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

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

#51,721
Aug 3, 2019 9:00pm Aug 3, 2019 9:00pm

EF5
Joined Oct 2013 | Status: Trader | 872 Posts

Looks like we're poised for a gap up in gold at the open. Risk off weekend so far, but I'm not clear why other than maybe follow through from Friday. Here's how the DJIA is looking:

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Self-sufficiency is the greatest of all wealth. - Epicurus

#51,722
Aug 3, 2019 10:00pm Aug 3, 2019 10:00pm

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

Quoting Ef5

Disliked

Looks like we're poised for a gap up in gold at the open. Risk off weekend so far, but I'm not clear why other than maybe follow through from Friday. Here's how the DJIA is looking: {image}

Ignored

Lols. Let it Gap up or track higher.....if it does will look to build small positions looking to the downside.
Most of this rally is politically fuelled......
Depending on the open and first few sessions of the week......will probably use the breakout channel range as possible range for next couple of weeks/months given this yo-yo like behaviour we are witnessing....... will my post weekly forecast(levels of interest) before market opens.....think it's safe to say one tweet can change the narrative very quickly....

Happy Sunday.......

4&1 All Time Profit: $37,496

#51,723
Aug 4, 2019 10:56am Aug 4, 2019 10:56am

EF5
Joined Oct 2013 | Status: Trader | 872 Posts

Looks like the gap will be smaller. I'm not surprised it came back given it wasn't really news driven in the first place.

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Self-sufficiency is the greatest of all wealth. - Epicurus

#51,724
Aug 4, 2019 3:30pm Aug 4, 2019 3:30pm

KeenPips
Joined Dec 2015 | Status: Trader | 8,751 Posts

Here's a top-down technical perspective on XAUUSD.

Technicals on the weekly time frame suggest that the market is still disposed positively. However, price action is still ranging as the market tackles the multi-year horizontal resistance around the 1430/50 area. The ‘wicky’ candlesticks recently printed suggest a market lacking in long-term directional momentum. But the 1400/1450 zone (bound by magenta horizontal lines) presents a significantly tradeable zone for both bulls and bears in the short term.

Price action on the daily time frame is within a rising wedge pattern (blue). A significantly bullish candlestick was printed last week Thursday but there was little follow-through on Friday. Nevertheless, the technicals still favour some bullish move.

The order flow context on the H4 time frame gives a slight edge to bulls but bears are still influential. Presently, price action is located about 85 pips below the 1450 horizontal resistance. Given that price action is within a rising wedge (blue) seen on the daily time frame, the 1450 area and the wedge resistance trendline can be influential as barriers to bullish momentum. In this context, as a ‘wicky’ top printed in the area in the recent past led to a zone rejection, a significant bearish print in the area in the early part of this week may lead to a southward pullback.

I may be wrong. Trade safe and prosper.

KP

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Do your homework, follow the footprints of smart money

#51,725
Aug 4, 2019 11:44pm Aug 4, 2019 11:44pm

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

Quoting MzansiObi

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Lol, so much drama here..... Morning guys and gals....... Fundies right around..... levels wise....its more advisable to stick to basics, and try and make sense of the storm.... Some calculations may give false readings due to irrate/wild movements post Trump tweet......enough said...... Looking at the following levels; To the upside; last month's high becomes area of interest Anything near that handle will be ripe for the picking to go lower..... Key support at 1425 1429 1433 Resistance 1443 1449 1451.8 As such will look: Pending buy order 1424.46...

Ignored

Morning traders....
New week...plenty of opportunities...
Sell order filled.....
Stay green

4&1 All Time Profit: $37,496

#51,726
Aug 5, 2019 12:03am Aug 5, 2019 12:03am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

just a thought......
We saw the highest weekly close for the year after price went to that key psychological support area at 1400.
This means we can mark the area as major support going forward.......
should price break and close 1452,3 the next line in the sad on the weekly becomes 1486.2.

Key support and resistance areas for the WEEK.....

To the topside
1501,9
1486.2
1453

Downside
1419(has played massive role this past month)
1411
1405.

As the days go on...more levels for intraday will present us with intraday levels for some opportunities....
Trade safe and strong....

4&1 All Time Profit: $37,496

#51,727
Aug 5, 2019 12:14am Aug 5, 2019 12:14am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

https://www.metalsmine.com/news/9383...s#post12421149

Just FYI.......we may see more spikes etc.......
Position size and entry levels become very NB this weekme thinks ......

4&1 All Time Profit: $37,496

#51,728
Aug 5, 2019 12:23am Aug 5, 2019 12:23am

Ayax.TSS
Joined Apr 2019 | Status: Trader | 3,132 Posts

#GOLD / H4 / Three Ideas

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#51,729
Aug 5, 2019 1:34am Aug 5, 2019 1:34am

mohsinali
Joined Nov 2015 | Status: Be consistent | 754 Posts

Finally break the range towards 1490....???

Trade fearless not careless...

Syed Mohsin Ali Profit This Month: -803

#51,730
Aug 5, 2019 1:39am Aug 5, 2019 1:39am

Ayax.TSS
Joined Apr 2019 | Status: Trader | 3,132 Posts

#SILVER / H4

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#51,731
Aug 5, 2019 2:38am Aug 5, 2019 2:38am

MisterSpread
| Joined Aug 2012 | Status: Trader, baker, candlestick maker! | 728 Posts

Quoting mohsinali

Disliked

Finally break the range towards 1490....???

Ignored

Major monthly resistance for Fibo Retracement at 1480, I will start building my short positions there if I dont see a clear breakout above that level, but until them I'm also buying in cascade based on what Ichimoku and Fibo shows me

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Cheers and green pips,

TG

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#51,732
Aug 5, 2019 2:59am Aug 5, 2019 2:59am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

Quoting MisterSpread

Disliked

{quote} Major monthly resistance for Fibo Retracement at 1480, I will start building my short positions there if I dont see a clear breakout above that level, but until them I'm also buying in cascade based on what Ichimoku and Fibo shows me . Cheers and green pips, TG {image}

Ignored

Makes sense brother.......

4&1 All Time Profit: $37,496

#51,733
Aug 5, 2019 3:01am Aug 5, 2019 3:01am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

Quoting mohsinali

Disliked

Finally break the range towards 1490....???

Ignored

Very doable considering the political climate......
Will scale down on position size in terms of shorts at clear resistance levels.....buy further upside can't be filled out

4&1 All Time Profit: $37,496

#51,734
Aug 5, 2019 5:50am Aug 5, 2019 5:50am

jinsen
| Joined Jan 2009 | Status: SNIPER | 289 Posts

Quoting jinsen

Disliked

In the event that there is a rate cut, is it possible price would reach 1450? What would be the next support level? If no rate cut, 1380 or 1400 would be ideal support? Dizzy

Ignored

Technically, price did come close to 1400. But didn't like that it stay for a short period. Now that it reach pass 1450 level. Wait for it to retrace 1450 before buy? If usa session follow, it will sky rocket. Whipsaw coming.. I think I stay out. Don't know how to trade now..

#51,735
Aug 5, 2019 5:55am Aug 5, 2019 5:55am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

The bull run is still pushing strong....
1462 breaks next taget 1470....
My stops may get taken out.......
Will reavaluate should that happen.
Buy hedge from 1409.62 cushioning the DD somewhat.....

4&1 All Time Profit: $37,496

#51,736
Aug 5, 2019 6:24am Aug 5, 2019 6:24am

jinsen
| Joined Jan 2009 | Status: SNIPER | 289 Posts

Quoting MzansiObi

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The bull run is still pushing strong.... 1462 breaks next taget 1470.... My stops may get taken out....... Will reavaluate should that happen. Buy hedge from 1409.62 cushioning the DD somewhat.....

Ignored

Is your buy hedge your long term trend.? Just curious.

#51,737
Aug 5, 2019 7:03am Aug 5, 2019 7:03am

aariapoor
Joined Jun 2016 | Status: Forexian | 316 Posts

This structure eventually should go down, I'm looking for sell only

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We can't control the sea, but we can learn how to surf the waves.

#51,738
Aug 5, 2019 7:37am Aug 5, 2019 7:37am

MzansiObi
Joined Feb 2016 | Status: Full Time Trader. | 5,429 Posts

Quoting jinsen

Disliked

{quote} Is your buy hedge your long term trend.? Just curious.

Ignored

Not particularly that buy trade from lowwer handles was merely a buy trade that I have removed some profit from and now.am merely using it as.a cushion for short selling attempts to try minimise losses/keep Drawdown in check.......