TRY has been extremely resilient against the USD in recent days despite weakness in other Emerging Market currencies. USDTRY is poised to close below the daily Ichimoku cloud soon. The downtrend is about to begin in earnest.
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Gold have broken out decisively on the weekly charts above resistance at 1365 – 2375. With most of the major central banks dovish and ready to inject stimulus, hard assets will continue to do well against fiat money. Buy on dips is the mode to be in!
Trump tweets on the Trade War is driving the stock market correction. Fundamentals and the underinvestment of the market at large remain relatively unchanged. A correction to the 7600s on the index will be a good level to consider getting involved.
JPMorgan (JPM) reported record earnings last week with strength across all major lines of businesses amid a “more constructive environment”. The stock jumped 4.2%, the biggest one day move since Nov 2016. With a close above the weekly Ichimoku cloud within reach, all signs point to an impending melt-up in stocks.
Despite market pricing expectations of rate cuts by the Federal Reserve, Gold is weakening against the USD. XAU/USD has closed below the Daily Ichimoku Cloud for the first time since late last year. If it stays below the cloud, and breaks decisively below 1270-80, the next target would be the low 1200s.