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...
View Hot-Chart..
Gold SHOULD go up if CNY appreciates! The question is WHAT IF they increase interest rates alongwith this appreciation...
Asad
Let's face it, USD, EUR, GBP, and YEN, have huge problems, and it is not that the USD that is going up, rather other majors are going down. As a result when, aforementioned currencies will go down against commodities and mostly against precious metals.
BUY Gold on the dips!!!
I'm not sure but negative news on precious metals have been doing the rounds for the past week! negative as in the lawsuit filed against JPM for silver manipulation (they allegedly sold silver that they did not own). This is in addition to other items suggesting that PHYSICAL silver is in much lower supply compared to what is being sold on PAPER or ELECTRONICALLY.
Similarly, some analyst (sorry, forgot the name - someone mentioned it on this forum yesterday) gave damning views about gold's physical supply. Further, a news item came yesterday, stating that Bank of Nova Scotia and the other Scotia bank were being investigated for NOT having physical gold to back their funds (or s/thing similar).
The remaining increase in price today could be explained by USD's weakness against the EUR, which, ofcourse, makes gold relatively cheaper, & better, to hold.
Whew!
If it is news that's driving gold up...then it's the same which would bring it down! My first instinct, if In were in your position - some would crucify my for this - would be to short RIGHT HERE to cut across my 1130 short...and in doing so reduce my short average to 1145 (i.e. if you have the will and finances to hold).
Hope this helps...
Asad
I am short around 1130 levels so just wondering if anyone could share views on whether to keep or cut-loss now.
Anyone know what's behind these big Gold moves?
Here goes my inter-market learning for the year... *ahem ahem*
EUR is weakening the USD, which in turn is strengthening gold & equities. Correct?
But why is oil sliding? Not that I'm complaining... :p
Asad