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

  • #25,141
  • Sep 9, 2013 5:31am Sep 9, 2013 5:31am
Quoting alam88009
I am newbie in here and I read very closely to this threat but still now I am still don't know how to read golds chart. I am taking long @ 1388.61 gold going up ?
Take your time. Limit your leverage so you can withstand the typical price swings. Are you trading live?
  • #25,142
  • Sep 9, 2013 6:10am Sep 9, 2013 6:10am
Quoting Wheels
{quote} Take your time. Limit your leverage so you can withstand the typical price swings. Are you trading live?

yes I am trade live account
  • #25,143
  • Sep 9, 2013 6:12am Sep 9, 2013 6:12am
Quoting KADC
{quote} Welcome to the thread, but you shouldn't enter trades based on hopes, guesses, or other people's opinions. Even if you are using a paper/dummy/practice account you should really learn some basic technical analysis before you start trading, else what you're doing is essentially gambling. If I can give you one piece of advice it's that protecting the money you already have by cutting your losses as soon as any trades you enter go the wrong way should always be your priority. Never hold onto a trade hoping that it will turn around -- you're...

Thank you for the advice.
I am still sure gold is going up but I don;t know how deep she falls.
  • #25,144
  • Sep 9, 2013 6:13am Sep 9, 2013 6:13am
Quoting alam88009
I am newbie in here and I read very closely to this threat but still now I am still don't know how to read golds chart. I am taking long @ 1388.61 gold going up ?

hedge @ 1385.00
  • #25,145
  • Sep 9, 2013 7:18am Sep 9, 2013 7:18am
Quoting cg uno
{quote}i just get fed up with people stating things as though it were fact eg your "it's fooked" comment
What part of the following is stated as though it is a fact?


Quote
Still, I think gold is in a bear market, it's fooked, just like silver, but hey that's just my feeling. I just think that [the bull] thesis is wrong. Still, I might very well be wrong instead;...

Really, I just get fed up with people not reading what I have written.
I have no clue what I'm talking about.
  • #25,146
  • Sep 9, 2013 7:40am Sep 9, 2013 7:40am
Quoting Boy Wonder
{quote} What part of the following is stated as though it is a fact? {quote} Really, I just get fed up with people not reading what I have written.
You have either not read or completely misunderstood my PM. This thread of conversation is not constructive -- do not continue it. Private message myself or XTrade if you need clarification. No further warning will be given.
You can always make money tomorrow provided you don't lose it today.
  • #25,147
  • Sep 9, 2013 7:54am Sep 9, 2013 7:54am
Quoting alam88009
I am newbie in here and I read very closely to this threat but still now I am still don't know how to read golds chart. I am taking long @ 1388.61 gold going up ?
Biggest slippage & spread on Gold...and that's a horrible entry point to be perfectly honest...too much room for it to go either way...too many influences that can instantly hit your SL or MC or dreaded Stop OUT if you don't fully understand. Trade demo as a newbie at the moment on Gold, it is too steep a learning curve with many many abnormal influences on Spot Gold for you to gain any confidence on this. Do yourself a favour & just observe...even many of the pro's are getting f**ked trading Spot Gold against QE & the Fed, countless other influences, that you can never predict accurately like other charts in the current situation...
  • #25,148
  • Sep 9, 2013 9:51am Sep 9, 2013 9:51am
Dollar has continued to weaken but Gold hasn't, so far, reacted positively.
  • #25,149
  • Sep 9, 2013 2:42pm Sep 9, 2013 2:42pm
Quoting SunTrader
Dollar has continued to weaken but Gold hasn't, so far, reacted positively.

coiling for a move maybe?
  • #25,150
  • Sep 9, 2013 3:12pm Sep 9, 2013 3:12pm
Quoting cg uno
{quote} coiling for a move maybe?
Could be but as I said last night "Monday is usually a lackluster trading day of the week ...." and true to form






Half the volume of Friday.
  • #25,151
  • Sep 9, 2013 5:48pm Sep 9, 2013 5:48pm
"Market Nuggets: It’s A Bird, It’s A Plane, No It’s A Coin Featuring Superman"

http://www.kitco.com/news/2013-09-09...t-nuggets.html

Just thought I'd throw that in there. Comic book characters have become so important, 'ya know.

However, kitco.com has some great articles regarding metals.

all the best.......
When the Joker is in the deck.. fear not and play it well
  • #25,152
  • Sep 9, 2013 10:34pm Sep 9, 2013 10:34pm
Quoting TheArcher
Head and Shoulders .... ? {image}

Looks a bit too unbalanced. I am waiting to see if the potential inverse HS on the H4 and I think it is clear on the daily pans out. Having chart issues ATM.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,153
  • Sep 9, 2013 10:36pm Sep 9, 2013 10:36pm
Quoting Slim Buffett
"Market Nuggets: It’s A Bird, It’s A Plane, No It’s A Coin Featuring Superman" http://www.kitco.com/news/2013-09-09...t-nuggets.html Just thought I'd throw that in there. Comic book characters have become so important, 'ya know. However, kitco.com has some great articles regarding metals. all the best.......

Read this earlier, But was unhappy to hear the gold coins will be 14k and have a color image?! Anything colorized on top of gold to me is ugly.

Hopefully the silver and cupro nickel versions will not be.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,154
  • Edited 10:49pm Sep 9, 2013 10:38pm | Edited 10:49pm
Quoting Boy Wonder
Don't forget to shut the door on your way out.
I would ease up here. SunTrader is a valuable contributor to this thread and has been for years not to mention a senior member of the forum.
People can disagree and often do, yet it should be done properly.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,155
  • Sep 9, 2013 10:43pm Sep 9, 2013 10:43pm
Quoting Boy Wonder
It seems you can say what you like about gold, just don't say anything bearish eh. As to sticking to what the charts show, I have this to say: Did the charts show you that gold was going to get eviscerated when it was at $1900?

This is not the case. People post things about bearish gold all the time. It is when they waste space with unsubstantiated claims, like "tomorrow gold will go to 1100"
someone had recently posted.

You seem to be quite bearish, but I don't see any strong technical or fundamentals posted. Furthermore, we are still in a corrective phase.
Which as of now remains up on the 240 min. channel.

Some safe haven demand due to the "war talks" have helped, yet technically I see the price recovering more, war or no war.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,156
  • Sep 9, 2013 10:47pm Sep 9, 2013 10:47pm
Quoting Boy Wonder
Silver looks pretty terminal, failure at 200MA and lower high. A 50% retrace of the leg from the lows has got to be at least a 50-50 chance, I would've thought. {image} You have to have some immense pressure to get back above that 200DMA. Maybe WWIII might do it...

I don't agree. The price has just begun testing it after creating an interim bottom. Before hand it was well below. Moving averages don't always just crack on first test if acting as support or resistance in this case.

Just look at the recent flip of the SMAs on gold H4 and the daily support
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,157
  • Sep 9, 2013 10:53pm Sep 9, 2013 10:53pm
These are the updated thread rules. Found always in POST 1

THE THREAD RULES:

1. SCALPING. IT is Unnecessary to post in at 1980 0ut @ 81. Yet, high probability scalps welcome, usually for 5 USD moves minimum.

2. NO WILD PUNTING. =throwing out a call which makes no sense without any backup ie: chart

3. Please refrain from making unsubstantiated claims.

4. POST CHARTS - "A Picture is worth 1000nd words"

5. Provide REASONS with BACKUP For your CALLS

6. TREAT OTHERS AS YOU WOULD LIKE TO BE TREATED (CONSIDER THIS THE GOLDEN RULE)
7. IF YOU DON'T KNOW - ASK.

8. Banning - Warnings will be given twice along with a week long vacation unless you are completely out of line and disruptive.

The third warning is silent and permanent. If you disagree with a banning PM me or write directly to Twee.

9. TRY to stay on topic. When the market is dead we can joke, do discuss currencies Other Pms welcome, base metals ok,

10. NO LYING.

11. No PLAGIARISM - of other people's posts - If using other's material please give credit.

12. NO TROLLING

XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,158
  • Sep 9, 2013 11:14pm Sep 9, 2013 11:14pm
Quoting Boy Wonder
It seems you can say what you like about gold, just don't say anything bearish eh. As to sticking to what the charts show, I have this to say: Did the charts show you that gold was going to get eviscerated when it was at $1900?

What the chart suggested was far from evisceration at 1900.

The price made a new all time high 6 times the value of spot ten years ago. The high in the scheme of things was recent.

Next we corrected, to 1550 where a strong support line was established. Afterwards the price traded sideways for months between 1550 and 1750/1800.

It was not until April of (Third chart) this year after the 5th (if not more small tests) test of 1550, the support broke and sell stops were triggered along with smaller positioned traders, (and likely some large specs) exited. we saw the overselling into even more recent the low of 1180.

After any steep run up in gold we have seen steep corrections. So in a sense yes, after failing to retake 1800 the writing was on the wall, chart.

Take a look at the charts below for a picture explanation. Notice the longer term charts.

All the price has done so far is correct down albeit rather quickly, to an area where there are massive uptrend lines.
Again in the scheme of things the correction could have been worse.

Yet, at this point even if it were to resume and 1050 were tested/ breached, many traders and investors, jewelers, etc. would be buying hand over fist at such a discount.

Notice the price is supported on the daily (Second Chart) by the 50 and 100 DMAs. Along with two major DTLs out of three Broken w/ origins of 1800 on.
Notice a similar structure of Price action to the 1985 + chart. Just another cycle.

It is always the stairs up and the elevator down.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,159
  • Sep 9, 2013 11:31pm Sep 9, 2013 11:31pm
240 min channel. There is further support where the 200 sma has tucked itself right below the bottom channel line. So far PA looks good and seems to be respecting both top and bottom as support and resistance areas.
For some reason my DTLs are not transferring from the daily to H4 properly as it seems, looking into the issue.

Also the possibility of an inverse head and shoulders exists on the daily.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,160
  • Sep 9, 2013 11:44pm Sep 9, 2013 11:44pm
Quoting XTrade
Also the possibility of an inverse head and shoulders exists on the daily. {image}
Not exactly perfect although they never are really "textbook."

Nice length on the distance though. If s2 completes we may see a little stall at the neck and then likely a break, completion will take time this is a daily chart.

AND, the area seems to make technical sense, erasing an old fall and leaving the price in a cluster of minor resistance, yet likely above 1550.
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XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
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