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

  • #5,701
  • May 2, 2011 10:52am May 2, 2011 10:52am
Quoting XTrade
Cable light trading so far still time to buy and target 6800 test first longer term cable target is 1.7150

XTrade do you mean 1.68? (Cable)
Current price 1.669
  • #5,702
  • May 2, 2011 12:21pm May 2, 2011 12:21pm
Quoting ruffryders
you got some serious cohones man, I still prefer to buy deep discount dips, rather than build up a short possie ... not just lined up yet for this, soon the time will come.
It's all about strategy and money management. Just trying to pick tops or catch bottoms "for fun" can kill any account. No wonder XTrade gets very angry about it
"The reason I was born and came into the world is to testify to the truth."
  • #5,703
  • May 2, 2011 12:47pm May 2, 2011 12:47pm
Quote
Just trying to pick tops or catch bottoms "for fun" can kill any account

100% agree with that. BTW, interesting price action on light crude june futures, seems like it's sitting on upper line of the channel locked in tight range trying to make way out and break to the upside, however also looks like it's pretty much failing to succeed so far, lets see how it goes on tuesday.

I figure if light crude fails to break out more weakness will kick in on gold, possible break below 1537 indicating downside target of 1522. however light crude might as well break out and this will indicate 1580 on gold.
  • #5,704
  • May 2, 2011 1:48pm May 2, 2011 1:48pm
Quoting ruffryders
100% agree with that. BTW, interesting price action on light crude june futures, seems like it's sitting on upper line of the channel locked in tight range trying to make way out and break to the upside, however also looks like it's pretty much failing to succeed so far, lets see how it goes on tuesday.

I figure if light crude fails to break out more weakness will kick in on gold, possible break below 1537 indicating downside target of 1522. however light crude might as well break out and this will indicate 1580 on gold.
Depends what happens with Bin Laden having got wacked (if he really did).
Oil prices fell but if there is an uprising in revenge for his killing who knows.
  • #5,705
  • May 2, 2011 2:43pm May 2, 2011 2:43pm
sell orders are in action again.
The Black Swan: The Impact of the Highly Improbable
  • #5,706
  • May 2, 2011 3:19pm May 2, 2011 3:19pm
Dollar index climbing and climbing since hit the low - hence gold/silver falling and falling.
  • #5,707
  • May 2, 2011 3:30pm May 2, 2011 3:30pm
Gold under $1500 seems a possibility now... I am still holding my short from 1575.5 but might just look the profit at 1558 if she decides to go up again which I think will happen today / tomorrow.
  • #5,708
  • May 2, 2011 4:29pm May 2, 2011 4:29pm
Just drawing the attention of newbies to this chart.

A Classic RSI divergence with a PA rejection of higher price preceded the last 4hr sell off.

A very useful method to help predict pullbacks and avoid losses (if you're long).

RSI on gold charts seems to be more reliable than on silver. However, the daily divergence on silver has been indicating a pullback since 25th April.

I will be waiting for a convergence at support to indicate a buy setup. 1533 being the 50% fibbo of the last bullish move but i think it may drop a fair bit more. I will be more comfortable buying from 1517 and 1496, but that will be dictated by PA.
Attached Image
  • #5,709
  • May 2, 2011 4:30pm May 2, 2011 4:30pm
This is my 10 minute fork
What a strange carry on.
Look how the down sloping fork caught price as it fell from the up sloping on.
Attached Image (click to enlarge)
Click to Enlarge Name: si10.PNG Size: 43 KB
  • #5,710
  • May 2, 2011 4:44pm May 2, 2011 4:44pm
Looking to see what happens tomorrow when London gets back....Meanwhile here's a downsloping GC 5min showing the resistance that needs to be taken out to get bullish again

beeb
Attached Image (click to enlarge)
Click to Enlarge Name: gc5_001.jpg Size: 71 KB
  • #5,711
  • May 2, 2011 5:06pm May 2, 2011 5:06pm
Where are the "always bullish" gold experts? we need charts please...
  • #5,712
  • May 2, 2011 5:09pm May 2, 2011 5:09pm
Quoting beeb
Looking to see what happens tomorrow when London gets back....Meanwhile here's a downsloping GC 5min showing the resistance that needs to be taken out to get bullish again

beeb
Thanks Beeb...
  • #5,713
  • May 2, 2011 5:25pm May 2, 2011 5:25pm
Quoting six gun
This is my 10 minute fork
What a strange carry on.
Look how the down sloping fork caught price as it fell from the up sloping on.
Six Gun

Please, brief on whether the silver daily would qualify as a pin bar of interest, you have previously referred to, if it qualifies at all.

Thanks.

Wile E.
  • #5,714
  • May 2, 2011 5:32pm May 2, 2011 5:32pm
Quoting Fmfx
Where are the "always bullish" gold experts? we need charts please...
So you are calling this the long time top and it will only go down from here?
  • #5,715
  • May 2, 2011 6:10pm May 2, 2011 6:10pm
Quoting Wile E
Six Gun

Please, brief on whether the silver daily would qualify as a pin bar of interest, you have previously referred to, if it qualifies at all.

Thanks.

Wile E.
No

The classic pin bar has a small body at one end and a long wick. The body should be within the extent of the previous bar.
The body of the pin bar should sit behind a resistance level such as a definite fib, recognised support/resistance level and or big round number.


The idea behind this is that price will have difficulty reversing back up the pin bar as it will have to traverse the resistance level where orders are likely to sit sending price back.

The bar shows that there is a change in the balance between bulls and bears, one has taken control from the other forcing price to reverse along virtually the whole length of the bar. It represents a change in sentiment.
The daily bar on silver is a huge bar with a large wick but the wick is not very big relative to the body.
This is just a massive bar with a longish wick not a pin bar to trade off.
  • #5,716
  • May 2, 2011 6:35pm May 2, 2011 6:35pm
I don't know why everytime sell orders are triggered, some peopel start saying that gold is going on a bearish trend now... Come on people, GOLD is and will be in clear BULLISH trend for long time.

These are just logic sell orders and it has nothing to do with some news about a killed terrorist (of which there is not even a proof yet).

BTW, I never thought a nobel prize of peace would start new wars and kill people in other countries.
The Black Swan: The Impact of the Highly Improbable
  • #5,717
  • May 2, 2011 6:36pm May 2, 2011 6:36pm
Quoting Dolph
Just drawing the attention of newbies to this chart......
Noticed also after the fact that SLV had a Doji on daily chart Thursday and a Evening Star on Friday as well as a Doji on Friday on weekly chart.
  • #5,718
  • May 2, 2011 7:03pm May 2, 2011 7:03pm
Quoting 4cc
So you are calling this the long time top and it will only go down from here?
Of course not and that is exactly why I have keeping plenty long positions and have added to them over time. But I also see no reason why one cannot or shouldnt take advantage of times when gold price collapses... That is ofcourse true if you know what you are doing
  • #5,719
  • May 2, 2011 7:06pm May 2, 2011 7:06pm
Quoting MapleLeaf
I don't know why everytime sell orders are triggered, some peopel start saying that gold is going on a bearish trend now... Come on people, GOLD is and will be in clear BULLISH trend for long time.

These are just logic sell orders and it has nothing to do with some news about a killed terrorist (of which there is not even a proof yet).

BTW, I never thought a nobel prize of peace would start new wars and kill people in other countries.
Doesn't matter what you call it: retracement, correction, sell off, bear, bull, chimp, parrot, etc. The fact is there was a HUGE drop today and some people took advantage of it. SIMPLE.

Unless you call a $40 price drop a tiny correction
  • #5,720
  • May 2, 2011 7:16pm May 2, 2011 7:16pm
And by the way most of the same people who took advantage of the price drop by shorting it, are now probably adding to their longs since 1580 could be taken out much easier after this drop...
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