EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
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.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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I'm accepting bets from tomorrow. Make your muuuuuuvvvve.. :p
Asad
Loved you last sentence! :) To paraphrase you, it meant more than just words...
Asad
"As for the current price of gold, I think we are about to see lower prices, or at least a pause, which will last for 5-15 days.".
Actually, that's exactly what we've had / are having really isn't.
Israel/Iran: Oh dear, I really hope not. I think it would have an effect on more than just the price of oil :-(
I can't, & won't, give you points of entry & exit EVEN if I were 200% sure on it...and EVEN if you were in the money. That's a principle I adhere to.
Crude looks extremely strong here. But the -ve economic outlook provided by the ECB & the Greek bond failure may weigh in to pull crude lower. And if a Dow correction sets in, then it'll be a REAL feast for bears.
I don't know today, but can expect some weakness on Friday. Let's see...
Asad
Point taken. I never meant that crude CLOSED at 82.50. It was intra-day indeed!
I don't know about technicals, but fundamentals are STRONGLY pointing towards an upsurge in crude. No...not because of demand, supply & economic recovery...rather, an Israeli strike on Iran is geting closer & closer.
Latest news (rumors, you will) suggest that it could happen as soon as this summer!
Gun, HOW would you reward me if the made the FUN-DA-MEN-TAL shift of going long on oil...? :p
Asad
Hmm...
Asad
Any thoughts on GOLD today ?
First, did you recover any of your losses while the market was treading down to 82.50? Or were you waiting to recover EVERYTHING COMPLETELY at 80.50?
I'm asking this because EVEN if the market falls again, it wouldn't matter because you'd STILL be waiting for 80.50.
Me, personally, I recovered a well-previous loss (in profit, not principle!) by tripling down yesterday. I kept adding to my position as crude fell (& even during the multiple 100-pip volatility). In hindsight, you could've recovered by cutting your shorts above. Yes, it takes will...it takes money...but compare that w/ your position now!
Okay, there wasn't ANY big news for the traders to get orgasmic about oil today (if anything, not worth 86/barrel). 80, I don't know. But I believe it should be trading lower by Friday. Let's see.
Finally, I urge you once again to AT LEAST recover part of your losses while you can. Good luck...
Asad