officials are additional reasons markets like gold, despite the recent headwinds.”

“But despite the fact that investors are increasingly struggling to find bonds which yield above zero, gold has not broken through the $1,380-$1,440 trading range. This is very likely due to a well performing high-risk corporate bond market and strong equities, which are increasing the opportunity cost to hold a zero-yielding perpetuity like gold. A well-diversified portfolio holding bonds, equities and high yield instruments still delivers very good returns, making gold (a zero yielding safe haven assets) still very expensive to hold in relative term. And, there is still limited insurance premium assigned to the yellow metal due to low market volatility.”

“Stable inflation and still decent US economic numbers are the key reasons why the US central bank is unlikely to convince traders that its time to go aggressively into simulative mode. For this reason we see gold averaging $1,400 of the balance of the year. Conversely, once equity correction risks and vols rise and as US data starts turning lower convincingly, low Fed rate expectations and insurance premiums should lift gold toward $1,500 in the final months of 2020.”

Marking 1424.7 as key level for bears.......we need to remain below this level for further bearish continuation sub 1400....but we know there will be hurdles along the way...
Stay green......

Roses are red
Violets are blue
Market so flat
Don't know what to do

1419.7 is perfect entry for long.

Hourly close above 1425.70 won't be good for bears intraday wise.....Have added on more short here stops at 1432.We may just be retesting the neckline of the head and shoulders pattern....Daily pivot is also more or less near that area.....so confluence of factors around the handle......lets see

Will it really go up? Hmmm...

Thanks for share, but that indi is repaint badly

Bad US data, and let them fly please..
Best prayers
May the force be with us

Bye guys... I must take my farewell from here...
It's been a nice Time with u guys..
But i must all the losses today

The bears will remain patient.....1411...first target

thats sad bro

I'm keeping a close eye on this because when we see a further shift towards 25bp, it's going to be bearish for gold as the USD will probably rise. This should happen before the FOMC meeting. It's still looking like GDP later this week might be a trigger if it comes in strong. Otherwise, will we go into the meeting with the markets this far apart on expectations? Not normal for a Fed meeting.

Good luck buddy

Not too long ago we had some discussion on currency correlation with gold. I decided to do some overlays to see which currency had the highest correlation. In case anybody is interested, here's how some major currencies correlate with gold since the beginning of the month. It looks like the yen has had the highest correlation recently. Gold and yen have actually been pretty highly correlated recently.

Gold & Yen

Gold & Euro

Gold & Swiss Franc

Gold & British Pound

Gold & Canadian Dollar

Gold & Aussie Dollar