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

  • #6,261
  • May 11, 2011 9:13pm May 11, 2011 9:13pm
When in doubt stay out!

Quoting six gun
closed my long in gold at 1504.5 - it had been running up a trendline but then walked out. At the moment it could go either way for me and so better out.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,262
  • Edited 9:59pm May 11, 2011 9:16pm | Edited 9:59pm
was busy at days open till now and missed out on move down from trend guide.
still mindfull of 35.33 from yesterday.
silver daily
39.17
35.91
32.65
if we start working on north side of pivot wil l have eye on 36.54 response and
to the south, 3431.
gold daily
1523
1493
1466
north of pivot eye on 1505 and south 1485
  • #6,263
  • May 11, 2011 9:33pm May 11, 2011 9:33pm
Yes - In one and out of another.

It is refreshing to look at a naked gold chart, then plot simple, major support and resistance and a few TLs and MAs after.

Gold has a tendency to move sideways a lot right through Trendlines, forks, channels and what have you.

I find the most impact when we have converging horizontal major support with
converging MA's and a major Trend line.

Weekly channel still intact. Certain bearish activity today. Price seems subject to possible further downside, yet, the bottom line is we are again above the 1500 USD mark.

In the event of further correction I will be placing close attention to the 1420 appx area noted in yellow in the chart below.



Quoting FX4Newbies
Here's are two charts of gold. The first one I have been watching. Just added the red fork on the second to bring things a little more current.

FX4
Attached Image (click to enlarge)
Click to Enlarge Name: Gold weekly May 11.GIF Size: 35 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,264
  • May 11, 2011 9:39pm May 11, 2011 9:39pm
the gold market is quiet.
even hardly move in a 5 second chart.
  • #6,265
  • Edited 10:24pm May 11, 2011 10:05pm | Edited 10:24pm
Quoting bloks
the gold market is quiet.
even hardly move in a 5 second chart.
move for week is coming out of 1509 and right now were trading on the south side of that @ 1505 area, however we will see what 1485-87 area says about that. We heard what was said yesterday. silver hit its weekly trend guide 39.37 and gold hit last weeks trend guide 1525 and both moved down.
today both hit daily guide one bounced down and the other up. eyes open.
maybe calm before the move.
  • #6,266
  • May 11, 2011 10:15pm May 11, 2011 10:15pm
Just bouncing ina 3/4 USD range. Not sure why you are looking at a 5 Second chart!

It will break at some point. Looking up with potential bounce down first... = be careful of london headfakes..

Quoting bloks
the gold market is quiet.
even hardly move in a 5 second chart.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #6,267
  • May 11, 2011 10:45pm May 11, 2011 10:45pm
any one can tell today fundays analysis is gold bearish or bullish point of view fundays
Trading by EA
  • #6,268
  • May 11, 2011 11:04pm May 11, 2011 11:04pm
shorts scaled back.
eyes open 1497 and 34.31,she will tell us.
ok continue let ride.
  • #6,269
  • May 11, 2011 11:29pm May 11, 2011 11:29pm
Look at silver. Hard to be bullish after that, we approaching new old lows.
  • #6,270
  • May 11, 2011 11:30pm May 11, 2011 11:30pm
Quoting Euroscum
Look at silver. Hard to be bullish after that, we approaching new old lows.
What the hell made it crash AGAIN ?
who raped silver !
  • #6,271
  • May 11, 2011 11:34pm May 11, 2011 11:34pm
Quoting kfx3001
What the hell made it crash AGAIN ?
Profit taking and China raise interest rates. Thats what is happening now. Still holding my long from 1520 >< . I hope bull come back soon
  • #6,272
  • May 11, 2011 11:44pm May 11, 2011 11:44pm
I've been lurking this thread and trading gold silver for a while. Wanted to thank everyone for some really good insight and charts.

Love the silver action off the 38.2 last night, would like to get long around the flash lows last week towards the bottom of 33.

Gold, above 1472ish range or w/e looks good as well for longs.


Lilpips, i like ur insight on what she is doing. Would love to hear your detailed play call if we get there in the next few hours...
  • #6,273
  • May 11, 2011 11:47pm May 11, 2011 11:47pm
what the hell it reach 1490 i m long at 1522
Trading by EA
  • #6,274
  • May 11, 2011 11:57pm May 11, 2011 11:57pm
Silver 33.2 in my eyes, today is a nice day to scalp
Keep Simple...!
  • #6,275
  • May 12, 2011 12:03am May 12, 2011 12:03am
I found a fork I had drawn on the daily. Lower parallel would line up around 1475 if price got down to it. Seems likely although 1490 has rejected price twice on the 1H chart right now.

That BEOB worked, it cracked 1500 and the lower end of the bar and down.
looking to the left 1475 looks the support level - I find it hard to believe now it is going down we are done with it.
I am out so relaxed about it.
  • #6,276
  • May 12, 2011 12:09am May 12, 2011 12:09am
Yeah, I like 33.2 alot too. Sorta unsure about where to put my stops. If we break too far below 33 we run to 30, but was thinking low 32.xx.

Gold had lots of resistance areas to sell off from 1522. 1520 1500 1492 even a 1507 or w/e in there too would of been decent stops.
  • #6,277
  • May 12, 2011 12:26am May 12, 2011 12:26am
long at 1494, first target 1540...see you at the northpole
  • #6,278
  • May 12, 2011 12:27am May 12, 2011 12:27am
Morning , hope all doing well here . swing still there & 2nd bout scalping there now to see how it goes , down towards 1476 & low , 1503 pullback seems fine now before continue bear .
fontu
Attached Image (click to enlarge)
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #6,279
  • May 12, 2011 12:36am May 12, 2011 12:36am
Quoting pipnapper
long at 1494, first target 1540...see you at the northpole
Should not work before a strong down to start & continue can expect a limited retracement , may not even pullback as usual .

anything can happen, again but be carefull .
fontu
Attached Image (click to enlarge)
Click to Enlarge Name: eu2.gif Size: 8 KB
Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #6,280
  • May 12, 2011 12:43am May 12, 2011 12:43am
Quoting Dionnow
That said, I'm looking for some recommendations on a TA book... I don't think I need something as dumbed down as a 'for dummies' publication, but I do need something that contains layman explanations for many of the concepts covered.. (i.e. not overly technical) Something that starts at square one and builds up.
Do you know www.babypips.com ? That would be a good starting point for you. And it's for free.
"The reason I was born and came into the world is to testify to the truth."
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