On not getting too carried away by the Gold rally:
Yes, I do not of course think this surge is sustainable in the short-term and fully expect a pull-back. However, it means the March 2008 high of ~$1032 has now fallen, and it will surely fall again before too long, even if we go right down now for a while.
However, in addition to that, I would say that the ebb and flow of the Gold price, __if_played_correctly__, could be the next best thing to a free cash machine.
AUD/USD seems to be consolidating for the moment, a little below that, as I write.
Ashraf,
In your interesting reply to xtrader on October 1st about bond yields, etc, is it only long-term interest rates we should be concerned about (i.e. Fed Target Rate or BOE Base Rate for example), or are overnight rates also a factor? Also (just to confirm) the _prospect_ of a future rate change is important, and not just an actual rate change?
The gold move is astonishing really (even though I am essentially a gold bull). It seems we are seeing a little bit of history unfold before our very eyes.
ashraf...would it be wise to be cautious when adding usd...or look @ it as a buying oppertunity...the reason i ask is u used the word CAREFUL...an im unclear in the manner its being used...also what do u make of golds run?thanks for ur help an patients
USDCAD 1.0578 = 61.8% retracement. but could also look at 1.0526 which is 95 CANADIAN CENTS vs $1USD. CAREFUL, oil remains capped below the right shoulder resistance of 72.50
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(2 years ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(2 years ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(2 years ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (2 years ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (2 years ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (2 years ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(2 years ago)
Yes, I do not of course think this surge is sustainable in the short-term and fully expect a pull-back. However, it means the March 2008 high of ~$1032 has now fallen, and it will surely fall again before too long, even if we go right down now for a while.
This writer (http://www.safehaven.com/article-14342.htm ) argues that Gold is not really a commodity but a form of money.
However, in addition to that, I would say that the ebb and flow of the Gold price, __if_played_correctly__, could be the next best thing to a free cash machine.
Ashraf,
In your interesting reply to xtrader on October 1st about bond yields, etc, is it only long-term interest rates we should be concerned about (i.e. Fed Target Rate or BOE Base Rate for example), or are overnight rates also a factor? Also (just to confirm) the _prospect_ of a future rate change is important, and not just an actual rate change?
$AUDUSD stops below 0.8930 resistance $GBPUSD near session lows, so careful abt getting 2 carried away on this gold rally/dollar drop $$
Ashraf
Ashraf
this week or not
thanks