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

  • #19,981
  • Jul 17, 2012 10:11am Jul 17, 2012 10:11am
Quoting jimobiwan
....

Does anyone know when Jackson Hole is?
"There is speculation that Bernanke will discuss more Fed asset purchases during his speech at the annual central bank confab in Jackson Hole in late August".
  • #19,982
  • Jul 17, 2012 11:23am Jul 17, 2012 11:23am
Quoting SunTrader
"There is speculation that Bernanke will discuss more Fed asset purchases during his speech at the annual central bank confab in Jackson Hole in late August".
Thanks.

$15 reversal with reversals seen on AUD, CAD, GBP, EUR.
I have no enemy; I make Incautiousness my Enemy.
  • #19,983
  • Jul 17, 2012 9:04pm Jul 17, 2012 9:04pm
Quoting beeb
Worth reading the comments re novice traders.......

http://www.traderdannorcini.blogspot...econd-act.html

beeb
Quote
Most novice traders will buy near the top of the range, expecting a breakout, only to watch the market reverse on them and stop them out with a nice fat loss. They will also sell near the bottom of the range as all the bearish analysts and prognosticators surface, only to watch the market snare them in a bear trap and snatch their money away from them.

To be successful, one has to recognize the pattern a market is in and respect it.

Nice!
  • #19,984
  • Jul 17, 2012 10:52pm Jul 17, 2012 10:52pm
I beg to differ with one comment in that blog column:

"Having said that, most floor locals are enjoying this range trade - they put their kids through college in these kinds of markets ..."

Most pit locals trade for ticks and are not long term oriented - not much beyond minutes nevermind days.

  • #19,985
  • Jul 18, 2012 12:53am Jul 18, 2012 12:53am
I don't believe he will provide much until after the election. Speaking of which if Obama loses, does Benny Boy stay at the Fed?

I believe if the new party wants to keep him they can, yet are not obligated to.

If anyone knows exactly how this works please post.

Gold did hit 1600 today!


Quoting SunTrader
WASHINGTON (AP) —The U.S. economy has weakened and the Federal Reserve is ready to take further action to bolster growth if conditions don't improve, Chairman Ben Bernanke told a congressional panel Tuesday.


But Bernanke provided no clues about what steps the Fed might take or whether any action was imminent.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,986
  • Edited 5:12am Jul 18, 2012 4:47am | Edited 5:12am
shes sure not very motivated to head north as weekly pivot 1587 kicked her south and watching 1579 response.
The days battle, down from 1587 and up from 1579.
Eyes on the 5min. candle formations and pa.
Bias is down from 1587.
daily chart
1601
1579
1557
Days battle for silvr bias down from weekly pivot 27.26 and watching 27.11 response.
daily
27.68
27.11
26.54
  • #19,987
  • Jul 18, 2012 7:37am Jul 18, 2012 7:37am
WASHINGTON (MarketWatch) - Construction on new U.S. homes in June rose 6.9% to an annual rate of 760,000, the highest level since October 2008


http://www.marketwatch.com/story/us-...une-2012-07-18
I have no enemy; I make Incautiousness my Enemy.
  • #19,988
  • Jul 18, 2012 9:12am Jul 18, 2012 9:12am
looks like gold dont want to move lower. We bounce 2 time off the fib 61.8
Attached Image (click to enlarge)
Click to Enlarge Name: gold2.gif Size: 15 KB
Alternatives are more important than the plan itself
  • #19,989
  • Jul 18, 2012 7:37pm Jul 18, 2012 7:37pm
Quoting XTrade
......
Gold did hit 1600 today!
Not as far as I see (just short) but imo intraday highs/lows matter less than where price closes the day, week and month.
  • #19,990
  • Jul 18, 2012 7:41pm Jul 18, 2012 7:41pm
Quoting -Melo-
looks like gold dont want to move lower. We bounce 2 time off the fib 61.8
It hasn't shown it wants to go up either.

Just back and forth.
  • #19,991
  • Jul 18, 2012 10:08pm Jul 18, 2012 10:08pm
Gold is in sideways motion right now and sucking....
Sorry for the poor TA but it is what it is....
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,992
  • Jul 18, 2012 10:09pm Jul 18, 2012 10:09pm
Waiting for cable to break this wedge. Could be another 150 pip ride there.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,993
  • Jul 18, 2012 11:54pm Jul 18, 2012 11:54pm
Agreed, yet a test is nice and not sure what you mean in the beginning of the sentence, remember, FX broker's charts and prices do not always follow to a tee the true spot price of Gold.

For the day I posted 1600. I believe the world NY spot high was 1600.1

My broker was 1599 something....appx maybe even 1589.98

Quoting SunTrader
Not as far as I see (just short) but imo intraday highs/lows matter less than where price closes the day, week and month.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #19,994
  • Jul 19, 2012 6:18am Jul 19, 2012 6:18am
Hi guys,

Not visited this thread before but I just noticed this formation on the weekly gold chart.

Do you think there is any likelihood of a significant breakout of this pattern?

I would certainly like to be there if it does break out one way or the other, could be very profitable.

Attached Image (click to enlarge)
Click to Enlarge Name: Gold 20120718.jpg Size: 50 KB
  • #19,995
  • Jul 19, 2012 6:32am Jul 19, 2012 6:32am
Quoting iamkjb
Hi guys,

Not visited this thread before but I just noticed this formation on the weekly gold chart.

Do you think there is any likelihood of a significant breakout of this pattern?

I would certainly like to be there if it does break out one way or the other, could be very profitable.

Attachment
Welcome to the thread

It will break out at some point - check the 20,000+ posts for thoughts...

beeb
  • #19,996
  • Jul 19, 2012 7:19am Jul 19, 2012 7:19am
Quoting XTrade
Gold is in sideways motion right now and sucking....
Sorry for the poor TA but it is what it is....
well the poor TA worked
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 16 KB
Alternatives are more important than the plan itself
  • #19,997
  • Jul 19, 2012 7:52am Jul 19, 2012 7:52am
Quoting -Melo-
well the poor TA worked
X's comment was not about your chart I hope you know.

He was meaning back and forth price action.

But I am not sure what your comment means. I see a spike down bar and another reversal bar that went beyond but did not close below the 61.8% line.

If you trade that way I guess you use a pretty wwwwide stop on an intraday basis.

BTW I do, use wide stops and trade beyond shortterm.
  • #19,998
  • Jul 19, 2012 8:24pm Jul 19, 2012 8:24pm
This is m15.
Attached Image (click to enlarge)
Click to Enlarge Name: xau-m15-20120719.png Size: 71 KB
  • #19,999
  • Jul 19, 2012 8:47pm Jul 19, 2012 8:47pm
Something seems odd with the volume figures from the CME this week:

Mon 119028 Okay
Tue 155522 "
Wed 155853 hmmm
Thu 155747 what the hey

3 days in a row within a 300+ range. It is possible but rather odd. Market is rangebound but volume "should" fluctuate a little more than that.

Oh well I see a possible breakdown in equities very soon. And if this happens Gold will most likely follow. Time will ....
  • #20,000
  • Jul 19, 2012 9:32pm Jul 19, 2012 9:32pm
both sitting at daily trend guide 1582 and 27.20 and watching response, bias down from 1587 and 27.26.
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