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

  • #1,481
  • Oct 12, 2010 7:41am Oct 12, 2010 7:41am
Quoting SilverKnight
Looks like the DOW is setting up for a drop today. DOW futures -45.
Which usually means $ strength.

-SilverKnight
Every fiber in my being is inclined towards the decrease of Gold but something is holding it up. Kind of stubborn if you ask me. I'll wait for further confirmation before entering a short trade. Some other news should be released shortly which may have an affect on it. USD is definitely showing some glow against other currencies. Good luck to you mate. I hope Gold does plunge down to 1300 for huge greens. :-)
  • #1,482
  • Oct 12, 2010 7:46am Oct 12, 2010 7:46am
Quoting jacob_ice
Every fiber in my being is inclined towards the decrease of Gold but something is holding it up. Kind of stubborn if you ask me. I'll wait for further confirmation before entering a short trade. Some other news should be released shortly which may have an affect on it. USD is definitely showing some glow against other currencies. Good luck to you mate. I hope Gold does plunge down to 1300 for huge greens. :-)
I agree with you mate, seems as though it needs a bit of convincing before it breaks support at $1,340.00. Probably will bounce around until equities open.

Thanks for the good wishes!

-SilverKnight
  • #1,483
  • Oct 12, 2010 7:46am Oct 12, 2010 7:46am
Who in world just bought a large quantities of Gold? USD is strong so there has to be a predominantly wealthy buyer re-stocking Gold. Just jumped to $1350 in 5 seconds.
  • #1,484
  • Oct 12, 2010 7:49am Oct 12, 2010 7:49am
Quoting jacob_ice
Who in world just bought a large quantities of Gold? USD is strong so there has to be a predominantly wealthy buyer re-stocking Gold. Just jumped to $1350 in 5 seconds.
It's not necessarily true buying that is going on. It is most likely a technical mark up. Trying to suck large numbers of other traders into buying, so that they can sell their holdings out, before the drop.

At least that's what I get from this. I don't think the rise in price will last long...

Cheers!

-SilverKnight
  • #1,485
  • Oct 12, 2010 7:54am Oct 12, 2010 7:54am
Quoting SilverKnight
It's not necessarily true buying that is going on. It is most likely a technical mark up. Trying to suck large numbers of other traders into buying, so that they can sell their holdings out, before the drop.

At least that's what I get from this. I don't think the rise in price will last long...

Cheers!

-SilverKnight
Oldest trick in the book yet many took the baits! Technical mark-up seems plausible. I'm monitoring for possible highest entry position to go short for a while until target achieved - 1320-ish area. That's my plan for the day.

Lets hope there won't be any sudden jump so my entry can be inputted.
  • #1,486
  • Oct 12, 2010 8:03am Oct 12, 2010 8:03am
30 minutes until equities open! DOW futures being lifted a bit, -28.

-SilverKnight
  • #1,487
  • Oct 12, 2010 8:06am Oct 12, 2010 8:06am
Quoting SilverKnight
30 minutes until equities open! DOW futures being lifted a bit, -28.

-SilverKnight
Where do you research this information from? Is there a particular website you visit frequently for updates? Thanks for the info buddy!
  • #1,488
  • Oct 12, 2010 8:10am Oct 12, 2010 8:10am
Quoting jacob_ice
Where do you research this information from? Is there a particular website you visit frequently for updates? Thanks for the info buddy!
I have an account with a stock/futures/options broker so I get live prices on all those things... it is really useful!

Check out www.bloomberg.com for stock market futures as well.

-SilverKnight
  • #1,489
  • Edited 8:26am Oct 12, 2010 8:21am | Edited 8:26am
Check the chart out...

-SilverKnight


Attached Image (click to enlarge)
Click to Enlarge Name: Gold 12-10-10.gif Size: 41 KB
  • #1,490
  • Oct 12, 2010 8:23am Oct 12, 2010 8:23am
Quoting SilverKnight
I have an account with a stock/futures/options broker so I get live prices on all those things... it is really useful!

Check out www.bloomberg.com for stock market futures as well.

-SilverKnight
I see. I'm aware of bloomberg and view the web frequently. I thought you might have an insider 'insights' from a promisingly reliable source :-). I'm seeing dollar slightly weakening since US opens so lets stay tuned with what the impact may bring when DOW declines.
  • #1,491
  • Oct 12, 2010 8:27am Oct 12, 2010 8:27am
[quote=SilverKnight;4090370]Check the chart out...

-SilverKnight

While we're waiting on some firm update, lets reminisce back to when Gold dived down to 1156. Remember, when Gold reached a peak of all time high in July at 1265 then it went downhill, I meant really low up to 1156. Were you trapped on the buying or enjoying ride with selling? I was totally obliterated with a loss of -1000 pips. I wasn't expecting a quick sudden drop in a day (-25). Good thing my stop loss saved me otherwise the loss incurred could had been more severe.
  • #1,492
  • Oct 12, 2010 8:36am Oct 12, 2010 8:36am
[quote=jacob_ice;4090389]
Quoting SilverKnight
Check the chart out...

-SilverKnight

While we're waiting on some firm update, lets reminisce back to when Gold dived down to 1156. Remember, when Gold reached a peak of all time high in July at 1265 then it went downhill, I meant really low up to 1156. Were you trapped on the buying or enjoying ride with selling? I was totally obliterated with a loss of -1000 pips. I wasn't expecting a quick sudden drop in a day (-25). Good thing my stop loss saved me otherwise the loss incurred could had been more severe.
Quite a drop that was! I seem to remember selling around $1,245.00 but jumped ship at $1,218.00 or so and missed out on the rest. I went long too soon on the rebound as well and got a bit chopped up...

-SilverKnight
  • #1,493
  • Oct 12, 2010 8:36am Oct 12, 2010 8:36am
[quote=jacob_ice;4090389]
Quoting SilverKnight
Check the chart out...

-SilverKnight

While we're waiting on some firm update, lets reminisce back to when Gold dived down to 1156. Remember, when Gold reached a peak of all time high in July at 1265 then it went downhill, I meant really low up to 1156. Were you trapped on the buying or enjoying ride with selling? I was totally obliterated with a loss of -1000 pips. I wasn't expecting a quick sudden drop in a day (-25). Good thing my stop loss saved me otherwise the loss incurred could had been more severe.
On that dip, i bought more
US Dollar is trash... Get out of that Ponzi scheme !!!
  • #1,494
  • Oct 12, 2010 8:37am Oct 12, 2010 8:37am
Retesting hourly 21-EMA at the moment. We need that to break and then I do believe we will see $1,341.00 again and then we shall see if support holds or not.

-SilverKnight
  • #1,495
  • Oct 12, 2010 8:40am Oct 12, 2010 8:40am
DOW -45!

-SilverKnight
  • #1,496
  • Oct 12, 2010 8:45am Oct 12, 2010 8:45am
[quote=Bootleger;4090415]
Quoting jacob_ice

On that dip, i bought more
So you were multiplying your losses I assumed. Exactly what I did :-(. What a trap bait I kept being pulled in till SL kicked in to save my deposit. Hey, Gold just took a dip while I'm composing this. Man...missed entry at 1350.
  • #1,497
  • Oct 12, 2010 8:48am Oct 12, 2010 8:48am
Quoting SilverKnight
DOW -45!

-SilverKnight
Nice correlation analysis with respect to DOW. I see a significant drop from 1350. Just put my entry at 1346.
  • #1,498
  • Oct 12, 2010 8:53am Oct 12, 2010 8:53am
Thanks mate!

-SilverKnight
  • #1,499
  • Oct 12, 2010 8:57am Oct 12, 2010 8:57am
Quoting SilverKnight
Thanks mate!

-SilverKnight
How many lots do you usually enter on average trading for Gold?
The most I had most 500oz. but it was way to risky. I tried it once and gained decent profit then had to restrain myself. Now I usually trade 50 - 100oz.
  • #1,500
  • Oct 12, 2010 9:00am Oct 12, 2010 9:00am
I trade according to % of my account risked... so as my accout grows, I trade more oz. for gold or units for fx.

-SilverKnight
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