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

Ever the optimist.

Better to be a realist - when trading.

Ya your right, 1400's is low, but I guess when I say that I mean it would break the low 1500's and maybe the high mid 1400's like 1476. After that indecation it might try and retest old high's and loose untill the next time our econimy goes into the shitter like in 2008 or so. Time will tell!

I think the next week we will see 1510 for the first target and the second is 1454 and here is why ..

http://s17.postimage.org/493kq4s0v/gold.gif

My bet is it wants to finish the month a wee bit over 1560, also to be said, today is the last day of the month. Look on a monthly chart and you will see the comparison, some things just work out to nicely and do not need to much analyzing.

I think most of use are right, since we all seem to have the basic idea down; It just looks like its all up to time and it hard to predict time since people change with time. Good news is we'll all be right eventually.

Very Interesting trading Gold today, lots of quick $5-10 scalps so in some good profit and i hope others are too!
even so very messy PA but not surprised with the event of NFP tomorrow hopefully it will show the direction of the market for the next few weeks. If we do see a brake of $1525-35 we will run straight into $1500 which will no doubt give a very good fight but I have to agree with many others on this thread and my true line in the sand would be $1400 I just don't see that braking with the fundamentals weighing up for gold. Unless the situation completely changes and the there is no QE3 on the books, but looking at the state of the markets its only time before the fed will have to implement it or another joint central bank action to provide $ liquidity but that doesn't really solve much.
Also interesting to see that PA is now sitting in the centre of this daily range between 1526-99 right before NFP so you can take a 50-50 bet now... Doji on the daily but PA is falling as i type... If NFP wasn't tomorrow i would put an OCO order.
What ever happens 1550-60 area needs to show itself as strong support until tomorrows numbers to support a big move up. with last month being such a big miss i don't see this months NFP being a total disaster i think it will miss expectations of 151k but wont be as bad as 115K previously somewhere in-between but i will trade what ever comes out Long or short when the market shows direction.
Yet as they say "Sell in May Go Away" and its the end of May and people 'should' be coming back to take profits and yesterdays action is hinting to higher prices after NFP but would have liked to have seen a lot more follow through today. Plus Risk in general needs a good 1-2 week rally.
Anyway Good luck to all tomorrow!

Sell in May and go away doesn't mean buy once June is on the calendar.

It means sell because the Summer is near and lackluster trading typical. Then buy back in the Fall.

Hi, image is missing. Can you upload it again? I'm curious.

BTW

This is my view in monthly.

Bearish engulfing & RSI Bearish Failure Swing & Fib retracement.

Hi,
I've uploaded it again , sorry about that.

Too small, can't be expanded...

http://s17.postimage.org/493kq4s0v/gold.gif

quote reuters

"It could be a rangebound week, but my guess is that after the U.S. non-farm payrolls data on Friday, gold may very well break above $1,600."

http://www.reuters.com/article/2012/...8GS1U020120528

What's the plan for today ?

Thanks Fib.

Let's see.

Maybe NFP will make price of gold go higher, but 1635-1645 should be a good resistance, not to mention that 1600 has been tough for bulls.

should be an interesting day

expected is 150k

looks like Yen and gold will move up

Boston Fed’s Rosengren wants to twist again


Extending Operation Twist )selling short-term Treasuries, buying long-term) would reduce unemployment
Renewing operation Twist would spur growth
If economy worsens, QE3 an option

shocking jobs number Qe3 Qe3 !!!

looks like I predicted correct first time