the headline jobs print was below the lowest wall street estimate - 96 out of 96 economuffs did what they do best, talk absolute crap as always. Anyways, the pop in gold is just for show, and I doubt it will go far. 1145-1147 at best - for now anyway. As such short near 1145 (1144-1146 range) for a dip going into next week to 1123-1125
Hard to get excited about GBPUSD, but with decent price support a and just above 1.5100, a possible jerk lower tonight could offer a potential long trade to 1.5180-1.5190 going into early next week. Will be looking closely in and around the 1.5120 mark today for a spike down on news and light volume as a signal it will rebound in the not too distant.
Copper is currently doing little, trading near 2.310. Although there is one ST support in and around 2.3, the odds of a dip to 2.25-2.27 remain decent, and a stronger correction to nearer 2.23-2.24 would be of little surprise. With 2.38-2.40 looking like a hefty barrier near term, and knee-jerk higher today should offer a good shorting opportunity, albeit quite...
Reading Macquarie's report 'Further deterioration in China’s corporate debt coverage' seems the commodities complex should be in for another bloodbath. As such, UKOIL which has been sideways for a couple of weeks looks to have a sporting chance of retesting 46.50 or slightly lower in the immediate future. Any bounce towards the 49-49/50 range makes for a...
Another terrible week of bad news is good ... but not for gold, the price looks very likely to retrace back to 1103-1105, with a 60-70% chance of a dip to 1095-1097 by early next week, if not sooner. Buy the real thing.
