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

15M triangle seems about to be broken upwards.

short 1486.60

There is still room upside. We may see 1493-98 before further fall. Breakout of mentioned level will continue long.

reversed to long at 1486.35

reversed to short

We’ll open the daily chart XAGUSD from OANDA.

The #silver market is more bearish than bullish. And here's why.

1) This is an SB - sales pressure bar. It formed yesterday, November 5th. But what is important. It was an attempt to rise before SB. On October 31, a price increase began. But look at the volumes. They are exhausted. Weak activity was associated with a shortage of buyers above 18.0. Now we know this for sure.

2) These are local lows around 17.50. There was a large concentration of stop losses. The current price has already activated them. The balance of buyers and sellers has changed. Therefore, the rate of decline should decrease.

It seems to me that silver will continue the bearish trend, but at a more measured pace. We have a support zone below about 17.0. It formed in the twentieth of August, when the NS + DB pattern appeared on the chart. It already provided support. There is no clear arguments to claim that it will not act as support in the future. The first target for bears is 17.20.

Siver: past 12 weeks only one weekly close below 17.50

There's no reason I'd expect a weekly close below 17.50 this week.

Since price already broke below 17.50 today, and found good support at 17.38, and now follow through moving up well above 17.50...

I'd expect a run towards 18 next couple days. Long from 17.58 targeting 18.00

Edit: the corrective structure on the chart is based on a weekly bar that has established lower/upper levels of 17.50ish/18.50ish

So far so good. 1469 a super strong support, could get rejected at that zone.

How many of us are watching the XAUUSD 1480/82 horizontal support area? In the past few days, price action has teased the area a couple of times but each tease has been followed with a northward recoil. However, no bullish momentum has taken place. Is the area due for a bearish breakdown? I am watching!

Trade safe and prosper.

KP

The point in using the rules and guidelines of the AdeAfrica Wave Theory is to know where in the overall structure is the market right now, and what portion of that motion are they most likely to capture. Traders using waves are recognized by having their preferred wave pattern, their sweet spot so to speak, that frees them from having to keep a full account of the waves in all time frames.

We have a group of high-volume bars on fresh background.



Three red lines depict 3 bars with weak closes (far frow highs). They appeared around Resistance Line A. If those high activity (seen by spikes of volume) was represented by strong bulls, why did line A hold without breakout? This is a bearish indication (hidden weakness, professionals build their shorts)

Orange is the bearish attack on long term support line B.

If market is really strong, we should get a quick bounce up and price recovery.

However, price did back down to line B. Expectations are more bearish. If sellers will produce breakdown, the decline should achieve line C.

Follow my thread

Too EASY !

I posted this chart on September 5, 2019 https://www.tradingview.com/x/gSsSakRu/ My target remains the same at 38.20% Fibonacci retracement 1450s zone Current market price chart https://www.tradingview.com/x/cTKmPsvs/

All technical analysis break with News US & China
Gold silver down
.be careful guys

massive break down in progress on daily.
As noted/posted here previously, gold is topped out in this cycle.
Daily is really ugly.

previous setup was posted 2 weeks ago. click play button. target almost hit now.
https://www.tradingview.com/chart/XA...ARS-1440-1460/

right now recommended strategy is: short selling any rips on H4. If we get a pump similar to the above on daily (death bounce) - short sell it.
This is a major break down in progress now.

COT positioning is exactly the same as the last time. Hedge funds / big banks are maxed out.
We had a big argument about it with DaPerk. In fact that's why I unsubbed from him.
Guy got no idea, how to use COT data and charts. You look at extremes only!

Is it going back to 1507

I would believe so, where else?