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by Ashraf Laidi
Posted: Feb 23, 2010 18:53
Comments: 201
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This thread was started in response to the Article:

Gold Catching Down with Euro

Gold's record high vs. euro was a key signal in ensuring bearishness in both the currency & the metal against the US dollar. Forex & commodity traders must watch.
 
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Pipster
birmingham, UK
Posts: 111
14 years ago
Feb 25, 2010 4:21
Pippedoff,

I have been waiting on a short for Gold as per Ashrafs tweets & IMT. I used a fib tool from the rise at 5/2/10 - 22/2/10) and the 618 retracement is approx 1077. I'm fairly new to trading and don't havemuch hands on experience, but looking at the Stocastics, they are heavily bearish.

PippedOff
Canada
Posted Anonymously
14 years ago
Feb 25, 2010 3:47
@rrose-Gold isn't following Euro down because it is LEADING Euro down. It's over for Gold. Will be months before it breaks north of 1100 again. Losses are ACCELERATING
rrose
United States
Posted Anonymously
14 years ago
Feb 25, 2010 1:13
why is gold not following euro down?
rrose
United States
Posted Anonymously
14 years ago
Feb 24, 2010 21:36
ashraf do you think there will be a substantial rebound in asian market to enter more short gold positions (1110) or should i enter now?
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Feb 24, 2010 21:17
Guys, we have reorganized the forum for members to post comments in the relevant topics/sections. Please stick to this order.

Thanks

Ashraf
Eelman
Maine, United States
Posts: 93
14 years ago
Feb 24, 2010 21:13
Looks to me like they absolutely intervene. Maybe the smaller moves are on speculation, but... that move back on Feb 5 is an example of the pressure the SNB can apply. There are other instances (if you look back) of massive pip moves in this pair, which usually trades in a very small range day to day.
Ashraf Laidi
London, UK
Posts: 0
14 years ago
Feb 24, 2010 21:07
Rob, i was just telling the WSJ report fabio alves that 1.4570-1.4600 was the last straw for the SNB. if they cannot defend that, then EURCHF will go downhill fatser than any olympic skier. As a trader, you may want to start modest longs at 1.4630 and below, with sufficient breathing room (margin cushion) in case of 1.45


Ashraf
montmorency
Abingdon, UK
Posts: 610
14 years ago
Feb 24, 2010 20:58
@Rob: Could be that they never actually intervene, but just quietly let it be known that they might. Speculators pile in and buy on the expectation, and it becomes self-fulfilling, and rises. This might be enough to slow down the fall, which might be enough for their purposes :-)
Rob
New York, United States
Posts: 305
14 years ago
Feb 24, 2010 18:58
And by the way - back in the Fall of '09 (EUR/CHF 1.50+) you called for EUR/CHF to be at 1.4700 - awesome call, but there was NO WAY I was shorting that pair...
Rob
New York, United States
Posts: 305
14 years ago
Feb 24, 2010 18:43
Ashraf, MANY thanks for all your help - had a stellar day shorting EUR/USD and Gold. As much as I'd like to leave it there until 1.32/1.30 and 1020 - it would be too frustrating to watch gains get erased from volatility.

BTW - is it really feasible that the SNB can intervene so often? I don't know a hell of a lot about central banks and there balance sheets, but I would think they'd have to succumb to market pressures at some point. And there floor is obviously drifting lower (although 1.4600 does seem to be the cut-off). Any thoughts? Thanks again!!!
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