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

Price knocking on that resistance. It may crack and present us with a new sideways range above the last.


Current range to trade appx 1357 to 1367 although I'd be careful shorting 1367.
we have been rising in that stepping up then sideways pattern since the 27th of January.

With that intraday resistance line drawn at 1367 and the current lower tl on h4
from jan 27th low are around 1305 we are forming somewhat of a wedge.

May produce breakout. Looking at the higher highs and higher lows I am expecting this to be north.

Also there may have been somewhat of an inverse head and shoulders on the H4
the "neck" was broken on feb 3rd with that 20 + usd breakout bar.

I'll try to get a chart up later

Just shorted USD/CHF and long Aussie /USD again. never got back in after last nights play.

I am looking for swissy to start DUMPING BLOOD!!!

WOW Silver is Looking very strong!!!

I knew I should have bought a few days ago! Sometimes I get too caught up with Gold while silver is shining brighter!

It would be great if we could trade copper and platinum as well....

Lucky you! On Friday I entered Aussie long @.9980 and set SL at BE after having +20pips. Guess what? Of course it bounced back and touched BE... just to move straight up. I feel so STUPID!

Tonight at the market open, the same with gold: I had longs at @1577 and decided to close them at BE, for whatever reason. You see where we are now...

And now I missed my short at @1366.50 by 1 pip. Unbelievable. But as long as I am not losing money, I cannot call it "bad luck".

Market whole is pretty dead today.

I just took a bunch of profits on Gold positions I have been holding since last month! Yikes.

Anyway, things should jump off tonight lots of data out thru LDN to US

here take a look at the news "rack"

http://www.forexfactory.com/index.php?tomorrow=1

Wow Crude is COOKING

I have positions opened since october , off-topic: if positions are opened for more than a month it's considered speculation or investment?

Rock n Roll gold!

BOOM!!! eheheh go gold!

What targets? What stops, guys?

I entered with Sl at 65, target 89

went long last thursday at 63, SL is at 49, first target is 89 as well, next target ...... hopefully over 1400, but the situation could change, will see what happens.

hi guys.

how about silver?anyone trading silver?

i saw the chart M30,H1,H4 was overbought..CCI indicator above 89 and it looks going to south.

but if i look at barchart.com it 89% recommended to buy..any comments?

currently i have 1 position only, i think to add some more position but scared if really going to south..

Thanks for the tip

You are right, silver is overbought. The problems:

* it may move up to 32 before any retracement
* 50 pips south and it could be enough for the bulls to resume

I just entered short at 30.77 and will add more at every 50 pips. Scalping mode ON, as usual. But that's just me.

thank bro,

i wait until CCI drop below 89 then add another position.CCI indicator very suitable me at this moment..hehehe

That's an interesting subject. There was a topic about "What did Forex change in your life?" where I came to the conclusion that investment and speculation are the same thing. Why? We use to think of investment as long-term, low-risk trading; speculation being the opposite. But low risk still means RISK. There is no risk-free trading. So we don't have something like "black or white", but shades of grey.

I have a strategy for working on gold weekly. I have a acceptable performance by this strategy. First i give you an analysis about the most important technical movements then about what may happen in this week. I hope i can publish it every week.

Last Week:
=> Rising in last week and consolidation at 1366 as it was forecasted
=> Further rising to 1368 and consolidation during 4 days

Part of sell orders on 13/01/2011 at 1373.27, are closed on 25/01/2011 at TP2 with +43.65 $, some on 27/01/2011 at
TP3 with +59.27 $. Rests of them are still open and SL is at entry point.

Analysis:
Rising to 1368 by break of WEMA (21) dynamic resistance and 13551 resistance
Consolidation at 13662 and 50%3 retracement during 4 days
Decline on Friday and consolidation WEMA (21)
=> In break of WEMA (21) dynamic support and 50 support on RSI, down trend resumption is expected
=> Until 1430.754 resistance is not broken, continuous of down trend is expected

Important Notices:
RSI:
=> Curve is descending in touch with #3 down trend
=> It is going to touch 50 support

WEMA21:
=> Price is above WEMA (21)
=> Dynamic support against decline

Trading Suggestion is to “Sell”:
=> Price may turn back into the sell zone -1380.755 to 1430.75
So traders should attention to technical parameters and buy indications to get into the market by sell orders. Also some orders could remain open with no take profit to reach long term targets.

Technical Points:
1. 1355 is valley and support on 17/01/2011. It is acted as resistance after breaking
2. 1366 had been TP1. It is acted as resistance after breaking
3. 50% retracement of 1423.77 to 1307.95 is at 1366
4. 1430.75 is end of the sell zone which is peak on 07/12/2010
5. 1380.75 is beginning of the sell zone which is peak on 24/11/2010
6. 1350.75 is valley on 26/11/2010.

Short term targets (sell orders on 13/01/2011):
TP1 (ignored) is at 1366.00 which is 23% retracement of 1157 to 1430.75
TP2 (closed with profit) is at 1329.60 which is valley on 17/11/2010
TP3 (closed with profit) is at 1314 which is valley on 22/10/2010
TP4 is at 1291 which is 50% retracement of 1157 to 1430.75
TP5 is at 1265 which is 61.8% retracement of 1157 to 1430.75
TP6 is at 1238.15 which is valley on 10/09/2010 and 03/09/2010
TP7 is at 1212.50 which is valley on 24/08/2010
TP8 is at 1157 which is valley on 28/07/2010
TP9: in break of 1157

Sell orders were set on 13/01/2011 at 1373.27 according to forming sell indications.

Short term targets (sell orders on 04/01/2011):
TP1 (closed with profit) is at 1366.00 which is 23% retracement of 1157 to 1430.75

Part of sell orders on 04/01/2011 at 1380.30, are closed on05/01/2011 at TP1 with +14.3 $. Rests of them are closed
on 10/01/2011 with no loss.

Short term targets (sell orders on 07/12/2010):
TP1 (closed with profit) is at 1361.60 which is 23% retracement of 1157 to 1424.20

Some opened sell orders on 07/12/2010 at 1401.76 are closed on 16/12/2010 with +35.76. Rests of them are closed
on 28/12/200 with no loss.

Old Targets (buy orders on 29/07/2010):
TP1 (closed with profit) is at 1180.80 which had been support since 19/07/2010 till 26/07/2010 and acts as resistance
after breaking on 28/07/2010
TP2 (closed with profit) is at 1212.50 which is the average of resistances from 05/07/2010 to 16/07/2010
TP3 (closed with profit) is at 1265 which was peak on 21/06/2010 and resistance on 28/06/2010

Go for it! Welcome. I have yet to read your post but it looks concise.

I re-entered yesterday after taking all profits from 1310 thru 1345 I think was the las buy...

Now I'm holding from before the last break around 1362/3 and tempted to pull the trigger right now.

SIDEWAYS TO BOOM ^ UP is working for now and we have a nice trendline formed.... !

key areas, will we continue with trend, break and head towards monthly highs or rotate back to 1357 monthly trend guide or weekly 1343-45 ?
first, lets see how 1367-69 area responds.

projected weekly highs areas reached on gold, silver, also u/j 84.00 area and e/u weekly lows 3440 reached.

chart is looking sweet now, looks like we could close near our highs today. hope there is more to come in the comming days, i believe there is. first target 89.

For those who are superstitious

If we trace the Fibonacci between the all-time high on Dec 7th ($1431) and the latest low on Jan 27th ($1307), we see that the 50% ($1369) was quite a strong resistance and needed three tentatives to be broken, but it's gone. The 62% level is around $1384, we are getting very close.

The trend channel is intact and going up. I see $1400 as a target, but only due to the psychological effect. Gold can move straight through it or can bounce back (big profit-taking or whatever).

I entered long @1372 and am spanking myself in order not to close them right now. Target: @1399 (open to revision). Let's see if all that bloody technical insanity is valid for something...