Gold has done nothing for over a month.
Hugging 50 & 200 SMAs with no clear directional bias.
Up +$100 from July/December 2013 lows.
Down ~$100 from March 2014 high.
Gold set for a breakout to the upside.
Today, Building Approvals m/m was down -3.5% vs +1.3% expected
Then, Chinese HSBC Final Manufacturing PMI 48.1 vs 48.4 expected
Tonight. US ISM Non-Manufacturing PMI.
Tomorrow the RBA announces the cash rate.
To my fellow shorts, hold on!
S&P makes a quadruple top, and this week let's us know it's next move!
If it can get above 1888 levels, a major bullish breakthrough would be expected.
My favourite trade, however, is to the short side with a tight stop and a high risk reward ratio.
Bad news is for the past 2 years, shorting the S&P500 hasn't turned out well.
Neutral for now until a few more...
Whilst grinding lower, the Aussie has failed to make significant headway to the downside.
A sharp selloff on Friday was met by equally large demand, erasing the entire move as the Aussie went Bid.
Whilst we understand that the majority of major inflection points are not always pretty, clean cut breaks, Friday's development indicated that the AUDUSD market appears...
Technical pullback through down-trendline - but significantly the failure to close above the 4HOUR 200SMA provides an opportunity to short XAU around 1300 with a tight stop. A break upwards through $1310 would invalidate this trade.
Have to make a confession. My last Aussie dollar post showed a 50% retracement stop loss in place. It was actually a mental stop loss, that by the time I checked on the Aussie, it had breached the stop level and then fallen below it again. Mental stops are probably not the most ideal thing to do.
Back to the Aussie Dollar... still slowly grinding lower - but yet...