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

  • #20,701
  • Aug 31, 2012 7:03am Aug 31, 2012 7:03am
sorry, good data for the USD.
  • #20,702
  • Aug 31, 2012 8:37am Aug 31, 2012 8:37am
I love it when Bernanke yaps! Seems traders were waiting for him to talk before pulling the trigger on gold, but all the technical levels held perfectly. Here is my chart from Sunday. Price stayed well within my price retracements without a close below the $160/38.2% confluence. http://www.forexfactory.com/showthre...02#post5959602

Bearish signal on Daily chart worked for a few days, but eventually the stronger Weekly and Monthly charts prevailed. Monthly candle is looking to finish at the highs of the month which is a great sign for next month. Please hold your profitable positions!
http://www.forexfactory.com/showthre...02#post5962002
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #20,703
  • Aug 31, 2012 8:40am Aug 31, 2012 8:40am
ok .. the past two hours were interesting so i'm a little surprised to see that no one is posting.

in my humble opinion i say gold will not drop below 1675 anytime soon
  • #20,704
  • Aug 31, 2012 6:53pm Aug 31, 2012 6:53pm
Gold have an outbreak to 1691... .

I would say that this out break in just the bginning.

Looking at weekly chart, Gold has just a nice outbreak above its SMA.

Correct me if im wrong, but i did saw that Gold weekly pattern is forming a "cup and handle pattern", with near goal ending 1780-1790.

With this technical bull accompanied with fundamental bull comment from bernanke, it has become risk on for the market, thus creating perfect bullish moment for long right now.

What do u guys think?

Thanks

R
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  • #20,705
  • Aug 31, 2012 6:55pm Aug 31, 2012 6:55pm
What an AWESOME DAY!

It's funny how I said yesterday I wanted 50 to 100 pip moves daily and was going to stop trading currencies until after (US Holiday) Labor day - This monday.

THEN
BOOM

Cable rocks a (and Euro) a clean 130 Plus pip day! Looks like I picked the wrong one...

No harm done just a lost trade.

Now Gold Spot on the other hand closes @ 1691.60 with an awesome 36 USD move!
3600 pips.

Silver as well - Breaks 1.00 USD move, which I consider a great day for the metal.
Actually a buck 30. or 1.30 USD move. 130 pips.

Great day.

Charts non live to savor the close into a US holiday weekend. Boy it looks like they are back from the dead, and if this is just priming for what is to come, well SPARKS are going to fly!!!


XT
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,706
  • Aug 31, 2012 6:59pm Aug 31, 2012 6:59pm
For those of you who say there are never signals here was a great one off 1650 Or I think the price was actually 1652 at time of post, if you bought that and closed the top at 91 you have just under 4000 pips or a 40 USD move for the day.

36.xx usd relates to the move from the open price, how much she gained.../..

Quoting XTrade
Oh and see how 1650 reacts. We may be at or close to the daily lows.

Sorry, the signal is a bit late chart jumped while typing.

Look

http://www.kitco.com/images/live/nygold.gif
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,707
  • Aug 31, 2012 7:18pm Aug 31, 2012 7:18pm
A cup and handle with that weekly price action would put the handle @ the top of your fork and then the dip then the breakout / trend resumption / reversal and push the price way through 1920.

I need to look at chart again.

Quoting llrickkll
Gold have an outbreak to 1691... .

I would say that this out break in just the bginning.

Looking at weekly chart, Gold has just a nice outbreak above its SMA.

Correct me if im wrong, but i did saw that Gold weekly pattern is forming a "cup and handle pattern", with near goal ending 1780-1790.

With this technical bull accompanied with fundamental bull comment from bernanke, it has become risk on for the market, thus creating perfect bullish moment for long right now.

What do u guys think?

Thanks

R
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,708
  • Aug 31, 2012 7:20pm Aug 31, 2012 7:20pm
This is the pattern need to compare to your chart.


EDIT: yeah the beginning looks like a posssibility, not to round of a cup formed but that's ok and the handle wouldn't even start until 1920 definitely, with the re-enforcing fact there are probably dozens of resting shorts already there.

Then again, if gold goes parabolic like it did, it would just blow through all resistances and create a massive new high like

1550 to 2550
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,709
  • Aug 31, 2012 7:29pm Aug 31, 2012 7:29pm
P.M. Kitco Metals Roundup: Gold Soars to 5-Mo. High on Bernanke Boost and on Fresh Upside Technical Momentum


Quoting Jim Wyckoff
Friday August 31, 2012 2:24 PM

Comex gold futures prices on Friday rallied sharply, hit a fresh five-month high and are now within easy striking distance of $1,700.00. The precious metals markets took flight late Friday morning following the much-anticipated remarks by Federal Reserve Chairman Ben Bernanke at a Fed symposium in Jackson Hole, Wyoming. The Fed chief strongly hinted fresh, unconventional U.S. monetary policy stimulus will be implemented at some point. Indeed, he left the door wide open for a fresh quantitative easing initiative to be unveiled at the September FOMC meeting, or at some point in the not-too-distant future. December gold last traded up $32.00 an ounce at $1,689.00. Spot gold last traded up $31.70 at $1,687.50. December silver last traded up $1.05 an ounce at $31.49.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,710
  • Aug 31, 2012 10:35pm Aug 31, 2012 10:35pm
Quoting XTrade
This is the pattern need to compare to your chart.


EDIT: yeah the beginning looks like a posssibility, not to round of a cup formed but that's ok and the handle wouldn't even start until 1920 definitely, with the re-enforcing fact there are probably dozens of resting shorts already there.

Then again, if gold goes parabolic like it did, it would just blow through all resistances and create a massive new high like

1550 to 2550
Ahh, yes. The Cup & Handle pattern. I like calling it the lopsided breast pattern.

http://i1185.photobucket.com/albums/...astPattern.jpg
Get money, don't let money get you. @kauaiforex
  • #20,711
  • Aug 31, 2012 10:57pm Aug 31, 2012 10:57pm
Well, we broke above both trend lines. Is anyone else excited? LOL Not that it's a good sign for the economy, but hey, I'm hedged. Are you?

http://i1185.photobucket.com/albums/...x/SilverWk.png
Get money, don't let money get you. @kauaiforex
  • #20,712
  • Aug 31, 2012 11:59pm Aug 31, 2012 11:59pm
Yes we did! It is definitely time to buy physical on dips or if you are a position trader get positioned.

AND NO DEFINITELY NOT, why would you hedge this trade right now?

This break has been a long time and coming, now that people will be back from holiday's - the kids are back in school - etc. a whole new cycle will emerge.

It seems along with whatever the market made of benny bernanke and the strong techs people are already positioning early.

We have moved a decent way, ---way more to go--- up in the past two weeks, yet how long was the price bottling up in that triangle for??

Besides an off day here and there I think this particular break has more to go.

Quoting NoJobRob
Well, we broke above both trend lines. Is anyone else excited? LOL Not that it's a good sign for the economy, but hey, I'm hedged. Are you?
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #20,713
  • Sep 1, 2012 12:08am Sep 1, 2012 12:08am
Quoting XTrade
Yes we did! It is definitely time to buy physical on dips or if you are a position trader get positioned.

AND NO DEFINITELY NOT, why would you hedge this trade right now?
I'm not hedging the trade, I'm hedged against a weakening dollar by holding physical silver. It's my inflation insurance.
Get money, don't let money get you. @kauaiforex
  • #20,714
  • Sep 1, 2012 12:19am Sep 1, 2012 12:19am
Here's a spread sheet for Open Office if anyone wants it. I made it to track my silver investments. The pre-entered data is there for demonstration purposes only. Edit it to your needs.

I had to compress it because .ods isn't one of the valid extensions.
Attached File(s)
File Type: zip Silver Holdings.zip   9 KB | 555 downloads
Get money, don't let money get you. @kauaiforex
  • #20,715
  • Sep 1, 2012 4:59am Sep 1, 2012 4:59am
Time for a bit of a bigger picture update on GC Daily after the impressive action of the last few days.

Here's the same chart as I have been showing for several months. Things to note:

1. The line of resistance of the red dotted sp that worked from early March to late July.

2. The areas of support along the blue dotted sp just under the LP with three fantastic buying opportunities with very tight stops shown by the blue circles. The red and blue sp's creating an obvious wedge.

3. The breach and retest of the red sp in the purple circle.

4. The breach, retest and rejection of the red UP in the green circle.

All in all massively bullish action. However always be aware of short term over-extension and the need for a pause or retest....

beeb
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  • #20,716
  • Sep 1, 2012 5:02am Sep 1, 2012 5:02am
SI 240 shown previously:

http://www.screencast.com/t/3uexUS2ETa

beeb
  • #20,717
  • Sep 1, 2012 11:45am Sep 1, 2012 11:45am
..............................................
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  • #20,718
  • Sep 1, 2012 11:54am Sep 1, 2012 11:54am
....since your charts are dated in june are pretty much expired...anyway, if you wanna post something here and it's not your analysis use quotes and name the author otherwise it can be called plagiarism... but still, if this are yours and if you know that gold is @1690lvl and you post this charts here believing that it will drop to 1350 let me express my compassion to you...
  • #20,719
  • Sep 1, 2012 12:50pm Sep 1, 2012 12:50pm
Quoting shafaat
...but i think in 1790 gold must go down in five wave around 1200 ...
If I had a nickel for every time i've heard that...
  • #20,720
  • Sep 1, 2012 3:11pm Sep 1, 2012 3:11pm
Quoting shafaat
first chart i got from http://elliottwavepredictions.com/....
i just share what that guy says in jun ... and i think he is right...but i think in 1790 gold must go down in five wave around 1200 then long bull start to gooo much higher .......dollar index bulls waiting in 79 level....then usd up and market going down ....gold silver euroo oil gbp.....all go down .....my english is not good so sorry 4 my bed english
Sorry, but IMHO Elliot Wave is utterly useless as a predictive tool. Its proponents are always making revisions and changing their counts to the point where it is about as much use as a chocolate teapot.....

If you really think gold is about to drop to $1200 I suggest you might want to spend some time reading the thread and getting a different perspective.......

beeb
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