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

  • #21,741
  • Nov 29, 2012 3:37pm Nov 29, 2012 3:37pm
Hey all,

On a mini break with all the cleanup and devastation from Hurricane Sandy, then the US holiday of Thanksgiving, this year we had a big family party, Next up Christmas, or whatever you celebrate, Kwanzza? IDK... Then The NEW YEAR!!!

I don't expect much movement between 1700 / maybe 1750 until after the new year. Not bad for scalping, but I'm just holding my positions for now.

It seems any dip to the lower round no. of 1700 is bought and produced by a news day trade, then the next day we are back up to previous range areas.

Will be posting regularly again soon. Probably too much! IN any case I wouldn't mind a lil dip in silver for the Christmas buying!

Hope all here are well, please keep up the good work!
XT-
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,742
  • Nov 29, 2012 3:42pm Nov 29, 2012 3:42pm
Here's a lil pic for to go with!

BTW beware of phony or INFLATED US JOBS NUMBERS during the holiday season, it may appear people have been hired, yet most of the new work is TEMP or Full TIME for HOLIDAYS only, these people will be AXED come January. Then the number will revert back to it's normal perverted self.



Quoting XTrade
Hey all,

On a mini break with all the cleanup and devastation from Hurricane Sandy, then the US holiday of Thanksgiving, this year we had a big family party, Next up Christmas, or whatever you celebrate, Kwanzza? IDK... Then The NEW YEAR!!!

I don't expect much movement between 1700 / maybe 1750 until after the new year. Not bad for scalping, but I'm just holding my positions for now.

It seems any dip to the lower round no. of 1700 is bought and produced by a news day trade, then the next day we are back up to previous range areas.

Will...
Attached Image (click to enlarge)
Click to Enlarge Name: gold.gif Size: 15 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,743
  • Nov 29, 2012 3:45pm Nov 29, 2012 3:45pm
Aud longs still paying! Nice upward channel movement with dips for entries and exits as well as respect of the Rising LTL.

Not touching till at least o56o. Would venture to guess we may test 0800 if that goes. 1.1 is ON!
Attached Image
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,744
  • Nov 29, 2012 5:11pm Nov 29, 2012 5:11pm
Good to hear from you XTrade



beeb
  • #21,745
  • Nov 30, 2012 1:46am Nov 30, 2012 1:46am
Long at 1725
Patience is magic
  • #21,746
  • Nov 30, 2012 1:57am Nov 30, 2012 1:57am
Quoting Muntu
Long at 1725
What's your TP...?
  • #21,747
  • Nov 30, 2012 2:15am Nov 30, 2012 2:15am
1725 was a great entry point. I did manage to take in $22 and $371.

Couldn't stop myself so I entered long again at 1731
  • #21,748
  • Nov 30, 2012 2:26am Nov 30, 2012 2:26am
Quoting Muntu
Long at 1725
Could we please try and give REASONS otherwise the thread disintegrates (like so many others) with forty or fifty people posting "long here" or " short there"....

Thanks

beeb
  • #21,749
  • Nov 30, 2012 2:32am Nov 30, 2012 2:32am
Quoting beeb
Could we please try and give REASONS otherwise the thread disintegrates (like so many others) with forty or fifty people posting "long here" or " short there"....

Thanks

beeb
here's my reason. At 1740 - 1739, there was a massive sell off and the price simply dropped. What I understand is a correction for that. 1730 I reckon is a safe zone to take profits for those who are long at 1725 and earlier and perhaps adjust their stops accordingly. A likely retracement to the current rally could happen later in the day when the US CPI data comes out.

Despite the positive data from the US, the fiscal cliff continues to be a concern (and will be until mid December), so Gold currently could be a hedge.
  • #21,750
  • Nov 30, 2012 2:38am Nov 30, 2012 2:38am
Quoting jw1981
here's my reason. At 1740 - 1739, there was a massive sell off and the price simply dropped. What I understand is a correction for that. 1730 I reckon is a safe zone to take profits for those who are long at 1725 and earlier and perhaps adjust their stops accordingly. A likely retracement to the current rally could happen later in the day when the US CPI data comes out.

Despite the positive data from the US, the fiscal cliff continues to be a concern (and will be until mid December), so Gold currently could be a hedge.
Thanks



beeb
  • #21,751
  • Nov 30, 2012 3:08am Nov 30, 2012 3:08am
Some commentary about the price drop a couple of days back:

http://truthingold.blogspot.ca/2012/...al-market.html

beeb
  • #21,752
  • Nov 30, 2012 12:06pm Nov 30, 2012 12:06pm
  •  KADC
  • Joined Apr 2012 | Status: Be unreasonable. | 897 Posts | Online Now
Euro gold (below) bounced off the long-term support and the 78.6% retracement. Note how the top resistance line served as support nearly a year ago when Euro gold was making new highs.

Attached Image (click to enlarge)
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US gold (below), however, bounced off a near-term support line (dashed goldish coloured line), but still has a bit further to fall (or travel sideways for a while) before it hits its long-term support line.

Attached Image (click to enlarge)
Click to Enlarge Name: USGold.jpg Size: 468 KB




Also note that neither have hit their typical RSI bottoms. A break below the long term support or typical RSI bottom on either chart would have me concerned about a serious drop in price, but as it stands now I think the $1706 on Dec GC we saw the other day was the best entry point and I'm happy to stay long from $1715 Feb GC that I entered today even if we see another $10 downside before it goes back up.
You can always make money tomorrow provided you don't lose it today.
  • #21,753
  • Nov 30, 2012 12:48pm Nov 30, 2012 12:48pm
Quoting beeb
SI 20 mins - LP to UP:

http://www.screencast.com/t/Qi97X4NZjljJ

beeb
Following on - same fork

http://www.screencast.com/t/nQfCFlJVtg - in at the line stops now above b/e

beeb
  • #21,754
  • Nov 30, 2012 12:49pm Nov 30, 2012 12:49pm
  •  KADC
  • Joined Apr 2012 | Status: Be unreasonable. | 897 Posts | Online Now
Euro silver (below) hit the 38.2% retracement and is sitting at the 200 DMA. The support line it touched isn't one I have much conviction in and it's not near RSI support, but it has frequently reversed from the RSI 50 region before and needs significant momentum to cross the DMA but ADR (not shown) is very low so that doesn't seem particularly likely at the moment.

Attached Image (click to enlarge)
Click to Enlarge Name: EuroSilver.jpg Size: 493 KB



US Silver (below) bounced off the 38.2% two days ago and today was stopped at the 200 DMA and the pivot trend line between the long-term support and resistance lines. US silver has a little more respect for the RSI support, but like Euro silver, there's a lack of momentum to carry it across the 200 DMA so I don't think a breach of $33.00 is likely.

Attached Image (click to enlarge)
Click to Enlarge Name: USSilver.jpg Size: 466 KB



I don't trade silver futures and purchased all my silver ETF positions way back at $28 so the silver market doesn't really concern me other than as a sister metal to gold it can be (somewhat) useful in determining direction for gold.
You can always make money tomorrow provided you don't lose it today.
  • #21,755
  • Nov 30, 2012 12:50pm Nov 30, 2012 12:50pm
WHY
please try and elaborate.

Quoting Muntu
Long at 1725
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,756
  • Nov 30, 2012 12:50pm Nov 30, 2012 12:50pm
  •  KADC
  • Joined Apr 2012 | Status: Be unreasonable. | 897 Posts | Online Now
Quoting beeb
Following on - same fork

http://www.screencast.com/t/nQfCFlJVtg - in at the line stops now above b/e

beeb
Do you have any longer-term forks you care to share with us? I'm scalped out and would like to examine my buy-and-hold portfolio.
You can always make money tomorrow provided you don't lose it today.
  • #21,757
  • Nov 30, 2012 12:53pm Nov 30, 2012 12:53pm
Down only to 1711 roughly, still a 14 usd drop. Monday will likely be up -
Don't see huge changes yet.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,758
  • Nov 30, 2012 12:55pm Nov 30, 2012 12:55pm
GOOD IDEA!

Buy hold - add - and kill while keeping your base core position stable at a great entry.

Quoting KADC
Do you have any longer-term forks you care to share with us? I'm scalped out and would like to examine my buy-and-hold portfolio.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #21,759
  • Dec 1, 2012 8:27am Dec 1, 2012 8:27am
out at b e

Quoting multi888
What's your TP...?
Patience is magic
  • #21,760
  • Dec 2, 2012 5:04am Dec 2, 2012 5:04am
In response to kadc and in the hope that it will get some constructive discussion going......

SI Daily:

http://www.screencast.com/t/qchjhFCx8

GC Daily:

http://www.screencast.com/t/ymzbTHs4dz4

GC 240 min:

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

And in detail showing poss entries:

http://www.screencast.com/t/biMU871aCs

Remember that forks are a tool to give you a good idea of where to expect to find support and resistance - and that is true even in "managed" markets like the pms. You need to be sensible and not just jump in when price touches a line - wait for supp or resistance to show itself before acting.

If you want to find out more about them I suggest registering for Paul Coghlan's free webinar:

http://www.coghlancapital.com/node/4770

Usual disclaimer - no pecuniary or other interest blah blah blah......

beeb
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