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by Ashraf Laidi
Posted: Nov 27, 2009 16:51
Comments: 404
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This thread was started in response to the Article:

Gold & Yen's Perfect Desert Storm

Yen strength still eclipsing USD rebounds during risk aversion. while gold's ascent is better gauged against currencies other than the US dollar.
 
ray
New York, United States
Posted Anonymously
15 years ago
Feb 22, 2010 0:47
Gold-Short term looks like it will try to test higher levels
emad_must
gaza, Palestine
Posts: 20
15 years ago
Feb 22, 2010 0:23
hello all
what about GBP\USD after this low ?
bell39
haifa, Israel
Posts: 1
15 years ago
Feb 21, 2010 23:55
Flat iron Gold shorts all the way to 1140-1150
montmorency
Abingdon, UK
Posts: 610
15 years ago
Feb 20, 2010 16:53
Well done for making coin on Friday Pipped. I had a disappointing day, except for closing some trades for goodish profit in the small hours, which were really part of Thursday evening/night's action.

Is anyone expecting the stock market to fall, really fall, any time soon? I'm not sure what Ashraf's take is on this.
Callum
Singapore, Singapore
Posts: 179
15 years ago
Feb 20, 2010 11:48
@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.
chloethebull
Posted Anonymously
15 years ago
Feb 20, 2010 1:29
ya i was pretty dissappointed today,i thought forsure we were heading into a big selloff..i can;t beleive crude ,3-4 weeks with big builds, jobless claims increase,cost of living increased,fed pull a quick move by raising rates,eurzones heading into troubles...an yet gold crude catch a bid end strong,1 thing i noticed is stocks didn;t really participate much while gold crude were very strong, i actually found most i watch ended @ there lows,is that sayn somthing?but never the less im amazed we never had a crash...but ur right i need to put in limit orders an stick to them yesterday we talked about exit on gold shorts around 1103 my short was @1123 if i woulda stuck to it i woulda been out,but i thought the fed news was huge plus other factors an felt 1103 was too cheap, i was looking for a exit around 1070..or close to it..ohh well we get them next week...its just a matter of time before gold crude tanks..i went short on crude too @80.06 an gold @ 1126.50.. i was tempted to cover gold @1116 but it never hit @days end..gl
PippedOff
Canada
Posted Anonymously
15 years ago
Feb 20, 2010 0:12
@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.
chloethebull
Posted Anonymously
15 years ago
Feb 19, 2010 23:20
@peggy,,yup im a buyer @ these levels...prob won;t go too much lower and if things play out like ashraf thinks this will be a nice trade.. @pippedoff ,mont im still holding everything, i was tempted to sell an lock in lil more profit but im holding mayb i catch a break sunday night but i;ll deffin look to lock in around 1105 ..lol..now all u guys out i;ll prob get burned lol..gl have nice weekend
Peggy
California, United States
Posted Anonymously
15 years ago
Feb 19, 2010 21:22
@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??
maples
Posts: 6
15 years ago
Feb 19, 2010 21:18
HI ASHRAF,
good interview with maria on cnbc.
THANKS for call on euro and sterling during week.
Weather better this side of alantic.