EURUSD 1.1851 |
USDJPY 111.52 |
GBPUSD 1.3772 |
AUDUSD 0.7485 |
USDCAD 1.2406 |
GBPJPY 153.59 |
EURJPY 132.15 |
AUDJPY 83.48 |
CADJPY 89.86 |
Silver 26.23 |
Friday's $2431 high in gold consisted of a 21% rise from the Feb 14th low. Such percentage extensions from key lows or/and technical levels such as the 200-DMA, could flag crucial opportunities for partial/full profit-taking. Watch here.
Bitcoin versus Miners Performance
As many of you know 2023 was kind to members of our WhatsApp Broadcast Group who snapped up shares in bitcoin miners, while 2024 has so far been more superior to Bitcoin than most of the miners...
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Silver was parabolic and I warned more than once in the forum that moves like that lacking structure most always fully retrace with equal ferocity. I could site many examples. Tracking gold told me a turning point was close at hand and when gold turns silver follows direction. It was all in the forum well in advance for anyone paying attention. No surprises to me whatsoever. Study of market profile will verify what I am saying. Of course after the event everyone and their dog jumps for explanations but it was all in the charts and adequately documented. Your theory about thin liquidy may well have powered the initial move.
@catOnip. Can you please give my your symbol for the Russian stock index you watch. I have heard you mention this before and its very interesting. Thanks.
Ashraf
a. hike margin
b. close credit spigot
Of course the fundamentals for gold remain intact... but not now. Very important is the continued drop in UST yields. Inflation is not a concern now. This is not supportive for gold.
There could be margin hikes for crude coming.
So what is the point? The FED wants UST to be bought. They may be able to reduce their
portfolio of UST. This is pro USD and anti gold ( and bad for stocks and commodities) .
I always watch russian stocks index realtime. Russian stocks are 100% USD hedge.
When this index continuously falls you can be 100% sure USDx will go up before it goes up.
And commodities will drop before they drop.
Regarding the start of the silver crash, the 3rd silver margin increase was announced Thursday and already known to the market Friday April 29th, and didn't have as big of an immediate impact as some would have expected, there could have been major liquidation that day, but not so much happened. As I posted elsewhere in the forum, the sell off in silver started within a few minutes of the Globex open on Sunday evening here in the US, it was a classic large move (perhaps a speculative attack) greatly aided by a typically thin holiday session with several countries closed. And once it got rolling many stops were probably triggered, with prices diving 12% in 11 minutes and only 6,000 silver futures contracts were traded in that time!
The Bin Laden news didn't even hit the headlines until a few hours later.