Ashraf thank you for your IMT's useful and profitable as always...one must never get married to a position...price is king for me, and a break of 75.3 was ideal entry point, and target of 73 got hit around 8.10am today. Though surely the unwinding in the markets is being exacerbated by the thin thanksgiving vols as Dubai is too small a financial player to cause a real market turnaround
@NZVIK you make a valid point, technically Gold looks very bullish as it continues to take out every daily resistance just days after they form. Now that we are at unprecedented levels I see little obvious resistance, I think a large overextension could be on the cards here.
Just wanted to add my two cents on the Oil debate for what it's worth....Like the previous poster Asad I was contemplating the oversupply which in theory should be dampening prices. But in my mind there are a few drivers of the current price - firstly buying is being funded buy an enormous carry trade against the USD. Secondly; the enormous amount of stimulus injected by central banks has created a liquidity bubble forcing investors into a buying frenzy. IMHO a combination of these scenarios are driving prices
All respect to Ashraf who is much appreciated for his kind advice on FX. But I must stick up for Qin...FX traders are barrow boys who work in a fast paced aggressive environment. Qin is a typical FX trader who is competitive, hence his remarks...Go to any trading floor in the city all the guys there are like that
Ashraf do you think we are at the start of a rate tightening cycle in most of Europe. Norway raised their overnight deposit rate to 1.5%....could other robust economies follow suit?
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(1 year ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(1 year ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(1 year ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (1 year ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (1 year ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (1 year ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(1 year ago)
Markets seem to have become range bound ahead of friday's US jobs data
But in my mind there are a few drivers of the current price - firstly buying is being funded buy an enormous carry trade against the USD. Secondly; the enormous amount of stimulus injected by central banks has created a liquidity bubble forcing investors into a buying frenzy. IMHO a combination of these scenarios are driving prices
Thanks
Thanks