XAU/USD & XAG/USD - Gold & Silver Traders Thread | Page 1532 | Crypto Craft

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

  • #30,621
  • Dec 17, 2013 6:26am Dec 17, 2013 6:26am
Quoting Spec_And
{quote} Except that he contradicted himself by mentioning credit cards and overdrafts. Its clear that he is doing high risk trading but with the risk tolerance and money management of an investor. How can anyone possibly borrow money from credit cards, trade with no stops and think that all will be fine? Its insane...
Looks to me a solid plan : Borrow the money & trade - you either get rich or go to prison ... in both cases you won't need to work another day in ur life.

Man, we are not his financial advisers - just wish him luck & remind him to be careful.
"It's the Margin, Stupid."
  • #30,622
  • Dec 17, 2013 6:30am Dec 17, 2013 6:30am
Quoting The Rhodie
My call on gold is that it's going to break upwards past 1300, possibly before this year is out. The gold producers cannot sustain their operations and meet demand, so prices must rise. An increase in gold prices on Supply & Demand (S&P) only shows that that is the case for a $5000 t. oz. Global economic indicators show that gold must increase because the world is in a sorry state and descending into a fiscal (should be fecal) wall and will likely go splat when the prices all go hyperinflationary. Yesterday was an eye-opener for me as I realised...
I think you're dreaming thinking you're going to see 1300. More likely sub 1200.
1300 may come in January or sometime next year but nobody knows; the chart at the moment is suggesting a high risk for a double bottom test of 1175 before the next move asserts itself.
As to hyperinflation, not likely. Japan has done QE for how long now - what are they on? QE7? QE8? - and they just tripled their monetary base and they're still just eking out 1% inflation.
As for the production costs of the miners: they go up as the price goes up and they go down as the price goes down. They mothball unproductive sites, cut wages etc etc. NatGas got down to $2 not so long ago. Pretty sure it was uneconomic for the producers well before it got to $2; it was probably uneconomic for many of them at $4+ but that didn't stop the price cratering to $2, or even less for benchmarks in other areas of the U.S.
Anyway, theses are all well and good but it's the tape that matters.
I have no clue what I'm talking about.
  • #30,623
  • Dec 17, 2013 6:36am Dec 17, 2013 6:36am
Quoting The Rhodie
My call on gold is that it's going to break upwards past 1300, possibly before this year is out. The gold producers cannot sustain their operations and meet demand, so prices must rise. An increase in gold prices on Supply & Demand (S&P) only shows that that is the case for a $5000 t. oz. Global economic indicators show that gold must increase because the world is in a sorry state and descending into a fiscal (should be fecal) wall and will likely go splat when the prices all go hyperinflationary. Yesterday was an eye-opener for me as I realised...
I couldnt agree more than that....
The good thing with the future is that it is progressively approaching...
  • #30,624
  • Dec 17, 2013 6:38am Dec 17, 2013 6:38am
Quoting The Rhodie
{quote} The biggest stop I use is $1.50 for the more risky trades."
How do you do that with tight SL especially Gold, where spikes and fake moves are not uncommon. May I ask your recipe for filtering fake moves if you don't mind?
The true fact is market doesn't care, risk mgt is important.
  • #30,625
  • Dec 17, 2013 6:41am Dec 17, 2013 6:41am
If gold breaks 1237.3 now, it's all over and going south.
You win, you lose. All else is history. The future does not exist.
  • #30,626
  • Dec 17, 2013 6:44am Dec 17, 2013 6:44am
Quoting Ssm
{quote} How do you do that with tight SL especially Gold, where spikes and fake moves are not uncommon. May I ask your recipe for filtering fake moves if you don't mind?
Patience. Watch the charts closely all day, and I mean really close like tick charts and 1 min charts. Monitor other markets that have an ifluence on gold and watch the correlations. I have many screens which puts me at a huge advantage to most traders.
You win, you lose. All else is history. The future does not exist.
  • #30,627
  • Dec 17, 2013 6:48am Dec 17, 2013 6:48am
Quoting The Rhodie
If gold breaks 1237.3 now, it's all over and going south.

HA! Welcome to my world! Balance loves it when I get it right. Margin loves it when I get it wrong. AND I NEVER move my stop away from an advancing market.
You win, you lose. All else is history. The future does not exist.
  • #30,628
  • Dec 17, 2013 6:54am Dec 17, 2013 6:54am
Quoting Rebels
Short Price 1242.0 TP1 1234 (80 Pips) TP2 1225 (170 Pips) TP3 1217 (250 Pips) SL 1248.0 (60 Pips) Grade 70
TP1 hit
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  • #30,629
  • Dec 17, 2013 7:02am Dec 17, 2013 7:02am
Quoting Spec_And
Looks like gold is merely ranging now... wouldn't be surprised to see this fall back to 1220s in 2 days' time.
Probably going to hit 1228 later today, the selloffs after the ramp ups appear to be getting sooner, traders cant wait to sell this thing.
"Where you want to be is always in control, never wishing, always trading.
  • #30,630
  • Dec 17, 2013 7:10am Dec 17, 2013 7:10am
Should not below 132x. If it do so, tomorrow, we will see the Gold under 1200.
  • #30,631
  • Dec 17, 2013 7:16am Dec 17, 2013 7:16am
Quoting KiwiOz
Gold is once again locked in a triangle & may stay within until the FOMC releases it. {image}
I have a short term target at 1222 which is still inside the daily chart triangle, so care needs to be taken at that level.
Money Makes Money
  • #30,632
  • Dec 17, 2013 7:17am Dec 17, 2013 7:17am
waiting for 1225
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  • #30,633
  • Dec 17, 2013 7:19am Dec 17, 2013 7:19am
19.66 on sliver for intraday support ... lets see if it will stop there!
"It's the Margin, Stupid."
  • #30,634
  • Dec 17, 2013 7:20am Dec 17, 2013 7:20am
Now it may go long...

I don't believe it so I'm not trading it. Still short from 1263.8

If gold breaks 1230 support line with power, then I expect it to try for 1221 +/- $2.30 area. We have been watching Yen weakness bring gold up from the bottom @1230.
You win, you lose. All else is history. The future does not exist.
  • #30,635
  • Dec 17, 2013 7:22am Dec 17, 2013 7:22am
Time for CPI. Move SL to 1235.
  • #30,636
  • Dec 17, 2013 7:28am Dec 17, 2013 7:28am
Quoting Scalptastic
Gold still sitting on a 1260 - 1215 range. Not looking to take any positions. I would prefer downside. {image}
You got what you wanted. Maybe intraday trades are better now than longer term? Gold went south, but only on 15 min charts and smaller frames
You win, you lose. All else is history. The future does not exist.
  • #30,637
  • Dec 17, 2013 7:28am Dec 17, 2013 7:28am
bear flag maybe
Pecuniae obediunt omnia
  • #30,638
  • Dec 17, 2013 7:31am Dec 17, 2013 7:31am
Quoting The Rhodie
Now it may go long... I don't believe it so I'm not trading it. Still short from 1263.8 If gold breaks 1230 support line with power, then I expect it to try for 1221 +/- $2.30 area. We have been watching Yen weakness bring gold up from the bottom @1230.
Amazing. If I traded what I saw, then I would earn a lot more than I do already. Two sides of brain here and dealing with F-xactor.
You win, you lose. All else is history. The future does not exist.
  • #30,639
  • Dec 17, 2013 7:35am Dec 17, 2013 7:35am
Closed @ 1234
  • #30,640
  • Dec 17, 2013 7:37am Dec 17, 2013 7:37am
Yesterday, SPDRs had sold nearly 9 tons, however, the Gold was up to 125x. What does it mean??? Normally, when the SPDRs sell gold, the price down,. But not yesterday. Could some guy explain? Tks
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