Recipe for a Perfect Brew ?
1.Channels
2. Support
3. Stocs .......
http://i46.tinypic.com/xgh4sk.jpg
1.Channels
2. Support
3. Stocs .......
http://i46.tinypic.com/xgh4sk.jpg
XAU/USD & XAG/USD - Gold & Silver Traders Thread
- #21,761
- Edited 10:19pm Dec 2, 2012 9:54pm | Edited 10:19pm
- | Joined Jun 2008 | Status: Trader | 2,013 Posts
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...
my understanding is still bullish in weekly or monthly basis for XAU, hope I get it correct
- #21,763
- Dec 3, 2012 2:41am Dec 3, 2012 2:41am
- | Commercial User | Joined Oct 2010 | 1,778 Posts
thanks beeb
my understanding is still bullish in weekly or monthly basis for XAU, hope I get it correct
If you read my comments you will see that the basis of what I do is to establish trends by using forks. I then watch to see if price strengthens or weakens within those trends by seeing if it is stronger or weaker within the fork. The lines of the fork are not sacrosanct - they give me likely areas of support or resistance but if those lines breach it tells me as much (if not more) about price as if they remain intact....
beeb
- #21,769
- Edited Dec 4, 2012 12:08am Dec 3, 2012 11:56pm | Edited Dec 4, 2012 12:08am
- | Joined Jun 2008 | Status: Trader | 2,013 Posts
- #21,770
- Dec 4, 2012 1:41am Dec 4, 2012 1:41am
Using US gold 8 hr chart for the sake of clarity, gold fell to the intersection of the 100 DMA (not shown on this chart), the pivot line of the descending channel, the support line of the ascending channel, and several Fibonacci (only the most recent with extensions shown). RSI hit support on the hourly chart but it still has a little further to fall on the daily chart (roughly the same amount as on the 8 hr).
If I'd been here for it (was on the phone) I'd have been very happy to enter at $1700 (Feb GC is trading about $2 higher than spot) when the 5 min RSI hit 11, but since it the price didn't immediately return to where it was before it fell ($1712) I'll wait for the European session open to see what happens.
If it falls below $1794 which is horizontal support from the first week of September and the 38.2% retracement of the full March/October move, the next stop is another $20 fall to the November low, and if that doesn't hold we could be looking at repeat of last year which wouldn't do my investment portfolio any good but would certainly provide a fantastic entry point for futures with an anticipation of a January/February rocket to the top.
If I'd been here for it (was on the phone) I'd have been very happy to enter at $1700 (Feb GC is trading about $2 higher than spot) when the 5 min RSI hit 11, but since it the price didn't immediately return to where it was before it fell ($1712) I'll wait for the European session open to see what happens.
If it falls below $1794 which is horizontal support from the first week of September and the 38.2% retracement of the full March/October move, the next stop is another $20 fall to the November low, and if that doesn't hold we could be looking at repeat of last year which wouldn't do my investment portfolio any good but would certainly provide a fantastic entry point for futures with an anticipation of a January/February rocket to the top.
You can always make money tomorrow provided you don't lose it today.
- #21,772
- Dec 4, 2012 8:24am Dec 4, 2012 8:24am
Euro gold is at the halfway point from the May lows. It's below its 200 DMA and at August support. Obviously a fall from this point would not be good for the US gold price either.
I'm carrying only buy-and-hold metals (ETFs) at this point and I'm waiting to see what happens before I pick up any futures.
I'm carrying only buy-and-hold metals (ETFs) at this point and I'm waiting to see what happens before I pick up any futures.
You can always make money tomorrow provided you don't lose it today.
- #21,777
- Dec 4, 2012 8:41am Dec 4, 2012 8:41am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #21,778
- Dec 4, 2012 8:44am Dec 4, 2012 8:44am
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #21,779
- Edited 10:08am Dec 4, 2012 8:48am | Edited 10:08am
Dolar weak but gold fall..can anyone explain why?i really confuse at this moment..what the news that bring gold down?
You can always make money tomorrow provided you don't lose it today.
