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

I don't think the Rumor is the reason that its going down. I move like this are serious big players unloading gold. I rather think the Rumor is made up (rumor), just like the Flash crash of some trader typing in B instead of M and cause the immediate crash.

guess I'm keeping my longs from approx 1400 till 1450 as previously planned... new high in gold next week! (hopefully )

sorry not back sooner, been busy.
1402 is weekly high and as posted feb.7 1418 is monthly high and are areas of extra interest.
values are just floor traders pivot and watching trends of all time frames.

Silver... Dude! That is a hell of a candle!

Please bow for "the master candle"

and thats a tp @ 31.89 and my scalp for the week thankyou very much.
lets stay above 1397.

that was one hell of a scalp... well done!
Apparently was a rumour that the Libyan leader had been shot look here http://www.reuters.com/article/2011/...71192R20110224

Somebody really profited gazilions on this move... I wonder... Gaddafi himself!?

I got the ass end of it and still made nice money in a few minutes. Nice one!

Fear and greed in action tonight.

Oh you know im long gold, i folowed my trading plan, yet everytime i come across another person ranting about gold, on yahoo answers or some other place it just makes me think are all these people who have never invested in their lives really going to make money? the guys who move the market will make it difficault for them at the very least.

trade with an acceptable risk, dont get suckerd by the everyone who thinks gold is going to infinity.

There are no guarantees with gold or any investment.

personally i think we will see higher prices in gold and silver, i just wont bet my house on it!

safe trading everyone

GC 20 min fork - same one as shown this morning and earlier in the week....

beeb

Gold keeps butting heads with $1430. Is this the end of the bull run for gold? It's been seven years...

fri. daily
1418
1400-04
1392

silver
3404
3269-73 eyes open and looking for direction.
3134

Actually its 10 going on 11.

Why would it end now? Please remember Gold is not a currency ( although it can be used similarly. ) but rather a commodity with finite means of production each year. It is not printed on a press like fiat currencies.

1500 next target. You will see 2000 USD gold in yout lifetime.

Physical demand alone is enough to stop any major reversal...........


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How's everyone doing in here tonight>?

The libyan and the egyptian problem along with the multiple natural disasters are doing nothing but increase the commodities prices,i don't believe the market is running UP and DOWN to news like Ghaddafi's death or anybody else's death and if it does at least it won't react to heavy and it will rally up pretty soon, i really don't know why gold fell to 1394 but in my opinion the big correction is over and gold rallied above 1400, at this level i think gold will set it's "new base" from which it'll take off sooner or later, next big level is 1500 and "Far North" the 2000 lvl,but if we reach 1700-1800 in 2012-2013 i will keep my eyes open to the bubble and trade "more safely".

bit of context perhaps:


http://jessescrossroadscafe.blogspot...bear-raid.html

beeb

IMHO, this pullback is just part of routine trending PA. It took about 25 days to break through to new highs in july/aug 2010 so i dont expect gold to just smash straight through our current major resistance level and keep going to the sky. Its done too much too soon and now its resting. Fair enough things are currently a bit different than they were in july 2010 all i'm saying is major S/R levels in my very limited experience rarely give up without a fight.

Thankfully my strategy allows me to get a fairly good idea when these pullbacks are about to occur. The daily and 4hr RSI were divergent and the PA put in a pullback, thats exactly what i plan for. Its not without its flaws but it allows me to take a decent guess at when price is going to rest and it seems to be fairly reliable. RSI used with confluence of support/resistance and PA is a very powerful tool.

I will be back in when we find decent support and i see RSI convergence with good PA. Maybe it will come back to 1370/80 but really its anyones guess and who cares, the further it comes back the more profit we can make on the next leg up.http://www.forexfactory.com/images/icons/icon7.gif

I'm with Xtrade & Musclemike, the long term trend is up, for a reason and has been since about 2001 i think? The current global unrest is just going to help it along the way to new highs. INHO, its best to trade in line with the underlying market momentum, particularly if you are inexperienced like me.

Hope everyone stayed safe and protected their hard earned.

Lets open a country club

FAIL

Again my problem... i simply dont know when Take Profits...

Im long since ~1382 on 13 January, ~1402 on 22 February, ~1410 on 4 January, all 0.10 positions. i passed on a bad time until 1308. Yesterday on 1418 i had a floating profit of about 25% my account. i simple dont learn... i keep making the same errors over and over, now this is going down, im going on red again, and will be waiting some more weeks to become out of water.... ahhhhhhhhh crap.

If u own some phisycal i would be more then happy to buy it!

Dunno what to say folks - it's the same old problem of people buying high and not selling higher........

Just try to remember that trading is like a high dive - unless you start from a solid platform you are going to come a cropper......ie get your entry correct.

Work out if you are an investor or a trader and if the latter on what timeframe. It's all very glorious to be a slick trader but if you can't time the market you will become poor very quickly. There are not many good traders....Also try to remember that there will always be another trade coming along - the one you are looking at is not the only trade there will ever be....

When you have decided what timeframe you want to trade - do it with good cash management ie use stops and if you see a trade going against you cut it for a small loss rather than holding it in the hope it will turn (if you cut something for a $2 loss you can be wrong ten times for the same cost as a $20 loss)....Also think about using trailing stops and/or remember there is the third option of closing part of a position rather than closing it all or letting it run.

Hope that will help somewhat

beeb

better get 1 cent rather than loss $10.00..

market quite difficult for me right now..overall i don't know we the silver want to go..now i start hedge.will release sell position until touch 26-27..or release buy position after touch the sky then has a signal to turn back....really don't know..i trade just for fun and training only..kah kah kah...