Gold & Yen's Perfect Desert Storm

Gold-Short term looks like it will try to test higher levels

Flat iron Gold shorts all the way to 1140-1150

@chloe, ditto, I also had originally set my set limits (t/p) on Gold at 1070, and then moved it up 1090 in early Asian session ... I am looking forward to the break below 1103 to close out. Also avoiding more shorts unless if it breaks upwards, in which case I will look for the next peak.

@pippedoff, nice moves. I too had closed most of shorts after early Asian trading session, added longs on AUD/USD and closed off at 8835, only to see it move much higher than I had expected. I was tempted to put in another small long on AUD / USD just before close, with a tight limit, as it has a high chance of hitting limit at gaps on monday morning, but I fell asleep trying to wait for Ashraf to come on CBNC - I am in Singapore, and today I struggled to keep up at 5am). I suppose I was getting a bit bored watching Obama which bumped off Ashraf's original TV slot.

I am looking forward to taking cues from Shanghai Comp. Index on Monday as China comes back this weekend from their 1 week spring festival vacation.

Keen to get views / comments on how next week could play out.

@chloe-I learned long ago don't give the market-makers ANY chance to gap me Sunday on the open and take me out. I once had a limit order on a position and it opened like 75 pips lower in my direction. I kept a GTC limit to close over the weekend. The "Thief" platform filled me at the limit price, even though the pair never traded there. The thief platform pocketed the difference. Market Makers doin' their thing.

Gold's days are numbered. I will be shorting next week, hopefully in the mid-to-high 1120s.

Today was a wild day. I closed all mu shorts on the Fed news yesterday, including a huge Gold short. Then I watched in amazement everything get destroyed like 50/75 pips even further.

I actually went long gold at an average price of 1106 last night, with a limit to close at 1113.3. I thought I placed the limit order too high as sentiment was simply awful in Asia and Europe. Of course, at the 11 am fix, the "miracle turn around occured". First my gold was filled, then I sold my long euros at 1.3541, and cable at 1.5441 on the CPI news, and dumped aussie a bit later at 0.8951. I thought all prices would be near the hi for the day. Needless to say, I was wrong.

Today was nothing more again than short covering. Counter-trend (short covering) rallies can be more xplosive than impulsive trend moves, and we constantly see this in the trash euro and cable, and aussie too. I shorted a small position of euro and gbp in the last hour, along with gold at an average of 121.9. I closed that at around 1117.

Made very good coin today, but it was a tough day. The PPT refuses to allow stocks to be red.

By the end of the day I was reading Weathermen Analysts pounding the table on euro, claiming the worst is priced in. Oh yeah, and telling me risk was "on". Well what changed at the 11 am fix? The PPT enetered.

BTW, this volatility in gold is clearly indicative of a breakout or breakdown. It's moved like $20 hree days in a row. Folks don't know whether to buy or sell, so they chase.

@Chloe
USDCAD's nose dive surprised me a little too. are you looking to long or short it from these present levels near 1.0400??