Silver & Gold

Will Duxon

Active member
Sep 1, 2016
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#1
"Ev'ryone wishes for silver and gold"
- Burl Ives

Gold was falling but now looks to be in consolidation. It is technically still in a down trend so I would look to sell if XAUUSD climbs above 1264.41.

I will perhaps be looking to sell silver over the next few hours if XAGUSD climbs above 17.58, or maybe not, since caution is the name of the game here in case the metal is forming a major bottom and getting ready to initiate a reversal to the north.
 

tomorton

Well-known member
Feb 28, 2002
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#2
Maybe a more interesting situation - Brent v's Gold?

Oil is up 13% in the last 2 weeks, Gold down 6%. Not something I've ever done but do you see opportunity to sell oil, buy gold?
 

Will Duxon

Active member
Sep 1, 2016
175
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#3
Maybe a more interesting situation - Brent v's Gold?

Oil is up 13% in the last 2 weeks, Gold down 6%. Not something I've ever done but do you see opportunity to sell oil, buy gold?
Gold.png Gold_Daily.png

This is what I see on my four-hour chart (left image), so there is no way I personally would buy gold right now. I have no idea what's going on with oil. Of course, I should because the various markets are all correlated to one degree or another, and I'm supposed to know in what way.

However, I admit that I don't and, because I feel like price is going to do what it's going to do, whether I am aware of the correlations or not, I'm perfectly satisfied with simply remaining acutely aware of how price is behaving (i.e., I'm too lazy and unmotivated to get off my big behind and educate myself as concerns the various relationships and dynamics existing between commodities, indices, currencies, options, etc.).

On the other, XAUUSD has blasted its way through support on my daily chart (right image) so it's certainly primed to turn north. However, that means nothing to me! I've learned not to act on what price might do, but only on what it is in the midst of doing right now, so before going long, I'd have to see confirmation in the lower time frames. If it is truly forming a Bona fide bottom, there should be plenty of time to get in on the reversal, given how much of a "correction" it needs.

(P.S. By the way, on this daily chart gold "looks" to be forming a MAJOR top.)
 
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Likes: tomorton

fxstrategist

Active member
Apr 10, 2014
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#5
Gold could reach the 1200 level, looks like it will continue retracing to the upside.
 
Oct 27, 2017
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#9
Gold and Silver are co-related to other commodity prices, hence we see the Gold and Silver prices rise and fall in tandem in Indian and international markets. Also, the day-to-day currency fluctuations mainly in the Rupee-Dollar segment, triggers volatility at the counter.
 

gerryg

Active member
Sep 9, 2013
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#10
Gold and Silver are co-related to other commodity prices, hence we see the Gold and Silver prices rise and fall in tandem in Indian and international markets. Also, the day-to-day currency fluctuations mainly in the Rupee-Dollar segment, triggers volatility at the counter.
At what extend have you noticed the correlation? Total commodity selloff is the case but I think supply&demand changes are key to understanding their own movements. Also I think silver is to less extent the safe heaven so in case of major uncertainty, gold will experience higher surplus of buyers.
 
Jan 31, 2018
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indore
#11
Commodity market is highly affected by the fluctuation in the prices of silver and gold, they are mainly traded for long term investment. This market market is very liquidate hence, the assets are volatile. Silver and gold traded in commodity exchanges.
 
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tomorton

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#12
Commodity market is highly affected by silver and gold, they are mainly traded for long term investment. This market market is very liquidate hence, the assets are volatile. Silver and gold traded in commodity exchanges.

What? No way! It can't be!
Oh, I've been such a fool!
 
Oct 14, 2015
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#13
Silver - Speculators in a panic close a short position

According to the latest data from the us commodity futures trading Commission (CFTC), the net short speculative position in silver futures and options fell by 21,955 contracts to 14,462 contracts (a 6-week minimum) a week before April 17. Recall that 2 weeks ago speculative positioning reached a record bearish value in the history of statistics since June 2006 .

Total long position on silver rose by 5,888 contracts to 40,289 contracts (6-week high);

The total short position on silver fell by 16,067 contracts to 54,751 contracts (a 6-week minimum).
 

fxstrategist

Active member
Apr 10, 2014
564
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#14
Indecisive week on gold

The price of gold stays above the 1200 level after bouncing to the upside from the low at the 1160 level. Last week was bullish for gold as the US Dollar was retracing to the downside. The current weekly candle is in the shape of a doji, which is an indecision Japanese candlestick pattern. If gold continues rising, the 1227 level could act as resistance. Below the 1200 level, the low at the 1160 level could act as support. On the other hand, if the 55 week EMA crosses below the 200 week EMA, then the price of gold could fall even further in the longer term.