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

I think you are dreaming my friend...but its ok to dream

GC 20 min fork been running quite well:

http://www.screencast.com/t/nzD63N4Ijh

beeb

Risk currencies breaking, if Gold can plow through 1635 new possibilities arise.

C'mon GOLD!

How close does the miner's index track spot prices.

something to consider Sun.

It's a whole 'nother game.

XT

What do you think guys? going long @ 1590-1600, targeting 1720...
Opinions appreciated

The setup looks good if Gold continues north.

You may want to wait for a test of the broken line you have to play it safe.

The aggressive play would be to get long now, or have been long from below the break in anticipation.

I get the feeling that we need strong fundamentals to challenge and stay put above the daily 200 EMA line. Or may be it's just a small pull back, I don't know.

Gold is driven by fundies. We always need them, the same way we need large cap specs to return to this market,

All and all Gold has done a good job of hanging in.

Gold not letting much up. Perhaps a breach of 1635 is in the works.........

Though I'm open minded (I know better than to fight the trends), I think it's time to go long on the USD side of the major pairs.

EUR/USD fell when it hit the 50% retracement drawn from high of July 1st. Draghi's comments were nothing but that: Comments; doubly so in light of the pending German supreme court ruling, so I see no compelling reason to go long on the Euro at this point.

Gold, though it broke above the wedge, has now hit the top of it's sideways-trending channel for the forth time and could very well be heading back down for a final chance to add more to our positions before it goes up for real on or about the third week from August. (Timing for the big push up is from an article detailing a ten-year time study for gold retracements.)

The AUD/USD pair is at (or nearly at, depending on how you draw it) the top of it's upward-trending channel which coincides with the April high that started it's second leg down from the February high. Though 1.05 is sitting right there waiting to be tested, it wasn't tested in April either.

GBP/USD has hit the 1.57 area for the third time which seems to be its ceiling, and finally, USD/JPY hit the 78.0 bottom again, an area known to cause the JCB to push the Yen back down which will send this pair back up.

Certainly I've been wrong before and I'll be wrong again, but that's my two cents.

SILVER forming head and shoulder at H1? 27.400 to confirm.

I don't really see it but then I don't rely much on H and S formations - too easy to see things that may not be there IMHO....

beeb

A few forks on USdollar index. Modified Schiff longer term and two standards that lined up pretty good (one in June and the other today). Although it hasn't done much to Gold.

Please indicate whether you sre referring to an INVERSE head and shoulders (reversal north) or a head and shoulders (reversal south usually in an uptrend. which silver has not necessarily been.

Will we get a weekly close above 1625 ?
Bias is up from 1595-1600 area and eyes on 1638-39 response this week.

Eyes on $ 28.35 area response and will we have a weekly close above $27.95 area ?

Next three days:

FOMC
ECB
NFP

beeb

As I had said she is not letting up much and the current daily bar has turned green.

As LP said, in the immediate we need a breach of 1625 next a close above resistance 10 usd higher at 1635.

simply base on price action!!!

Yeah, she was starting to show some signs of weakness in that area unfortunately, perhaps the dip will be bought later on and the resistance broken.

Gold is still above the 100 day SMA. This could be all the support it needs to maintain price.

We wiill see