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..
Financial rel'ships are not like girlfriends, which you can change at will (or as per taste). They may TEMPORARILY break down...but they generally hold for good...and PERMANENTLY!
It's not rocket science that w/ limited liquidity in the market, limited funds will chase numerous investment opportunities. Hence, if the US data's good, the LIMITED funds would get out of the USD and get into stocks. Perhaps, there was more liquidity, and certainty, back in November that e/thing was going up. Now that interest rates are rising, QE recall on the cards and liquidity drying up...the 'relationship' is coming back to 'normal'.
Knowing traders, they won't leave their positions exposed to FOUR holidays (esp/ w/ SO much geopolitics involved currently), so expect a correction...
Asad
Think we'll see sub-80 before 83. Open your positions prudently, w/ stops & limits in place...
Asad
NOOOOOOO! Good US data is BAD for the USD and vice versa...and a weak USD means that funds transfer to the stock market instead. Ashraf keeps on preaching this on the Forum!
Anyway, I also think that we'll see a correction - an Easter 'gift' for the traders. I"m going short on oil too...
Asad
P.S. Notice that the Dow has been flirting w/ the 10,900 mark...and has been unable to breach it DESPITE some good data & news since last week. What does this tell you? ;)
i expect a little bit more upside on oil then my objective of 76.5 of few weeks ago will be a support for more upside.
That was because of the USD weakness, plus good US data (consumer spending). They reckon that the recovery will be quicker than usual, so oil, being one of the catalysts of recovery, HAD to shoot through the roof!
Having collected decent profits over the w/end, I hope you were able to close the positions. I reckon oil will fall from here. These guys get excited over data - once this gets absorbed, they'll go for short again...
Asad