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XAU/USD GC Gold
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XAU/USD GC Gold

  #1 (permalink)
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XAU/USD GC Gold

A general thread to discuss Gold, XAU/USD, GC.

Just a collection of opinions, thoughts, trades, ideas, etc.

Open to anyone to post.


+++++++++++++++++++++++++

The week of 2/29 was the 1st time since the previous November to hit the 1790 levels and it looked like we were destined for new all time highs. On 2/29 we had a pretty dramatic 1000 pip beat down day. The "Leap Day Smash" it is called. It then dropped for the next 2 months and finally found support at the 1550 levels. There seems to be a key level between 1620-1645 and I have marked a few other levels I see on a daily chart. It is now back up to the 1624 level and the question is...where do we go from here?


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+++++++++++++++++++++++++++++++++++

Jim Sinclair is a commodities and forex trader and currently CEO of gold mining company, Tanzanian Royalty
Exploration. He was tasked with liquidating the Hunt brothers’ silver position in the early 1980s. He is also
the son of Bert Seligman, who was the trading partner of Jesse (“Reminiscences of a Stock Operator”)
Livermore, the most famous trader in history. On 23 December 2011, Jim Sinclair commented:

“We’re in the most manipulated markets. We are in the most fraudulent markets in history…
What you’re seeing going on right now favours the bankers and disfavours all others. However,
when it’s finally finished there will be one man standing and that one man standing will be gold
– the only market that the banksters can’t control in the final chapter.”


+++++++++++++++++++++++++++++++++++

IMHO a lot of good info @ gata.org

here is some info from British economist Alasdair Macleod

Alasdair Macleod details the mechanics of gold price suppression | Gold Anti-Trust Action Committee

and the .pdf listed below details the last 7 months or so of gold manipulation pretty well.

Financial writer Paul Mylchreest's latest Thunder Road Report, titled "Caught Red-Handed," documents the last seven months of the gold price suppression scheme as a function of computer trading algorithms operating worldwide but most heavily in the London and New York markets.

Mylchreest's report draws heavily on and credits GATA's work and is posted in PDF format at our Internet site here:

http://www.gata.org/files/ThunderRoadReport-03-28-2012.pdf

======================================


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Last edited by websouth; August 14th, 2012 at 01:34 AM. Reason: added some long term charts
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  #3 (permalink)
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Falling this morning pre-open on a 1 hr chart. Next support 1618-19 area and below that 1613. I am tending towards being a gold perma-bull at this point so I may buy at these levels...any other opinions out there...?

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no big "dollar" events scheduled for today...

Mon CST Aug 13
1:00am EUR German WPI m/m
5:45pm NZD Core Retail Sales q/q
5:45pm NZD Retail Sales q/q
6:01pm GBP RICS House Price Balance
6:50pm JPY Monetary Policy Meeting Minutes
6:50pm JPY Tertiary Industry Activity m/m
8:30pm AUD NAB Business Confidence
8:30pm AUD New Motor Vehicle Sales m/m
Tentative CNY Foreign Direct Investment ytd/y

“Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.” - Dr. Seuss

Last edited by websouth; August 13th, 2012 at 09:04 AM.
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  #4 (permalink)
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Down day overall.
Took a small long position @ 1610. Tight stop.

If this stops out then 1612-13 above and 1604 below look interesting...for buys

1st target back up to 1619 level and top of channel. Then infinity and beyond.

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  #5 (permalink)
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I took a small hit. Currently flat and calling it until morning...

overview
daily got pushed out of 1620-45 supply zone.

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we found a little support on the hourly but indecisive. I like it for longs but no spot to get on the bus for me right now.

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OK - someone else post something....maybe a picture of your dog or something.

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well no dog pictures in the thread this morning....

we did get a little bump up overnight. we'll see if 1610 level can hold today....

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whoosh... the sound of my thankfulness @ not being long

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perfectly natural...nothing to see here folks....move along...just supply and demand...

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Can we trade the XAU/USD in the states? I was trying to resolve a problem with a broker trying to chart it, and I think I remember the broker telling me it cannot be traded in the states , so I just let it go.

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If you are US based you can trade the futures contract but for the CFD's on margin you would need to go to an offshore broker... It's a regulatory scheme for your protection....isn't it always
CFD's are not recognized as an investment instrument in the US.

I figured between the futures traders which futures.io (formerly BMT) seems to have a bunch of and the fact that 50% of futures.io (formerly BMT) users are non US we might get some interesting input in this thread.

+++++++++++++

below is from the internet...so do your own homework. There are tax consequences as well, etc. I am definitely not giving advice.

A `U.S. Person` is defined as one who is permanently resident inside the USA. The SEC`s interpretation of U.S. federal securities laws limits Non U.S. Broker-Dealers to working with those permanently resident outside the USA. Non U.S. broker-dealers cannot approach and/ or solicit U.S. resident persons because an Internet Web site is interpreted by the SEC as being the same as a telephone call to a client. Non U.S. broker-dealers maintaining an Internet Web site can thus only accept a U.S. person if he or she has not been solicited either directly or indirectly through accessing their web sites under the `unsolicited` exemption Rule 15a-6. U.S. customers wanting to work with Non U.S. broker-dealers can thus only approach Non U.S. broker-dealers under Rule 15a-6 if they have not been to their web sites and should be prepared to certify this fact in writing to ensure compliance with applicable law.

==================
don't forget -
If your offshore brokerage and bank accounts total more than US$10,000 at any time during the tax year, you must file IRS form TD F 90-22.1 by June 30 the following year.



and here's another way with a few more twists and turns...we'll call it the "Romney"
Swiss Forex and CFD Trading Account

+++++++++++++

US based Oanda quotes XAU/USD - you just can't use margin to trade it. I think...? So 20k/1600 would be $12 a pip. If I'm doing the math right. 20k would let you trade about a standard futures contract worth of the shiny.. Steeper than what most on here do but not terrible.

For just a feed - you can get a feed from Oanda demo perpetual for free (maybe) or send them 10 bucks and you have a "live" account cheapest data feed ever.

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++++++++++++

now... back to squiggly line predictions

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