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

  • #1,041
  • Jul 19, 2010 8:18pm Jul 19, 2010 8:18pm
Quoting six gun
Silver has gone through the 150 ema on the daily chart.
It got down to 1750 which along with the 150 ema has acted as support for price since February 2010.
I can see silver briefly ducking under the 1750 line if gold as we suspect goes down to 1166.
The chart you gave here don't show the thing I'm finding. but still want to thank you so much
  • #1,042
  • Jul 20, 2010 3:15am Jul 20, 2010 3:15am
Quoting xtraderbroke
The chart you gave here don't show the thing I'm finding. but still want to thank you so much
Please put up your chart if it is showing something else.
  • #1,043
  • Jul 20, 2010 5:10am Jul 20, 2010 5:10am
Q: Would silver be also one of your chosen investments?

More bullish on silver than gold mainly due to the fact that there is no central bank intervention.

Inventories have gone on a global basis and demand cycle is accelerating due to hi-tech growth and medical requirements.

So very bullish on silver, once USD 20 per ounce is gone up, we would look at USD 30 per ounce as a next level where is probably the all time inflation adjusted target of USD 50 per ounce to being tested within the next leg.
  • #1,044
  • Jul 20, 2010 5:15am Jul 20, 2010 5:15am
Quoting auther
Shorted @ 1185
Hi Buddy,

are you still holding your short? What target are you holding for?

I set some long at 1178 and short 1197 earlier but cancelled as the market didnt hit within time set.

We are at the 100DMA, havent been here since 19APR and that was a snap reversal day up.

50% Fib retrace is @1154 (H1265:L1043) which is about $24 away from here and under the BB.

There was a low on 21MAY at 1165 which is less than a day's range from here.

I havent set any trades up in Au (active in NZD and AUD though).

Will watch pa for now.
I have no enemy; I make Incautiousness my Enemy.
  • #1,045
  • Jul 20, 2010 5:18am Jul 20, 2010 5:18am
Quoting auther
Q: Would silver be also one of your chosen investments?

More bullish on silver than gold mainly due to the fact that there is no central bank intervention.

Inventories have gone on a global basis and demand cycle is accelerating due to hi-tech growth and medical requirements.

So very bullish on silver, once USD 20 per ounce is gone up, we would look at USD 30 per ounce as a next level where is probably the all time inflation adjusted target of USD 50 per ounce to being tested within the next leg.
Medium to long term silver has got to be one of the main investments.
It is a very important commodity that is running out.
We are using it faster than it is mined.
Silver mining is not profitable on its own so as silver runs out the price will have to go up or there will not be any silver!
Silver has got mixed up in the currency thing - simply treated as an important commodity and the price would be multiples higher.

Silver is lower today.
The indices are tanking again.
1750 has been good support but I suspect it will dip below before it climbs again.
  • #1,046
  • Jul 20, 2010 5:21am Jul 20, 2010 5:21am
Quoting jimobiwan
Hi Buddy,

are you still holding your short? What target are you holding for?

I set some long at 1178 and short 1197 earlier but cancelled as the market didnt hit within time set.

We are at the 100DMA, havent been here since 19APR and that was a snap reversal day up.

50% Fib retrace is @1154 (H1265:L1043) which is about $24 away from here and under the BB.

There was a low on 21MAY at 1165 which is less than a day's range from here.

I havent set any trades up in Au (active in NZD and AUD though).

Will watch pa for now....
I closed my position @ 1180

Watching from sidelines as i cant make up my mind whether to go short or long

I am more inclined to go short...

Edit : In my chart 100 DMA is currently at 1193 and the CP is way below it... Am i missing something???
  • #1,047
  • Jul 20, 2010 6:53am Jul 20, 2010 6:53am
I figured it was going to bottom out around 78 for the time being. im looking to short for a target of 64ish when the opportunity come up.
  • #1,048
  • Jul 20, 2010 10:13am Jul 20, 2010 10:13am
anyone taking trades?
I have no enemy; I make Incautiousness my Enemy.
  • #1,049
  • Jul 20, 2010 10:15am Jul 20, 2010 10:15am
Quoting jimobiwan
anyone taking trades?
I took a long at 1178 but closed it very early at 1183 after it fell back from 1185

No open positions now...

So its now back at the 100 DMA u were mentioning earlier, do u think it wil turn back from here or continue upwards... wonder whats pushing it this much...
  • #1,050
  • Jul 20, 2010 10:28am Jul 20, 2010 10:28am
Would be interesting to see if this move can reclaim 1200 in the upcoming sessions.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,051
  • Jul 20, 2010 10:34am Jul 20, 2010 10:34am
I had a 1178 long set but cancelled it as it didnt hit within time.

NZD and AUD came back fairly strongly on no news. EUR is outside day down but JPY having tested day highs now back over 87 and DXY giving up some gains today.

As long as XAu doesnt close above 18DMA (now @ 1207) i look to sell. Weekly chart is damaged. We have seasonals affecting also. Last H at 1218.

I wont take much to turn this into an outside day up (yesterday's high 1195)

Keeping my powder dry for now. Seeing if it will make a run for the 1207 level.



Talking Heads:
"
Interest in gold fell as concerns about debt problems in Europe have diminished, as underscored by Ireland's successful sale of government bonds Tuesday.

"Gold is really lacking a catalyst," Lesh said. "That flight-to-safety is not evident at the moment. Whether or not this is just a summer slowdown, we'll have to see. But there's not a lot of impetus."

The dollar also strengthened after a worse-than-expected report showed that U.S. housing starts fell 5% during June...

The dollar index ...stood at 82.86, up about 0.4% from Monday.

Gold's decline is both a price correction and driven by investor expectations of deflation, said Jeffrey Friedman, senior market strategist with Lind-Waldock.
"We were due for a correction. Gold had a nice run, making new highs when everything else could not," said Friedman.
"People are unwinding their gold positions in a continuation of a deflationary concept," he said. The analyst pointed to stagnant top-line results in recent earnings announcements and readings of low inflation from price indexes and the Federal Reserve, all of which suggests that investors "are showing no fear of inflation."

S: Market Watch
I have no enemy; I make Incautiousness my Enemy.
  • #1,052
  • Jul 20, 2010 2:35pm Jul 20, 2010 2:35pm
So did I and I am a bit annoyed about that! This was a nice move.

Gold has bursted thru back above 1185 support. If we can hold 1195 I will look to break 1200.

Not convinced the correction is completely through, however, the price has held onto today's gains, thus, it is something to pay attention to.

we did dip almost to 1175 - $10 above the important 1165 area.

Here is an updated weekly and daily.

I have been a bit preoccupied with the CHF and GBP& Euro lately..

If that TL holds this may be a good area to take some short term longs.
Let's see how tonight goes

Quoting jimobiwan
I had a 1178 long set but cancelled it as it didnt hit within time.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Gold_weekly_6_20_Rise.png Size: 47 KB
Click to Enlarge Name: XAU_DAILY_6_20RiseoffTL.png Size: 58 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,053
  • Jul 20, 2010 4:00pm Jul 20, 2010 4:00pm
Looks like the Fed is going to rev up the printing presses for more quantitative easing.
Can you believe these people.
We needed a recession after the dot com bubble burst but no that would have been the sensible thing to do, instead we have quantitative easing.

"(IGM)[US STOCK CLOSE] The marked staged an afternoon comeback, reversing deep losses earlier on weak housing data and disappointing Q2...
[US STOCK CLOSE] The marked staged an afternoon comeback, reversing deep losses earlier on weak housing data and disappointing Q2 earnings results from IBM and GS among others. S&P 500, Nasdaq rose 1%, with Dow somewhat less. The turnaround seemed tied to speculation the Fed may ease again, with investors looking to Wed's congressional testimony by Fed Chrm Bernanke on monetary policy/economy. The recent June FOMC minutes suggested the Fed is somewhat more worried about the recovery stalling, even raising the idea of contingency plans just in case. Almost all major sectors ended higher today, led by energy names with oil nearing $78."
  • #1,054
  • Jul 21, 2010 1:12am Jul 21, 2010 1:12am
[quote=six gun;3887489]Looks like the Fed is going to rev up the printing presses for more quantitative easing.
The turnaround seemed tied to speculation the Fed may ease again,

CL.Q0 has also clawed back recent losses as well as AUD, NZD. Perhaps inflation is back on the radar.

Expecting mkts to be a volatile. I have a short at 1207 set which is just about within a day's range and may consider another short at 1217, the last break H.

In the last plateau range from 01-16JUL I see that PA moves freely across the formerly psy round num of 1200. I thus am not expecting any mystical resistance climbing back above.
I have no enemy; I make Incautiousness my Enemy.
  • #1,055
  • Jul 21, 2010 1:36am Jul 21, 2010 1:36am
Taking a long here small scalp 1190/

Lets see how it goes..
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,056
  • Jul 21, 2010 1:54am Jul 21, 2010 1:54am
BE MORE CREATIVE........
Attached Image
  • #1,057
  • Jul 21, 2010 2:50am Jul 21, 2010 2:50am
All the levels mentioned in your picture have been posted and hashed out in this thread several times.

Not sure what you mean here?

Maybe read a few pages.

Quoting geocatalinfx
BE MORE CREATIVE........
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #1,058
  • Jul 21, 2010 4:18am Jul 21, 2010 4:18am
i am not so interested in gold, but i see a lot of people who just think they know to trade gold .
  • #1,059
  • Jul 21, 2010 5:28am Jul 21, 2010 5:28am
It's gold good to buy?
See the divergence on weekly chart. Also let 's see if 50 % and 61.8% fibo resist.
Attached Image (click to enlarge)
Click to Enlarge Name: goldw.JPG Size: 191 KB
  • #1,060
  • Edited 9:57am Jul 21, 2010 8:13am | Edited 9:57am
Quoting geocatalinfx
It's gold good to buy?
See the divergence on weekly chart. Also let 's see if 50 % and 61.8% fibo resist.
Yes there is divergence on the chart but that was a little while ago.

On the daily chart we are trading inside a box between 1180 and 1210.

This is not a bad thing - price congestion will inevitably result in the strong breakout.
Gold is a complex market.
It is a commodity but it is an investment and mixed up in currencies.
Then we have central bank involvement and market manipulation by a handful of big banks (HSBC springs to mind in gold).

The stock markets are trending down. Earning will on the whole disappoint.
Unemployment is rising. Sovereign debt is growing.
I read yesterday about more easing from the Fed. This simply means more money in the system. General credit is contracting which offsets this but sovereign debt continues to climb.
Few governments want to inflict the pain of a second recession but that is what is needed and if not inflicted it will rear its head whatever.
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