Thank you for the response Ashraf. I wasn't getting on your case, but rather replying to Desi. I know you made the video early in the week, but a lot has changed.
I guess I was asking if whatever those reasons were for the 1020 gold call were, do they still exist, or is it only down to < 1140 weekly close as a glimmer of hope?
Ashraf-on the Cantor Charts video you recently did on gold, the presentation was made with Gold at 1117 and the resistence was 1134/1136. Here we sit twice breaking through 1140 already, with a good possibility of a strong close finishing gold above 1140 weekly close.
Are you still expecting 1020, or heck, anything below 1115 for that matter based on what your original supposition for the 1020 call?
GBP is amazing. Everyone admits this is a short-covering rally. As I've said before, short -covering consolidative rallies counter-trend to a down impulsive move can be sharp, quick, glorious and very painful for shorts. The rise is typically faster than when in an uptrend.
So far today its rallied from 1.0500 1/2 hour after NFP to a high of 1.5150 in no time. However, there is zero fundamental reason to buy GBP, so the weak shorts are getting hammered here. I am not a weak short, but I certainly feel like one.
@Desi-I watched it yesterday. He made it when Gold was at 1117, and his level to hold then was 1134/1136. Now we are above the 1134/1136 and he has the 1140 weekly close.
He does say in the video the chart is not overly bearish.
My confusion today is the strong rally in USDJPY is based on rates in US getting over JPY rates. I read where the markets are pricing in 60/75 basis points of Fed hiking. So wouldn't that be a positive for USD instead of what we havde seen today.
@rrose-These commodity currency pairs are very difficult, right chloe?
@chloe-any chance USDCAD can retake that 1.03 big figure today? Only 8/9 pips away. Or will the PPT come in to press equities and risk even higher into the close.
Should we make anything of this pullbac k in gold, or is it just reloading?
I was able to position trade some lots of gold right after the NFP for a profit, and re-established at higher prices and now have my average up to 1133.72.
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ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
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Nasdaq100 Update
Since entering Nasdaq100 Longs on Monday at 18550, we kept accumulating and locking gains until 19230 yesterday and 19380 today.
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I looked at the USDCAD chart a bit more carefully and was horrified to see the bear flag.
I guess I was asking if whatever those reasons were for the 1020 gold call were, do they still exist, or is it only down to < 1140 weekly close as a glimmer of hope?
Are you still expecting 1020, or heck, anything below 1115 for that matter based on what your original supposition for the 1020 call?
So far today its rallied from 1.0500 1/2 hour after NFP to a high of 1.5150 in no time. However, there is zero fundamental reason to buy GBP, so the weak shorts are getting hammered here. I am not a weak short, but I certainly feel like one.
Wsn't it just a few days ago it hit 1.4750?
He does say in the video the chart is not overly bearish.
My confusion today is the strong rally in USDJPY is based on rates in US getting over JPY rates. I read where the markets are pricing in 60/75 basis points of Fed hiking. So wouldn't that be a positive for USD instead of what we havde seen today.
@chloe-any chance USDCAD can retake that 1.03 big figure today? Only 8/9 pips away. Or will the PPT come in to press equities and risk even higher into the close.
Should we make anything of this pullbac k in gold, or is it just reloading?
I was able to position trade some lots of gold right after the NFP for a profit, and re-established at higher prices and now have my average up to 1133.72.