XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 2569 | Crypto Craft

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

  • #51,361
  • Jul 24, 2019 7:52am Jul 24, 2019 7:52am
Quoting EventsTrader
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{image} Gold & Euro{image} Gold & Swiss Franc{image} Gold & British Pound{image} Gold & Canadian Dollar{image} Gold & Aussie Dollar{image}...
Nice Post
  • #51,362
  • Jul 24, 2019 7:53am Jul 24, 2019 7:53am
Quoting laudenny
{quote} any one here .. very silent now
Hahahahah. Still here bud.....

Looking at the charts periodically I am short and stops just above 1431......
There's a level that's creeped up as immediate support.
That 1418/19 handle as per the previous week's.....let's see what the market does.
But bears need to get back below that handle again.
Some DD at the moment......
4&1 All Time Profit: $37,496
  • #51,363
  • Jul 24, 2019 8:02am Jul 24, 2019 8:02am
Quoting Ra7
{quote} If you don't mind me asking where do you get this info from? and what do you think this will mean for Gold?
Hello,

Most of my sources are invite only access sources. Like for example https://www.wellsfargoresearch.com.

The interest rate chart is from a public CME group webpage: https://www.cmegroup.com/trading/int...n-to-fomc.html

For instant market information (when someone says something), it's best to have a hiqh quality instant market feed service, but most of these services are usually invite only access... however, you can always follow this account and get updates https://twitter.com/LiveSquawk. Or you can follow the news feed on Forex Factory. The data comes in maybe a minute late on both sources, but that doesn't really matter.

Also if you believe it'll do you good, Bloomberg Terminal is also a great option for getting market updates.

For my last post, all the sources used were publicly available, the quote was both on https://twitter.com/LiveSquawk and ForexFactory news,and the CME FED watch tool is public. My analysis was written only based on these sources for my last post. I will continue to share my analysis of these events and quotes on this forum and try to explain them as good as i can.

Also, whenever you read a quote, it's good to search online (or in your market feed terminal) to get the context for the quote... you can't do an analysis without context.

As for gold, this doesn't have a very high impact on gold itself, however, talking about XAU/USD, a stronger USD means a drop in the price of gold (when quoted in USD).

As you can see from the XAU/USD chart, gold price has dropped since this news was released. I would not enter a short yet, as the PMI data might surprise us when it comes. My reccomendation is to wait for the PMI data and if that comes in stronger then expected, then consider a short. Also be vary of the technical aspects of the chart.
Through the light of enlightenment, darkness unveils the path of truth.
  • #51,364
  • Jul 24, 2019 8:04am Jul 24, 2019 8:04am
Haven't played pingpong with this thing in a while.....may begin buying dips and selling rallies soon.....
Maybe buy around 1422.87 and sell anything near 1429/30.....
But smaller time frames beginning to also point down now. So still patient.
4&1 All Time Profit: $37,496
  • #51,365
  • Jul 24, 2019 8:10am Jul 24, 2019 8:10am
Quoting MzansiObi
Haven't played pingpong with this thing in a while.....may begin buying dips and selling rallies soon..... Maybe buy around 1422.87 and sell anything near 1429/30..... But smaller time frames beginning to also point down now. So still patient.
maybe can break 1430
  • #51,366
  • Jul 24, 2019 8:29am Jul 24, 2019 8:29am
Break above 1431 may target it to 1450... Will be entering long after the break.
Markets are Irrational
  • #51,367
  • Jul 24, 2019 8:58am Jul 24, 2019 8:58am
maybe 1450 or 1460 today? ish
  • #51,368
  • Jul 24, 2019 9:23am Jul 24, 2019 9:23am
Quoting MzansiObi
Haven't played pingpong with this thing in a while.....may begin buying dips and selling rallies soon..... Maybe buy around 1422.87 and sell anything near 1429/30..... But smaller time frames beginning to also point down now. So still patient.
My feelings exactly....but with what little ping pong I have been playing, I have been missing everytime. I think I need to sit out a while. I am missing EVERYTHING.
If in doubt, paddle out!
  • #51,369
  • Jul 24, 2019 9:33am Jul 24, 2019 9:33am
Quoting SurfsUp
{quote} My feelings exactly....but with what little ping pong I have been playing, I have been missing everytime. I think I need to sit out a while. I am missing EVERYTHING.
Just a patience thing and looking for specific levels surfs.......There's enough vola for both sides of the pendulum......
4&1 All Time Profit: $37,496
  • #51,370
  • Jul 24, 2019 9:35am Jul 24, 2019 9:35am
Quoting MzansiObi
Haven't played pingpong with this thing in a while.....may begin buying dips and selling rallies soon..... Maybe buy around 1422.87 and sell anything near 1429/30..... But smaller time frames beginning to also point down now. So still patient.
It's looking risk playing ping pong to me. However I am keeping my short and hoping current h4 candle will create downward signal and so price may go down till 1415 at least.
P.S. Trade with the discipline of Money Management and Risk Management.
  • #51,371
  • Jul 24, 2019 9:36am Jul 24, 2019 9:36am
Quoting laudenny
{quote} maybe can break 1430
Maybe....but looking at things for now, the level is being rejected heavily, but so long as 1418 is intraday support Bulls have a it of an upperhand....But 4h seems to be building a bearish flag now...lets wait it out...
4&1 All Time Profit: $37,496
  • #51,372
  • Jul 24, 2019 9:44am Jul 24, 2019 9:44am
Quoting farukh
{quote} It's looking risk playing ping pong to me. However I am keeping my short and hoping current h4 candle will create downward signal and so price may go down till 1415 at least.
M15 has buy around 1422.99
H1 also has a buy around 1423.75...

Pingpong entails getting in and out quickly though....the sell levels are pretty much visible.....
4&1 All Time Profit: $37,496
  • #51,373
  • Jul 24, 2019 9:57am Jul 24, 2019 9:57am
Quoting MzansiObi
{quote} M15 has buy around 1422.99 H1 also has a buy around 1423.75... Pingpong entails getting in and out quickly though....the sell levels are pretty much visible.....
Buys at 1423.34. Joining you in the pong enjoyment.
If in doubt, paddle out!
  • #51,374
  • Jul 24, 2019 10:01am Jul 24, 2019 10:01am
me too short gold small to make just 170 pips and 40pips sl as you can see the chart bellow.
Attached Image (click to enlarge)
Click to Enlarge Name: GOLDH1 ade wave.png Size: 32 KB
bakare
  • #51,375
  • Jul 24, 2019 10:03am Jul 24, 2019 10:03am
Quoting SurfsUp
{quote} Buys at 1423.34. Joining you in the pong enjoyment.
Nice! Take partial profits and run risk free now
4&1 All Time Profit: $37,496
  • #51,376
  • Jul 24, 2019 10:08am Jul 24, 2019 10:08am
Out at BE...

Will load another buy around 1422.87.
Quickly in and out...
4&1 All Time Profit: $37,496
  • #51,377
  • Jul 24, 2019 10:12am Jul 24, 2019 10:12am
Quoting MzansiObi
Out at BE... Will load another buy around 1422.87. Quickly in and out...
Did the same thing. Planning another buy. Didn't close out soon enough though. Had some higher profit potential.
If in doubt, paddle out!
  • #51,378
  • Jul 24, 2019 10:20am Jul 24, 2019 10:20am
Quoting SurfsUp
{quote} My feelings exactly....but with what little ping pong I have been playing, I have been missing everytime. I think I need to sit out a while. I am missing EVERYTHING.
If you believe its ping pong. Play small and average out the trade. If it gone real bad. Closed out few trade and see how the market move
  • #51,379
  • Jul 24, 2019 10:28am Jul 24, 2019 10:28am
Quoting jinsen
{quote} If you believe its ping pong. Play small and average out the trade. If it gone real bad. Closed out few trade and see how the market move
Thanks for the advice. Still learning this trade. Have had some spots of good results, but on the whole - need some work.
If in doubt, paddle out!
  • #51,380
  • Jul 24, 2019 11:01am Jul 24, 2019 11:01am
Quoting SurfsUp
{quote} Did the same thing. Planning another buy. Didn't close out soon enough though. Had some higher profit potential.
So long as you see it and realise where price may react in a certain manner. I'm still holding my overall net short positions.......
The daily support is slowly squeezing up towards resistance........will we wedge lower or continue testing highs?!?!
4&1 All Time Profit: $37,496
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