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mohsinqureshii

Gold Bullish or Bearish

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What I posted over on Forex F...... on July 7th:

 

"Here is the daily fib clusters I see above the current zone: 1295-1304 most probable for a reversal, 1323-1334 and 1363-1372".

 

Have to see if it holds. Thinking it won't and will be ready to pounce if yesterday's (Thurs) low is taken out. Only thing is Fridays doesn't usually have a wide range so might have to wait till next week.

 

Hi SunTrader

I always like to see other traders charts

There is often something identified which I failed to see.

Whats the oscilator at the bottom of your chart? How does it work?

regards

bobc

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What I posted over on Forex F...... on July 7th:

 

"Here is the daily fib clusters I see above the current zone: 1295-1304 most probable for a reversal, 1323-1334 and 1363-1372".

 

Have to see if it holds. Thinking it won't and will be ready to pounce if yesterday's (Thurs) low is taken out. Only thing is Fridays doesn't usually have a wide range so might have to wait till next week.

 

what platform is that?

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"Even though the price of gold has fallen 25% this year… it's getting more and more expensive for banks to borrow the precious metal.

 

Large bullion-dealing banks and central banks will often loan gold on deposit for cash. Reasons for lending gold vary from plugging a supply-demand gap to a bank manipulating its balance sheet before reporting numbers. But as an incentive to lend, these banks usually receive a small percentage fee as part of the transaction.

 

But right now… the rate folks pay to borrow gold is at a post-Lehman Brothers high. The one-month gold leasing rate has risen from 0.12% a week ago to 0.3% today – the highest since early 2009.

 

If banks are demanding greater incentives to lend out their gold… this suggests that regardless of what the spot price of gold says, they want to hold onto their gold. Demand for physical gold is returning…

 

"There has been some borrowing interest recently. It's related to the demand for physical," Joni Teves, precious-metals strategist at UBS, told the Financial Times. She noted the Chinese are paying $40 an ounce above benchmark London spot prices for physical gold."

 

MMS

 

Pure propaganda. Gold is so over bought that it is overly bought. Look at the way the offers appear and the bids fade away.

 

Gold is going to sink further. A good short term goal for us is to ride it to sub 1000. Let's say 986, but just as a guess.

 

If you are bullish, You are going to have to walk like you are holding a gold nugget between your butt cheeks Squeeze hard so you don't drop it.

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Hi SunTrader

I always like to see other traders charts

There is often something identified which I failed to see.

Whats the oscilator at the bottom of your chart? How does it work?

regards

bobc

Short on time atm now but it is a Stochastic RSI combo. There are 3 different length settings - short, medium, long. I watch all three. Pretty good at catching reversals, especially when they are line up. But like anything it works and it doesn't work.

 

Just one more factor to consider though. Time, price, pattern and hopefully an indicator or two confirms.

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Gold futures for August delivery slipped 0.2 percent to settle at $1,277.60 an ounce on the Comex. It reached $1,297.20 yesterday, the highest since June 24, and advanced 5.4 percent this week.

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Heres something NEW for the esoteric traders

A GANN chart

It looks complicated but is quite simple

The horizontal lines are support / resistance

The green double ARC is a target which was reached, but is also a strong resistance

 

So BUY above 1300.....1320 to avoid a retracement

SELL below1250

 

EASY

But watch how ASIA trades tomorrow (tonight)

regards

bobc

Gann_suport.png.5b4f2f3ac2be9d70d79af4e052dd0230.png

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I am by no means a Gann expert but I believe that chart is off.

 

It doesn't appear to use be set to one unit of price to one unit of time.

 

Price unit can be $1 or $4 or $10 etc. to each time unit daily etc.

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I am by no means a Gann expert but I believe that chart is off.

 

It doesn't appear to use be set to one unit of price to one unit of time.

 

Price unit can be $1 or $4 or $10 etc. to each time unit daily etc.

 

Tough !!!

I saved the projection and cut off the prices by mistake , but its a genuine chart from Stock Charts with an my overlay.

 

OK SunTrader

Lets see your predictions for next week :missy:

regards

bobc

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:offtopic:

And for the Silver traders.......and the swappers (zzzzzzzzzzzzzz )

Heres a GANN Silver chart

Silver looks SICK It has broken through the RED double arc and the target is the Green double arc but its at strong resistance

BUY above 20.3 for the Green double arc target of about 20.7

SELL below 19.5

 

EASY

regards

bobc

PS sorry about the spelling

Silver_resistance.png.7cc20c411cd740a01f522fd0b02d3461.png

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Tough !!!

I saved the projection and cut off the prices by mistake , but its a genuine chart from Stock Charts with an my overlay.

 

OK SunTrader

Lets see your predictions for next week :missy:

regards

bobc

I see wave 4 being complete or maybe slightly higher before wave 5 gets underway. I have to admit I would have liked to have seen Friday's close be below Thursday's low for it to look really good. But let's see how the week starts off. Maybe the low is in, and maybe it isn't.

 

Agree Silver looks sickly and believe it has been "the tail waging the dog" for awhile now so as it goes so goes Gold.

5aa711f24f3a9_abc4th.thumb.png.b0342bf417d0605bfa6e5b691d53d91a.png

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I see wave 4 being complete or maybe slightly higher before wave 5 gets underway. I have to admit I would have liked to have seen Friday's close be below Thursday's low for it to look really good. But let's see how the week starts off. Maybe the low is in, and maybe it isn't.

 

Agree Silver looks sickly and believe it has been "the tail waging the dog" for awhile now so as it goes so goes Gold.

 

Thank you SunTrader

You have the "ba..s" to post your expectations.

regards

bobc

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I think silver will now crawl up to 21 and then we will see which way it decides to continue.Asia opening tonight will finish the up-move from Friday 20.11 looks like a first target.

Bob,I agree with Suntrader in that that gold chart does not look square,the silver one does-check the grid.

sil.jpg.d958f4dd6939f3af4186b54b04e57615.jpg

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Heres the Gold chart without the overlay

Taken from Stock Charts....unedited

Please tell me what is wrong with it?

regards

bobc

 

PS And while we are wasting time.....ASIA UP

BUY @ 1301

Target 1347 by Wednesday

STOP 1290

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Heres the Gold chart without the overlay

Taken from Stock Charts....unedited

Please tell me what is wrong with it?

regards

bobc

 

PS And while we are wasting time.....ASIA UP

BUY @ 1301

Target 1347 by Wednesday

STOP 1290

 

No chart.....noddy

bobc

Gold1.png.c82f22858ee506cbaa220f06c0ef609c.png

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[quote

 

PS And while we are wasting time.....ASIA UP

BUY @ 1301

Target 1347 by Wednesday

STOP 1290

 

will watch that one with interest

 

Hi tradingwizzard

The stop should really be below 1800, but thats too much risk for me.

regards

bobc

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capt Bob are you, suntrader, and mr silver attempting to predict PM prices ahead of time? shhh...don't tell no one that (predicting) is prohibited in the trading world.

 

Meanwhile ES is short covering before the plunge..looking fer a good place to short more..maybe 10 lot..or 5 lot..or 2 lot..it is called averaging down losers...shhhh also prohibited..

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capt Bob are you, suntrader, and mr silver attempting to predict PM prices ahead of time? shhh...don't tell no one that (predicting) is prohibited in the trading world.

 

Meanwhile ES is short covering before the plunge..looking fer a good place to short more..maybe 10 lot..or 5 lot..or 2 lot..it is called averaging down losers...shhhh also prohibited..

 

90 point short covering to a new high. Could be. It has been short covering into new highs for the last 5 years.

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capt Bob are you, suntrader, and mr silver attempting to predict PM prices ahead of time? shhh...don't tell no one that (predicting) is prohibited in the trading world.

 

Meanwhile ES is short covering before the plunge..looking fer a good place to short more..maybe 10 lot..or 5 lot..or 2 lot..it is called averaging down losers...shhhh also prohibited..

 

My dear friend Pat,

Where have you been?

I missed you ;)

I have tried to make TL a bit more "honest", a bit more realistic.

Three traders posting predictions at the same time......first time ever.

And each trader with his/her own method. (Note my careful gender differentiation )

I also note your conflict with MM and both of you are OFF TOPIC.:offtopic:

But a bit of ES is fine.

So, how did the fishig go?

I know its hard to meet a girl , fishing, but, you never know.

kind regards

bobc

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90 point short covering to a new high. Could be. It has been short covering into new highs for the last 5 years.
no! no! no! you don't understand MM. When a trade goes against me and the secret code has not yet failed i simply look to double up and preferably triple up in the same direction as my original position..that is i double and triple average down my losses. When the predicted move comes i only have to travel in the predicted direction a small amount to be in the money...after that it is "sail on silver girl ....your time has come....."

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no! no! no! you don't understand MM. When a trade goes against me and the secret code has not yet failed i simply look to double up and preferably triple up in the same direction as my original position..that is i double and triple average down my losses. When the predicted move comes i only have to travel in the predicted direction a small amount to be in the money...after that it is "sail on silver girl ....your time has come....."

 

I thought you retired until it breaks lower...am I missing something?

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My dear friend Pat,

Where have you been?

I missed you ;)

I have tried to make TL a bit more "honest", a bit more realistic.

Three traders posting predictions at the same time......first time ever.

And each trader with his/her own method. (Note my careful gender differentiation )

I also note your conflict with MM and both of you are OFF TOPIC.:offtopic:

But a bit of ES is fine.

So, how did the fishig go?

I know its hard to meet a girl , fishing, but, you never know.

kind regards

bobc

Not fishing last few days..have not been feeling well...you know old age..i guess..

 

I am glad to see some traders coming out of the closet and trying to actually predict next market move...predict is such a powerful word you know....some give an occasional wink to it...others respond in a deluge of words slaying the very possibility of even the word predict existing...

 

pre·dict

/priˈdikt/:

Verb

Say or estimate that (a specified thing) will happen in the future or will be a consequence of something.

Synonyms

foretell - prophesy - prognosticate - forecast - presage

 

Predict - Definition and More from the Free Merriam-Webster ...

Predict - Definition and More from the Free Merriam-Webster Dictionary

to declare or indicate in advance; especially : foretell on the basis of observation, experience, or scientific reason. intransitive verb. : to make a prediction.

 

MM predicted the rise of the ES and did quite good but alas he got stopped out of his. I predicted the fall of the ES and it has yet to happen...i have paper losses but have my position...its a bear market you know...up is down and down is up.....:)

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