Hi there, It has been a long time did not post anything lol.
Recently Oil and Gold has been in large daily swing play as the market mood swtiching risk- on and off enviroment because of trade war tension plus potential global recession. Due to the fact all central banks around the world start cutting rates, investors starting get panic which jumped into safe heaven bets(JPY,CHF,GOLD etc.)
Oil(Daily Bullish butterfly) consider as risky asset with a large correlation with CAD(The only major central bank did not cut the rate), that is the 1st clue of a potential strong CAD among majors from the price action after news has been released, see details in CAD/JPY and USD/CAD.
From my observation lately that USD/JPY have a strong negative correlation with Gold, there is a Weekly bullish Bat 2.618 pattern from U/J after a long consolidation at the bottom.
Once the Risk-on mood started, All safe heaven assets will drop but i think it just a temporary retracement, super long term view on Gold still bullish. But have to take this shorting opportunity tho :)
MON-WED looking for Long the H4 pullback on GOLD, Sell-off starting the end of week.
Recently Oil and Gold has been in large daily swing play as the market mood swtiching risk- on and off enviroment because of trade war tension plus potential global recession. Due to the fact all central banks around the world start cutting rates, investors starting get panic which jumped into safe heaven bets(JPY,CHF,GOLD etc.)
Oil(Daily Bullish butterfly) consider as risky asset with a large correlation with CAD(The only major central bank did not cut the rate), that is the 1st clue of a potential strong CAD among majors from the price action after news has been released, see details in CAD/JPY and USD/CAD.
From my observation lately that USD/JPY have a strong negative correlation with Gold, there is a Weekly bullish Bat 2.618 pattern from U/J after a long consolidation at the bottom.
Once the Risk-on mood started, All safe heaven assets will drop but i think it just a temporary retracement, super long term view on Gold still bullish. But have to take this shorting opportunity tho :)
MON-WED looking for Long the H4 pullback on GOLD, Sell-off starting the end of week.