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

  • #19,221
  • Jun 13, 2012 6:55pm Jun 13, 2012 6:55pm
From were I stand I still have been completly on target. 1629 area or just a little below is what I'm targeting for the stop out of this bullish run. Dont's take my word on it wait for it. Like I've said before, it's still in the early to mid DEC of 2011 senaerio and it's played exsactly like such so far. Maybe after I will get creed in here
  • #19,222
  • Jun 13, 2012 7:45pm Jun 13, 2012 7:45pm
Now here is a simple chart with some simple lines for support and resistance to break using H4.

I see gold going up with all the uncertainty and the US is sure as shit still fucked.

Excuse my French, but it's not just the EUzone, they just like to report a lot of news.
Attached Image (click to enlarge)
Click to Enlarge Name: gold range june 2012.GIF Size: 26 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,223
  • Jun 13, 2012 7:52pm Jun 13, 2012 7:52pm
As I have mentioned time and time again, if the dip line on the weekly channel from 2008 were to be violated, we would see IMMEDIATE support from the 100 week SMA. See chart below.
Attached Image (click to enlarge)
Click to Enlarge Name: gold weekly june 12 100 week sma.GIF Size: 35 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,224
  • Jun 13, 2012 7:53pm Jun 13, 2012 7:53pm
This is looking more and more bullish to me.....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,225
  • Jun 13, 2012 7:56pm Jun 13, 2012 7:56pm
Silver may be on the verge of a break north above 30.

lets wait for confirmation.

29 break
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,226
  • Jun 13, 2012 8:24pm Jun 13, 2012 8:24pm
I'm with you, looks very bullish in 4hr chart.
Took a little long @ 28,90, SL 28,65
  • #19,227
  • Jun 13, 2012 9:19pm Jun 13, 2012 9:19pm
Hi all,

I received this from my Oanda broker. I wonder whats the big news over the weekend which will cause Oanda to send such a message? Can anyone advise? annoucement of QE3?



Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations.

Please note that during this halt in trading, you can still access your account details but no trading activity will be accepted. For this reason, OANDA strongly recommends that all traders consider minimizing currency exposures prior to the trading halt.

If you do intend to maintain open positions during this period, be aware that OANDA will hold exchange rates steady during the trading halt. However, when trading resumes, rates will immediately adjust to the current market rate and it is possible that the updated rate could result in a margin closeout if the price has moved significantly against your positions. Therefore, it is your responsibility to ensure you have adequate funds in your account to prevent a margin closeout.
  • #19,228
  • Jun 13, 2012 9:27pm Jun 13, 2012 9:27pm
Wow - why won't Oanda explain what the major market event is?

If I had an account there, I would push hard for an answer.

Kinda sounds like they are warning users, but it also sounds like a justification for counter parties and liquidity providers to fleece small players.

Thanks hareanone! I will second your request for input from others.

Quoting hareanone
Hi all,

I received this from my Oanda broker. I wonder whats the big news over the weekend which will cause Oanda to send such a message? Can anyone advise? annoucement of QE3?



Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step...
  • #19,229
  • Jun 13, 2012 9:49pm Jun 13, 2012 9:49pm
Quoting Wheels
Wow - why won't Oanda explain what the major market event is?
From my broker.

June 17th, 2012 – ELECTION DAY!
While US unemployment and economic turmoil in Spain have dominated the headlines in recent weeks, the upcoming Greek election is expected to play a much more significant role in dictating what direction the forex market takes. On May 6th, Greece held parliamentary elections. Greeks, already disappointed with the harsh austerity measures they were forced to accept in order to receive a euro-zone bailout package, chose to vote out the ruling parties. Nervous investors immediately became concerned that a new Greek government might reject austerity, a path that could have resulted in Greece being forced to exit the euro-zone.

Following the elections in May, numerous attempts by the many political parties in Greece to form a government all failed. The ongoing political deadlock resulted in the euro falling to record lows against several of its main currency rivals, including the USD, JPY and GBP. Now with Greeks getting ready for a new round of elections, investors are anxiously waiting to find out whether a pro-euro government will be elected, or if the anti-austerity political parties will emerge victorious. The outcome of this election has the potential, not only to create extreme volatility in the marketplace, but also to influence the very makeup of the euro-zone.

It is critical that traders follow the news out of Greece on June 17th. The markets are virtually guaranteed to see extreme volatility when they open at 23:00 GMT. If it looks like pro-austerity political parties could win, riskier currencies like the euro and AUD may see significant gains. On the other hand, should anti-austerity parties come out victorious, the euro could once again see heavy losses.
  • #19,230
  • Jun 13, 2012 10:10pm Jun 13, 2012 10:10pm
Hi Sreym33,

Thanks for the answer. No doubt, whatever the results of the Greece election is, EURO will move like crazy. But I wonder what is the impact on Gold and Silver?

Quoting Sreym33
From my broker.

June 17th, 2012 – ELECTION DAY!
[color=#4b5251][font=Arial]While US unemployment and economic turmoil in Spain have dominated the headlines in recent weeks, the upcoming Greek election is expected to play a much more significant role in dictating what direction the forex market takes. On May 6th, Greece held parliamentary elections. Greeks, already disappointed with the harsh austerity measures they were forced to accept in order to receive a euro-zone bailout package,...
  • #19,231
  • Jun 13, 2012 10:14pm Jun 13, 2012 10:14pm
thanks Sreym33, Wheels, and hareanone - no warnings from my brokers yet, thanks for the heads-up!
cheers Cath
  • #19,232
  • Edited 11:30pm Jun 13, 2012 10:21pm | Edited 11:30pm
I have been doing a lot of planning and looking at long term charts to get a better understanding of what’s going on. I'm never pertained to one side (bullish/bearish); just really try to lay all the options out. I still believe my comments and have been able to keep up with Gold's movement for some time now; I just feel that I may be a little late on timing.

My current idea is that hopefully by Friday I will be able to see a sign; out of my two scenarios unfolding, my second is that Sunday will either be a quick shot up targeting 1639, then perhaps with so much momentum it will break and test 1658.50. If it would break 1664.50 it would start a long turn rampage to 1770 to test, but to me this is all doughtful!

I just don’t see it happing yet, but that's my view, yet it's on the fence. Trying to think logically about what will happen to the Euro zone and how it will completely affect the dollar. Tricky, but I have two options and the second one is below! Follow your own plan; I'm just saying it might be good to have a way out, But I'm sticking to my plan below!

Quoting Crgone12
From were I stand I still have been completly on target. 1629 area or just a little below is what I'm targeting for the stop out of this bullish run. Dont's take my word on it wait for it. Like I've said before, it's still in the early to mid DEC of 2011 senaerio and it's played exsactly like such so far. Maybe after I will get creed in here
  • #19,233
  • Jun 13, 2012 10:28pm Jun 13, 2012 10:28pm
Your Cred it good, as far as I am concerned
  • #19,234
  • Edited Jun 14, 2012 4:32am Jun 13, 2012 11:55pm | Edited Jun 14, 2012 4:32am
Quoting beeb
Quick update on GC Daily shown a few days back.

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

Am getting more confident of the upfork after the last
near perfect bounce at support. Resistance is obvious.....

beeb
Thanks for the heads up for the Paul Coghlan seminar, a pity it's at 6 am for me, the sacrifices we make, lol.


Also for the update on the daily, keep them coming please.

I am using pitchforks for scalping on the 1 minute, still have three! pitchforks from yesterday that are still respected, probably due to a low range day yesterday. The accuracy is amazing even after 16 warning lines.

Any suggestions you might have would be much appreciated, Beeb.
  • #19,235
  • Jun 14, 2012 6:27am Jun 14, 2012 6:27am
Quoting XTrade
Silver may be on the verge of a break north above 30.

lets wait for confirmation.

29 break
I also agree with u about the direction...the price has consolidated below the resistence zone ( red zone in the picture) for a long time...and finally it has broken it in the bullish direction...but i still dont know why we are waiting here...i wish there were a way to make the market move quicker....its killing me...

Anyway....my target is 30,50..the target will go to upper levels as time passes...(just because of the ascending blue channel)..
Attached Image (click to enlarge)
Click to Enlarge Name: silver.gif Size: 27 KB
Imagination rules the world ...
Selym Hyll Return This Year: na
  • #19,236
  • Edited 8:00am Jun 14, 2012 7:16am | Edited 8:00am
I'm saying based off my preception that it will shoot up to around the 1627/1637 area after US news and shortly followed by a shot down to the 1588 area give or take $10.00 either way, where it will settle for the rest of today, tomorrow and part of sunday. That's my take....
  • #19,237
  • Jun 14, 2012 7:58am Jun 14, 2012 7:58am
Yes.

Part of what they are discussing here is what is happening in the EU zone.

If the Greek election sways one way and that party wins (forgot name) there is a POSSIBILITY (how the EU likes to present news nothing in stone)
that GREECE would NOT BE A PART OF THE EURO ZONE ANY MORE.

Plus, Oil is Crazy, Fighting in Syria, there is a lot going on in the world.

all this uncertainty should prove Gold positive.

We can see so far that Gold has been rejected at lower price points in the 1500s and such created strong support in that area where the 100 WEEK sma lies. We JUST

Had a push through more minor resistance @ 1623 on the H1 to 26

the next aforementioned hurdle is 1636 looking up @ H4. Abreak above this zone should create support atop.

Follow the news and read the economic calendar.

XT
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,238
  • Jun 14, 2012 8:03am Jun 14, 2012 8:03am
I agree being that 1636 is that area it needs to break, but I really say 1637 is the key area. It has a good chance to go there but I think it will not hold up. but in reality its really 1639.85 is the major holly shit area!

Quoting XTrade
Yes.

Part of what they are discussing here is what is happening in the EU zone.

If the Greek election sways one way and that party wins (forgot name) there is a POSSIBILITY (how the EU likes to present news nothing in stone)
that GREECE would NOT BE A PART OF THE EURO ZONE ANY MORE.

Plus, Oil is Crazy, Fighting in Syria, there is a lot going on in the world.

all this uncertainty should prove Gold positive.

We can see so far that Gold has been rejected at lower price points in the 1500s and such created strong support in that area where...
  • #19,239
  • Jun 14, 2012 8:22am Jun 14, 2012 8:22am
Im not sure what to make of Oandas warning mail. I mean lets say Greece elects the left wing party (who wants to leave the EUR) we would see EUR depreciating strongly and USD shooting up (and thus XAU/XAG down).

If however the Greeks vote for a pro euro party I doubt that EUR will appreciate strongly?? The problems still persist.

So before I wake up on Monday morning seeing a big 0 on my account balance I wont predict any directions and will close all positions by friday.
  • #19,240
  • Jun 14, 2012 8:24am Jun 14, 2012 8:24am
Silver can move very slowly at times as we can see. It is also subject to more manipulation than Gold.

It looks ready for a break up. Unfortunately it could take days for a nice one.


Quoting selym_co
I also agree with u about the direction...the price has consolidated below the resistence zone ( red zone in the picture) for a long time...and finally it has broken it in the bullish direction...but i still dont know why we are waiting here...i wish there were a way to make the market move quicker....its killing me...

Anyway....my target is 30,50..the target will go to upper levels as time passes...(just because of the ascending blue channel)..
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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