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

IMM Positioning - EUR Longs Extended Further
Analysis | Commodity Technical Analysis | Written by Danske Bank
| Mon Jul 04 11 07:18 ET

" The latest IMM data cover the week from 21-28 June.

Non-commercial investors added to long positions in EUR following the passing of the confidence vote for Greek PM Papandreou. Hence, long positioning as a share of open interest rose to 18 percent during the week covered by the data. Note that the data were collected ahead of the successful austerity votes and the subsequent rise in EUR/USD to levels above 1.45, meaning that EUR long positioning is likely to have been extended further than the data suggest. By implication, positioning is likely to leave EUR with some downside risks."
Short GBP positions were extended, following the dovish minutes from the Bank of England. Notably, the fact that some MPC members saw risks of more bond purchases being needed helped sent GBP/USD towards the 1.60 mark and caused short positioning to reach nearly 18 percent of open interest.

Despite US data remaining on the weak side during the week covered by the data (e.g. initial jobless claims and consumer confidence), the slightly hawkish tone in the 22 June FOMC statement (see Flash) helped send the dollar index higher. As the Fed showed no signs of further stimulus measures being imminent, traders reduced USD shorts and further JPY longs were unwound.

Long term gold is safe:"Gold is up 5.3 percent in 2011 after climbing the past 10 years, the longest run of gains in at least nine decades. Europe’s debt crisis helped bullion reach a record $1,577.57 on May 2. Finance chiefs gather next week to discuss a long-term lifeline for Greece. A proposed debt rollover plan for Greece may still put the country in “effective default,” Standard & Poor’s said.

Hedge-fund managers and other large speculators reduced their net-long position in gold futures by 18 percent to 165,902 contracts in the week ended June 28, according to U.S. Commodity Futures Trading Commission data. That’s the biggest pullback since October 2008.

“Seasonal trends tend to be positive in the third quarter for gold and this current dip offers entry opportunities for gold once technicals hint at stabilization,” Stefan Graber, an analyst at Credit Suisse Group AG, wrote in a report today.

The metal is still “far away” from a mania and investors should own more gold, Ronald Stoeferle, a commodities analyst at Erste Group Bank AG, said today from Vienna on Bloomberg Television’s “The Pulse.” Gold will rise to $2,000 in 12 months, he said in a report e-mailed today.

“Every trend ends in euphoria and excess and that’s what’s going to lead us to $2,300 an ounce, which is the inflation- adjusted all-time high,” he said.

Silver for immediate delivery rose 0.7 percent to $34.125 an ounce in London. Palladium was little changed at $759.50 an ounce. Platinum was 0.1 percent higher at $1,722 an ounce" - Bloomberg

agree with you i added long at 1494 level and i will hold these long

please check charts

these are my requirements for a broker

regulated with fsa
micro lots with gold
iphone trading
credit card deposit


please don't tell me oanda because Asia pacific div ion is not accepting credit card yet and USA Division no more offer gold with leverage

Mmudasir, if u live in asia u can use fxcm. Not sure if trading gold on a micro account is a good idea though.

I managed to get limit buy at 1480, 1485 and 1490. As for current price, I suppose 1500 is the BRN for gold. Gold managed to hit 1498 and got heavy resistance, pushing it down to 1493. Once we go pass 1500, I would reckon that we will be in better position of gold resuming the uptrend. anyone agree with my view?

FYI, NFP and unemployment rate is coming up this friday..

shirleylo fxcm micro lots also not offer deposit by credit card from pakistan

i m agree with you see my last 4th post

Hope someone else remembered to look at this old 240 min GC fork, originally posted in late March, which so far has given the low. In fact it was $1.2 away - but after four months I reckon that's pretty much perfect...

http://www.screencast.com/t/kixNojneyB

beeb

H4 stochastic nearing overbought region.

EU looks like it might head south.

becareful on NFP (thursday/friday)

GOLD is slightly bouncing at EMA 100 at the moment. It might look like it want to shoot up again, the trap is there

That fork again...isnt something like that for metatrader?

great movement for the bulls today. weeeee

Dunno what you are asking - it's drawn on Ensign charting platform with Esignal feed....

beeb

was a good day. I took my long profit at 1510.
touched my 2nd resistance at 1508...next up is 1528, see how it goes tonight whether it goes down back to 1500, otherwise good buy opportunity at around 1507....

sorry no chart, really crappy slow notebook with 3D rendering going..later I'll post

Holding longs - Nice move on Silver as well.

This is nice to wake up to!

Looks like some slight resistance at 35.

One Gold trade got tp'd at 1508

1511 is the tougher area now.

I'm sorry - just have to say... "That's what she said!"

I have yet to receive email from oanda kicking me off my platform. I have oanda Singapore and am a US resident and trade mostly gold silver there. Is it possible they just assume I qualify as a accredited investor or even somehow fell threw the cracks?

Mate, you're day trader now on gold until that "restriction" gets in or u're letting some possitions run some more?

I'm short from 1515 with SL above last nights high. Targetting 38.2fib retracement around 1508. Hoping it then acts as support and we head higher.

Mitch