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

Yes, that article certainly sums up the Wednesday FOMC situation nicely.

any chart to share / illustrate the ABCD?
how far to go at D?
what is the accuracy rate?
hope don't mind to share (thx).
a bit confuse when trading with the ABC method

pb/doji are formed on gold and silver... any taker?

i think and of this year market range bond gold , silver and oil
but curruncy market high volitility range
be carefull trader in Dec 2012
FOMC coming i think $ go down after FOMC

This is the pivot line (solid blue) and confining range (solid red) for spot gold (though I trade futures) I was using for short-scalping ($4 range) Feb MGC on the 5 min chart (10 minute shown for clarity). At larger time scales, when I am accumulation or buy-and-hold trading, I would use the pivot line as an additional buy/sell indicator (similar to the method used in the webinar Beeb linked to last week) but for scalping I use it merely as a reference.

Note that I was trading based on RSI triggers and used the channel to determine my price target; however, with this narrow range that didn't yield any more trades than if I'd been trading based on the price action. In hindsight I could have shortened my targets to $3.5 for four trades instead of two.

The dotted blue line is an alternate pivot line that the price action could be following but RSI, MADC, and no corresponding parallels (at least on my charts for this time scale) lead me to believe the one I used was preferable. The solid blue pivot has exiting the confining range which indicates either this channel, this pivot, or both have expired, but RSI and MACD still support the pivot to be valid. Either way, I'll hold onto what will likely be my last short until I have confirmation of short-term trend reversal, probably when the European or US trading sessions open.

what is recomendation for xauusd today? bullish or bearish??

Broken up the (MB=PB) + IB

Let's see how far the gold will turn "up?"

Post #21930

beeb

With FOMC tomorrow there will probably only be light trading today and, as per the link in post #21,964, there is every possibility of some volatility before the trend embeds......

Moves should imho be viewed with some suspicion.

beeb

the market took my trades out 1 be 1 loss

Gold Hourly RSI has crossed support and turned bearish, but the battle is being fought over a very small price range so if I weren't currently holding a short with a bias that $1705 could be touched I wouldn't be involved in the market as it is right now. $1707 seems to be the line-in-the sand for Feb GC gold but I'm still hopeful for spike below $1705 (just above the near-confluence of two major Fibonacci retracements from the daily charts shown as green dashes) before the end of the day. [edit: Obviously that never happened yesterday, but we'll see what happens during the US market open today.]

The deciding factor for my bias today involves US opening range strategy, which is noting the high-low between 8:30am EST and 9:30am EST and waiting for the price to break out of this range (the solid red lines on this 15 minute spot gold chart). Note that it's not a strategy I rely on and that when I do use it it's more to note where price action is likely to return than as the break-out indicator it is intended to be, though I do often find this to be a more useful indicator than the daily open-close strategy many traders rely on.

Most commodity futures and major Forex pairs either failed to leave or have remained near their opening ranges today; however, I did note that both yesterday and today gold went from the opening range high to the low without any full-range whipsaw action and additionally failed to re-enter yesterday's opening range (solid blue lines).

[note spot price (this chart) is ~$1.50 lower than Feb GC gold futures (numbers I am using)]





Edit: Though it's not shown on this chart, I should note that the pivot I had shown on the last chart I posted is still being respected.

I'm in the same trade as you and same price as you , same SL.
Stay cool, expect 1725-35 if its volatile.

hello guys. i am still new to gold trading. hope u guys will help me become a good gold trader . i noticed that you guys waiting for fomc news. if i may know which fomc that we need to focus on? and what to expect?
personally i would think that the price still on correction and will go down for a bit first before it going up. that is why i am still waiting for open timing. am i doing right?

and i also planning on trading for long term. that can be up for few weeks to few months . anything i should focus on? (currently using h4 chart for open position timing, while using daily and weekly chart for long term).

sell @ 1720 TP @ 1709
buy @1700 TP @ 1714

This isn't a scalping thread so please supply reasons



beeb

GC 240 mins:

http://screencast.com/t/ef1P77N9

I was loathe to discard the red fork after the two well-spaced exact hits on the LP and it looks as though it is still working, this time as SP resistance.....

beeb

Why are Gold and Silver falling despite of additional monetary stimulus announced by Ben..?? Any other news...?

As I read this now we're approaching the support of your blue fork. If that fails to hold gold will resume correcting down, presumably to the weekly support line.

I've got some personal issues making it difficult to focus on trading (or anything) and perhaps it's a little late and/or redundant to point this out again, but the FOMC did indeed confirm easing that was already priced into the market, so just as I warned about previously, the announcement did not generate the momentum to push and keep gold higher, leaving gold nowhere to go but down then sideways until a large enough risk event (the "fiscal cliff" in all likelihood) triggers a new surge.

When I feel up to trading again, I will be limiting myself to short scalps in what will probably be the ATR range on short-term charts, likely until January when, hopefully, gold will make the same surge it did last year.

The easing announced by the FOMC was exactly what was expected and had already been priced into the market; though it's not unreasonable to add that the price of gold is currently being suppressed by central banks which is why risk-on currencies soared leading up to the announcement while gold went nowhere.

Similar to the gold/silver ratio, central banks have a target for US$:gold and won't let gold soar until it's to their optimal advantage. I personally believe that this will be the next time daily RSI bottoms, just as took place last year.

I can see why you'd choose $1720 and $1709 but not $1700 and $1714. I hope you either didn't take the second trade or got out before you lost too much.