I am continuing to trade gold to the long side. Although I acknowledge that this $1180 support/resistance has been passed over so often the line must surely have been rubbed out by now, I continue to make money with the trade and will continue to take shots.
The EURUSD rally off fresh 2014 lows represents a selling opportunity in my view and if I place a trade here it will likely be with that sort of bias. The rumour doing the rounds is that Janet Yellen’s speech next week may strike a hawkish tone that may be partly responsible for the bid under the dollar. Either way you can’t argue with the tape and the likes of USDZAR and USDCAD are putting in fresh 2014 highs even as the USDJPY takes a breather.
Put US Oil on your radar or more specifically in your Market Watch window in your Mt4 account. I see this market is down at the 61% Fib from the 2008 low to the 2011 high and while I won’t be buying just yet I do think a dip into the $59 handle would be the time to pull the trigger. This market is deeply oversold monthly, weekly etc.
For now I continue to express that Oil view with the Russian Ruble and have opened up another counter trend short position in USDRUB.
