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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.
First of all thanks for your views on gold as i was looking for a good moment to short it and it happened so went in at 1159, closed 1127 happy for the day.
Could you give us some of your opinion on that retracement here? Or does anybody else who likes to trade gold have any views on this one?
Do you still see it at 1100-1070?? and before that maybe short it at 1145?? Then prepare to start buying at +-11070. Thanks in advance
And for helping with one of quickest bucks in a long time cheers
Maciek
Ashraf
Hi Partisan ,
look for Ashraf"s twitter nickname "Alaidi"
I hope you're ONLY joking - you KNOW what'd happen w/ VIX at 45! Credit crunch pt. III!!!
Asad
BTW, look mat them scurry back into risk. Like rats follwing the pack.
I'm no specialist in gold (besides trading a couple of years back), but the answer lies in your earlier observation - there can ONLY be one way for gold now. In fact, I won't be surprised if we see a correction in most asset classes!
On a different note, I'd closely monitor the VIX...as gold is traditionally strong when VIX is low. Btw, I asked Ashraf too...what would be your take on buying into VIX? Say the risk appetite decreases due to upcoming volatility, would yo go long on it?
Asad
Too expensive at 1150? He could have bought some at 1090 a week ago.
LOL. Can you say, "Jawbone".
BTW, your target on Gold? Still up $60 since the beginning of the year, and only $10 off the highs from late "yesterday".