A view on commodities
- Thread starter DSM
- Start date
Sangram,
Currently holding short in Gold intra-day. Gold is down approx. -1.50% The reason? China has dumped a large qty. of gold. However, if we look at the charts, we can see that POSSIBLY we are seeing a bottom, as Gold is at a level, where it has rebounded 3 times previously in the last 15 months. (See attached weekly chart of gold) Last week, Fed. had indicated (based on labour reports) that interest rates can be increased later this year, and hence Gold has reacted to this announcement (in my view) As per reports in Business Insider, traders holding long positions and those who have bought on margin, have liquidated their position.
From Business insider :
http://www.businessinsider.com/gold-just-got-destroyed-2015-7
The price of gold, courtesy of stop-loss selling and thin market conditions, endured a wild ride Monday. At 11:25 a.m. AEST (9:25 p.m. Sunday EDT) the spot price crashed 3.8%, or $43, to $1,087 an ounce in just a matter of seconds. "We have seen gold undergo what can really only be described as its mini 'flash crash,'" Chris Weston, IG's chief market strategist, said. "Talk from one local bank has been that 5 tonnes was dumped onto the Shanghai exchange, which is a huge order regardless of the time of day."
In my view, we cannot consider Gold will move up, unless there is a consolidation, as presently we can only see it as a downturn.....
My 2C.
Currently holding short in Gold intra-day. Gold is down approx. -1.50% The reason? China has dumped a large qty. of gold. However, if we look at the charts, we can see that POSSIBLY we are seeing a bottom, as Gold is at a level, where it has rebounded 3 times previously in the last 15 months. (See attached weekly chart of gold) Last week, Fed. had indicated (based on labour reports) that interest rates can be increased later this year, and hence Gold has reacted to this announcement (in my view) As per reports in Business Insider, traders holding long positions and those who have bought on margin, have liquidated their position.
From Business insider :
http://www.businessinsider.com/gold-just-got-destroyed-2015-7
The price of gold, courtesy of stop-loss selling and thin market conditions, endured a wild ride Monday. At 11:25 a.m. AEST (9:25 p.m. Sunday EDT) the spot price crashed 3.8%, or $43, to $1,087 an ounce in just a matter of seconds. "We have seen gold undergo what can really only be described as its mini 'flash crash,'" Chris Weston, IG's chief market strategist, said. "Talk from one local bank has been that 5 tonnes was dumped onto the Shanghai exchange, which is a huge order regardless of the time of day."
In my view, we cannot consider Gold will move up, unless there is a consolidation, as presently we can only see it as a downturn.....
My 2C.
There is no such thing as weak bulls or bears, friend. As the old wall street saying goes: Bulls and Bears both make money. Pigs alone get slaughtered. 
I just did 2 short scalps in crude in 20 min. pocketmoney... Done for the evening.
BTW, a few minutes after my last trade, the modus operandi that you mentioned is now being played out in crude. :lol:
I just did 2 short scalps in crude in 20 min. pocketmoney... Done for the evening.
BTW, a few minutes after my last trade, the modus operandi that you mentioned is now being played out in crude. :lol:
Last edited:
There is no such thing as weak bulls or bears, friend. As the old wall street saying goes: Bulls and Bears both make money. Pigs alone get slaughtered.
I just did 2 short scalps in crude in 20 min. pocketmoney... Done for the evening.
BTW, a few minutes after my last trade, the modus operandi that you mentioned is now being played out in crude. :lol:
I just did 2 short scalps in crude in 20 min. pocketmoney... Done for the evening.
BTW, a few minutes after my last trade, the modus operandi that you mentioned is now being played out in crude. :lol:
Investing.com - The dollar pushed lower against a basket of other major currencies on Tuesday, as investors continued to lock in profits from the greenback's recent rise to three-month highs as expectations for a U.S. rate hike in the near future still supported the currency.
Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.
The dollar remained supported after Federal Reserve Chair Janet Yellen said last week that the Fed is likely to raise rates "at some point this year."
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.62% at 97.54, still close to Monday's three-month high of 98.31.
EUR/USD gained 0.84% to 1.0913, off three-month lows of 1.0812 hit earlier in the session.
The single currency found mild support after Greek banks reopened on Monday, following a forced 3-week closure, while restrictions on cash withdrawals remained in place.
Also Monday, Greece repaid the totality of its arrears of about €2.0 billion to the International Monetary Fund. "Greece is no longer in arrears to the IMF," the Fund's spokesman Gerry Rice announced on Monday.
"The Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth," Rice added.
The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.
The pound slipped lower, with GBP/USD down 0.10% to 1.5549.
The U.K. Office for National Statistics reported on Tuesday that public sector net borrowing rose to £8.58 billion in June from £8.35 billion in May, whose figure was downwardly revised from a previously estimated £9.35 billion.
Analysts had expected public sector net borrowing to increase to £8.60 billion last month.
Elsewhere, the dollar was lower against the yen and the Swiss franc, with USD/JPY shedding 0.20% to 124.02 and with USD/CHF declining 0.74% to 0.9574.
source- http://www.investing.com/news/forex-news/dollar-index-pushes-lower-as-profit-taking-continues-352225
Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.
The dollar remained supported after Federal Reserve Chair Janet Yellen said last week that the Fed is likely to raise rates "at some point this year."
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.62% at 97.54, still close to Monday's three-month high of 98.31.
EUR/USD gained 0.84% to 1.0913, off three-month lows of 1.0812 hit earlier in the session.
The single currency found mild support after Greek banks reopened on Monday, following a forced 3-week closure, while restrictions on cash withdrawals remained in place.
Also Monday, Greece repaid the totality of its arrears of about €2.0 billion to the International Monetary Fund. "Greece is no longer in arrears to the IMF," the Fund's spokesman Gerry Rice announced on Monday.
"The Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth," Rice added.
The Greek Parliament was scheduled to vote on further austerity measures on Wednesday.
The pound slipped lower, with GBP/USD down 0.10% to 1.5549.
The U.K. Office for National Statistics reported on Tuesday that public sector net borrowing rose to £8.58 billion in June from £8.35 billion in May, whose figure was downwardly revised from a previously estimated £9.35 billion.
Analysts had expected public sector net borrowing to increase to £8.60 billion last month.
Elsewhere, the dollar was lower against the yen and the Swiss franc, with USD/JPY shedding 0.20% to 124.02 and with USD/CHF declining 0.74% to 0.9574.
source- http://www.investing.com/news/forex-news/dollar-index-pushes-lower-as-profit-taking-continues-352225
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