Of Gold Extensions مقياس إمتدادات الذهب
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
The US employment numbers contrast sharply with the Canadian numbers for April, which showed unemployment. Some of the surge may be due to suspicious changes in the composition of the Canadian workforce (the increase was entirely due to an increase in the self-employed - not by companies expanding hiring), but the market didn't care about the internals of the number and USDCAD pushed all the way below 1.1600.
Thanks,
Ed