XAU/USD and XAG/USD - Gold and Silver FX Traders Thread

Edit: Sorry for delayed reply, was your TP hit?
As mentioned in earlier posts trailing stops are a nice way to lock in profit, when market becomes indecisive.

You are quite welcome, thank you for coming by.

Gold currently trading @ 1141.25 So you are just about at goal
last dip to 1137 appears to be bought up!

THis can be an area of resistance looking @ daily. We are getting through, A close above would suggest push to retest 1158/60 place in my opinion.

Gold can also snap down. On a run I love to lock in profits where possible, wait for dip - and - re-enter while market consolidates.

This newest run up has revealed strength.

Hope this helps, We're in an interesting area here

Note: the spreads on trading XAU or XAG appear high. 50 pips is a spread that is customary.
Let us put this into perspective.

GOLD can proceed 5 USD in a matter of minutes or even longer in volatile markets.
Trades can easily become 400 to 1000 pips on these movements.

Currencies do not alter the same way which most of us know!

Thus, making the spread is really not too hard. Last Fridays move provided opportunities for both scalpers and intra-day fad traders

My chart here includes top S/R levels outlined as well as traces added to reveal the buying patterns.
Additionally an earlier volatile move down News from Fed, simply to show how volatile XAU can be.
https://www.forexforum.co.za/attachments/1517276942.jpg

Here are a few places to read about Gold Silver, loe spot charts, etc..
- I am not affiliated or encouraging either site, only pointing out resources forforexforum.co.zamembers.

Http://www.kitco.com has a huge archive of spot AU/AG/PT/PT charts,
commentary, content, links, etc.. Also live charts

Please keep in mind it's ideal to utilize your FX broker to see what their spot quote is if you are seeing a trade. I have noticed that FX metals will proceed at times to the futures / spot price.

Http://www.oilngold.com is a traders resource on AU and Black Gold or Oil I recently came upon.

Currently I am looking for a setup. I enjoyed much of the rally on Friday.
Thankfully. However pips.

Thus from the immediate sense, we have retraced a bit down and seem to have discovered some service @ the 1113 / 1110 areas. I am a little skeptical about this field holding if it is driven. Even though 1110 is the base of the current channel and we had a pop up.

While submitting I tacked to a small long @ 1111.25 to check the waters, depending I may add or shut as a scalp to get a few. We'll see...

I frequently utilize a 200 - 300 pip trailing stop once a transaction will give a small breathing place, nevertheless lock in a few pips.
In a fast moving market you will want something broader, trades will be stopped out and you also don't wish to pay a 50pip spread all the time.
Is dependent upon motive, style and goal.

Additional 200pip trailing cease to place taken @ 1111.25

added to place @ 1111.70


We have a ground to make up here.... Though I'll treat these as scalps since there may be some more down until another
breakout north.

That I have discovered a falling wedge pattern appearing on Greater TF charts followed by a spike. (Last was all-time high 122o type of like what the PA is forming today.

Now, when the support @ 1100 and marginally below is breached I'll look south to 1050 first, under that, my prejudice will turn bearish, to get a short-term
depending on PA and fundamentals. Next I'll await breakout and continue to scalp to get pips.

Edit: place one manually closed @ what appears to be short term resistance around 1116, close to 500 pips

Secondly: left available to prosper or cease out locking in 200 pips @ least with the PA reaching 1116 - 500 pips touched hence 300 trailing, etc..

100 pips x one miniature = 10$ -- So Micros can make Fine money as well!

I did not realize that there were many other threads on XAU.
Night and G/L

My bullish affirms of the 1100 region have been busted.

I rode down the train following a failed effort to reclaim this area.

Thus I am somewhat bearish ATM.

We are now rebounding off a stronger, yet marginally lesser,
(YET more significant) support amount @ 1089

I've reversed shorts to longs (@1091) as of now with an immediate first TP of
TP 1 - 1096

possible TP two - 1100 (Support place now acting as resistance)

Using monitoring ceases when possible of 150 to 200 pips.

SL only below 1089 to 8

It is possible we re-test 1060/50 place if 1100 (and respective 1098) not breached
GL
and Good night!

Unfortunately I couldn't post this before for the short entrance...

Trade Reasoning:

1089 Support - Strong / Moderate - depending

TL oversold and Today breached. ( Notice following the second fall from 1096 TL was not hit, hard selling strain, - sold until support)

MA Crossover
Fundamentals: Now's situation in the US, etc. ) was a no win for gold and continued to fall in the Aussie and
Asian sessions- (ie: inflation, Commod appetite - FED)
Post fundy tomorrow.


Here is a close-up of this current activity. Today/ Tonight was a bit crazy for Gold or XAU

Depending on PA I will likely add lots in my quest to re-test 1098/1100 same SL place (Greater a bit)
TP on latter 1096/8 area.
Another reality is I'm stopped trying to find a small reduction and pay my debt for bucking the trend!
Welp... We'll see.

Always remember in FX and Trading in general, anything can and will happen - there ought to be NO surprises.

Like the US GVMT is obviously surprised when earnings #s Tank or home tanks or unemployment Rises. .
NO SHT. We are in a DAMN recession - Just like the EU and the UK .... OH, wait 50 % of this DXY is weighted against the Euro! LOL

Trade stopped on 150 trailing stop--Little profit- Looking for next entry....
https://www.forexforum.co.za/attachments/1517276945.jpg

Welp-
Still lots of sellers...

I can not complain and think about it fortunate yo buck the trend in a little gain.
Maybe stupid for paying the disperse.

Seems like 1094 was the TP for second traders.

Bottomed out again @ 1089

LONG again! For a few pips.

Let us see if 1088/9 turns out to temporary double bottom,
or
if it's down to 1050...

I've become aware of a major hypothetical trendline during chart study which seems to be working in unison with current Fibos plotted revealing more significance south.

The trendline was attracted of weekly and comes into play with recent fibos attracted and rejected.

I've closed all long scalps and I'm not willing to ride out this one on optimism. Risk appetite is curbed and LDN may headfake or not.

I'm not much of a Fibo gold trader as I see the pair otherwise and it doesn't
always respond to such studies as one might like. More absurd, news and significant inverse correlation to the USD.

Don't confuse the Gold terms of the USD because Euro correlation to gold.
Yes, they might trend likewise at times, nevertheless 100 pip move on Euro doesn't lead to a 10,000 pip move on Gold

Time to sit apart. .
Back to mattress - trade smart.

Good luck!
X

Edit: Capped - Fight between 1089 and Downward moves will be interesting - Could go either way
I just have the closing up for now - We will see how it pans out TL in blue.

Gold often proceeds in steps Down 3 up 1 -- Down 4 up1.5 - ch the steps on a nice rally like this and you are GOLDEN
Don't buck the trend too much, use trailing stops so that you come out alive.
or vice versa. .... .
https://www.forexforum.co.za/attachments/1517276948.jpg

In an effort to not overtrade I closed my long scalps after earlier brief exit @ about 4AM EST.. The earlier mentioned trendline projection was in drama for several M15 candles, yet, XAU (Gold) broke through and bounced off real supports in 1088 / 1090 Area.

We're now back over the 1100 area. Ultimately I am bullish Gold for reasons yet to be discussed bearish trends or correction is essential and we're there.

That the 1050/60 lower support area was not near being compromised as of yet.

Now, as I skim some news I fell on this and thoughT, though brief it does relate to my comment on the correlation between the Euro spot Gold in final post.

No affiliation-

Quote:

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Originally Posted by ;

FXstreet.com (Sydney) #8211; http://www.fxstreet.com/news/forex-n...3-054f7d085862Gold futures for shipping in April rose 1 percent or USD 11.30 to USD 1108.50 a ounce on speculation that funding deficits in Europe will raise demand in lieu of the EUR.

The EUR has dropped near 0.6% against the dollar on concerns which Greece#8217;s credit rating could be reduced. The EUR has dropped 5.5% against the dollar this...

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Point here is do not get hung up on Euro correlation / PA when trading Gold positions. Chart to follow