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

  • #25,501
  • Sep 20, 2013 8:54am Sep 20, 2013 8:54am
from my previous chart shows hopefully we can see 1326 today or next monday.
  • #25,502
  • Sep 20, 2013 8:59am Sep 20, 2013 8:59am
china is back from holiday monday for the first time since fomc - would anticipate some buying interest coming through
  • #25,503
  • Sep 20, 2013 9:26am Sep 20, 2013 9:26am
Quoting libra_reserv
Strong Buy Recommendation: Gold . Buy Gold In Between 1354-64 Range . Target 1379-84-93. Final Target 1404-1412. Today target 1374-79 before closing
Forgive if I am wrong but I don't think anyone here is looking for Trade Recommendations.

If you want to post what you are doing fine. But you shouldn't presume someone else is going to do what you (anonymously) recommend on the wild, wild web.
  • #25,504
  • Sep 20, 2013 9:29am Sep 20, 2013 9:29am
Quoting KADC
...... The markets have been controlled by insider trading since since the beginning. It's how the system was designed and it's how the system is maintained.
Agree and they always will be - that is why it is so tiresome to talk about it.
  • #25,505
  • Sep 20, 2013 9:30am Sep 20, 2013 9:30am
Quoting fxjay
from my previous chart shows hopefully we can see 1326 today or next monday.
Based on what? ...... or _ _ _ _ _ __ _ __ _ __ _ or __________________________ ___________


Even with the FED talking later it's not the FOMC and they already bombed the USD and lost credibility this week so,

for now this just looks like some PROFIT taking and technical correction..
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,506
  • Sep 20, 2013 9:41am Sep 20, 2013 9:41am
Quoting Basement
{quote} I added to my short position at 1358.75.. Let's see how it reacts if it visits 1352 again today.
Closed position @ 1338.

Am now short on GBP-USD @ 16015.
Trade with what you see, not what you feel.
  • #25,507
  • Sep 20, 2013 9:55am Sep 20, 2013 9:55am
Wave 5 of 1 is underway, 3 fib zones 1321.00-1315.50 minimum, 1288.00-1269.00 typical and 1240-1233.50 maximum:
Attached Image (click to enlarge)
Click to Enlarge Name: Wave5of1.png Size: 47 KB
  • #25,508
  • Sep 20, 2013 10:55am Sep 20, 2013 10:55am
At least I was right about the dump, sadly I did not open any sell position.
Hopefully gold will go up when the fomc members bash the USD later on,
as I have some drowners hehe
Every cent earned is one step closer to independence
  • #25,509
  • Sep 20, 2013 11:07am Sep 20, 2013 11:07am
Likely no further movement this week, regardless of what is said later on.
  • #25,510
  • Sep 20, 2013 11:42am Sep 20, 2013 11:42am
Question:

Was gold price pushed down before FOMC statement for a better price to buy, or was pushed up by FOMC statement for a better price to sell?

  • #25,511
  • Sep 20, 2013 11:46am Sep 20, 2013 11:46am
Quoting MarsjeNL
At least I was right about the dump, sadly I did not open any sell position. Hopefully gold will go up when the fomc members bash the USD later on, as I have some drowners hehe
At this point I don't think there's much they can do to boost the USD! They dug a big hole this week!

In any case the move up has corrected about 50% back south,

so It looks like if 1330 + or - 5/10$ can hold to close out the week we should see some further northbound movement.

If we equate part of it to profit taking and just position squaring ahead of more "FED" this was basically expected sooner or later.

If she closes below, we may be exposed to another test of 1310 area.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,512
  • Sep 20, 2013 11:46am Sep 20, 2013 11:46am
Quoting KADC
On the hourly chart, gold is respecting ascending resistance (blue) and descending support (red) and the pivot line (purple) from the daily chart. Hourly RSI isn't any help as it is within a well-defined descending RSI channel (red) but sitting on support of the ascending channel (blue). For now I shall continue to wait. {image}

Hey KADC,

It has already broke the daily, what can you predict or comment for the movement?
  • #25,513
  • Edited 3:50pm Sep 20, 2013 11:49am | Edited 3:50pm
Quoting Basement
{quote} Closed position @ 1338. Am now short on GBP-USD @ 16015.

Actually just about to post a cable chart on how much I love this move, I would be very careful entering a short right now especially if you are going to hold it over the weekend.

Might as well post it now,

Here she is - from ---------damn it!!!! I just lost it----------- give me a few please.

EDIT: YoU can disregard my warning for cable, it's odd, I loooked at it in the H2 and it looked bullish still running,

but then, when I switch time frames it looks like it's at the channel top. Like the 480 (8hr)min.
Never know here, the power could just straight continue and break thru 1.6300 now that we tested resistance.
Here is the old chart sorry for the late addition. been tied up with some other things.
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 43.png Size: 113 KB
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,514
  • Sep 20, 2013 11:55am Sep 20, 2013 11:55am
Quoting jsr
Question: Was gold price pushed down before FOMC statement for a better price to buy, or was pushed up by FOMC statement for a better price to sell?

Pushed up due to no tapering by FED. Wednesday.

Fell down today on profit taking, initially but could very well be due also to some squaring before FED to buy again.

Today's about:
"=FxFactory----
Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #25,515
  • Sep 20, 2013 12:36pm Sep 20, 2013 12:36pm
Quoting XTrade
{quote} ... Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
Time and again the FOMC gives a consistent message that easing will end when the state of the economy warrants it and all the right-wing free-market-capitalism economists who dominate the media read "easing will end" and ignored the rest having discovered the "subtle clues" that conform to their anti-Keynesian libertarian ideals.
You can always make money tomorrow provided you don't lose it today.
  • #25,516
  • Sep 20, 2013 1:15pm Sep 20, 2013 1:15pm
Quoting hbkarakas
{quote} Hey KADC, It has already broke the daily, what can you predict or comment for the movement?
Hourly RSI for gold is too low to sell from here yet it needs to break through resistance for a buy signal and the same goes for silver. More adventurous traders might decide that buying from this level has a good enough risk/reward ratio to warrant taking a chance though I only do that from below 20 which isn't the case for either at the moment. Personally, I would wait for a break of hourly RSI resistance before buying.

Price-wise, we're sitting at 50% of the Wednesday low to the Thursday high for gold. Selling at the end of a strong move down ill advised but neither are there any bullish indicators. If that was merely a take-profit sell-off gold should start to rise towards the end of the trading day. Silver sold off 76.4% and is sitting at the Fib of last resort. Falling the rest of the way erases all gains and would indicate a continuation of the previous trend which in this case was bearish though I would wait for price to break below Wednesday's low to start selling.

If you're not in a trade, the best thing do is take the rest of the day off and let China make its move over the weekend. A gap up will confirm today was profit taking and a gap down means prices will continue lower. There's no-way to know what the outcome will be until Monday.

Patience is the best tool a good trader has and a more ideal trading opportunity will present itself if you wait.
You can always make money tomorrow provided you don't lose it today.
  • #25,517
  • Sep 20, 2013 1:16pm Sep 20, 2013 1:16pm
Quoting KADC
{quote} Time and again the FOMC gives a consistent message that easing will end when the state of the economy warrants it and all the right-wing free-market-capitalism economists who dominate the media read "easing will end" and ignored the rest having discovered the "subtle clues" that conform to their anti-Keynesian libertarian ideals.
As opposed to Goldman left wing-nutz Jon Corzine, Robert Rubin, Gregory Craig former Obama White House Council now at Goldie, Gary Gensler Obama's head of CFTC and on and on and on.

Both parties have gone to the Goldman well repeatedly for appointments, or should I say were told to do so.

But this is another distraction from what really matters - to traders.

It has always been done this way and always will, so why not leave it to Fox and MSDNC babbling heads to hash it out.
  • #25,518
  • Edited 1:53pm Sep 20, 2013 1:40pm | Edited 1:53pm
Quoting SunTrader
Wave 5 of 1 is underway, 3 fib zones 1321.00-1315.50 minimum, 1288.00-1269.00 typical and 1240-1233.50 maximum: {image}
in the channel, if we have capital A,B,C then where are 1,2,3,4,5 ?

can u pls post the chart with the above complete cycle ? thanks ?
  • #25,519
  • Sep 20, 2013 1:43pm Sep 20, 2013 1:43pm
Quoting XTrade
{quote} Ok I had to redo it again to include the lil correction....... POTENTIAL INV H&S Septermber 2013 {image}
not trying to be funny here , but why not like this scenario ... with "no tapering" factored in ...?
Attached Image (click to enlarge)
Click to Enlarge Name: HS.png Size: 83 KB
  • #25,520
  • Sep 20, 2013 1:56pm Sep 20, 2013 1:56pm
Attached Image (click to enlarge)
Click to Enlarge Name: gold2109.png Size: 21 KB
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