ridethepig | XAU Market Commentary 2020.02.17
Updated
Risk markets remain on the back-foot with no one wanting to get caught badly on the wrong side via COVID-19 haven flows. You can see this in USDJPY, after the awful GDP prints (still yet to see virus impact) the reaction was so muted. Markets remain at the mercy to gyrations in patient and death counts, I am sticking with the shorts from 109.7x/8x although by no stretch of the imagination married to this. A break above 110.3x will invalidate the view while soft support can be found at 109.2x which unlocks the leg towards 108 incase we get panic later in the week. Stay long Gold.
After an initial blip lower, Gold has once again found a strong bid as markets position themselves defensively via COVID-19. The break of 1600 will be very telling, with NY calmly away from their offices today we could continue to find demand on dips. Well done all those riding from Valentines Day!
A superb swing since we got the breakout:
On the medium and long term things are a lot clearer, we can comfortably ride this till $1600, $1630 and finally $1650 before the next leg of profit taking begins:
Thanks as usual for keeping the support coming with likes, comments, charts and etc! Jump into the comments with any questions or queries, to put simply here, adding longs and continuing to sit on the bid as long as risk remains in the spotlight. GL!
After an initial blip lower, Gold has once again found a strong bid as markets position themselves defensively via COVID-19. The break of 1600 will be very telling, with NY calmly away from their offices today we could continue to find demand on dips. Well done all those riding from Valentines Day!
A superb swing since we got the breakout:
On the medium and long term things are a lot clearer, we can comfortably ride this till $1600, $1630 and finally $1650 before the next leg of profit taking begins:
Thanks as usual for keeping the support coming with likes, comments, charts and etc! Jump into the comments with any questions or queries, to put simply here, adding longs and continuing to sit on the bid as long as risk remains in the spotlight. GL!
Trade closed: target reached
$1600 First Target Hit!!
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